Best-paid big 5 bank execs
LIST: SEVEN GOT OVER R20 MILLION FOR 2017 Ramos is at the top of the pile with remuneration totalling R61.9 million.
Barclays Africa Group (soon to be Absa Group) CEO Maria Ramos is the top-paid executive among the big five banking groups. In 2017, her remuneration totalled R61.9 million, comprising the R29.9 million in fixed and variable remuneration as well as the R32 million in restricted share award (RSA) and long-term incentive plan awards made during the year.
Barclays Africa and FirstRand use a different methodology from Standard Bank, Nedbank Group and Capitec. They disclose the value of long-term incentives awarded during the year, versus the other three, which disclose the awards which vested in 2017.
On a single figure basis, Ramos was paid R37.5 million, comprising fixed remuneration, nondeferred short-term incentives plus payments from those short-term incentives previously awarded. Barclays Africa Group excludes any long-term incentives from its disclosure. Remuneration for executives comprises: Fixed remuneration Short-term incentives Long-term incentives Remuneration is disclosed for executive directors and prescribed officers.
Capitec CEO Gerrie Fourie, whose remuneration is heavily skewed towards long-term incentives, got R56.6 million in the year to end-February 2018. Of this, R41.6 million is the value of share options and appreciation rights, which will vest this year.
Taking into account longterm incentives awarded in 2017, Ramos was paid R7.5 million more than David Hodnett, Barclays Africa Group deputy CEO. FirstRand CEO Johan Burger, who retired on March 31, 2018, was paid R53.89 million in the year to June 30, 2017. This included R18 million in long-term incentives awarded during the year.
When considering short-term incentives (whether cash or deferred), seven of the 27 executive directors and prescribed officers at the big five were paid R20 million or more in the most recent financial year.
These seven, plus Ramos and Hodnett, are the nine best-paid executives when only looking at guaranteed pay plus short-term incentives.
Only four executives (Ramos, Hodnett, Matlare and Fourie) have fixed remuneration, that is guaranteed take-home pay of over R10 million a year. The best paid CFO is Capitec’s André du Plessis, but this is skewed by the R30 million in long-term incentives which will vest this year.
Tarrant owns shares in FirstRand