Barclays Africa’s Ramos takes home R29.5m

BARCLAYS Africa chief executive Maria Ramos took home R29.5 million in total remuneration for the 2016 financial year.

The company’s annual report released yesterday showed her package was higher than the R28.2m she earned in 2015, and comprised a R14.5m total fixed remuneration including a R7.6m salary, and R15m of total variable remuneration of which R9m was deferred cash and share awards.

Ramos was reported last year as being one of the lowest-paid banking executives in the country. Last month Business Report reported that Standard Bank last year paid its top six executives a combined R209m in salaries, bonuses and other benefits, with group head of corporate and investment banking David Munro netting more than the company’s joint chief executives in the 2016 financial year.

Barclay’s deputy chief executive officer for South Africa banking David Hodnett’s received a total package of R25m last year from R23m in 2015.

The company said that the remuneration was split into 50 percent in phantom shares and 50 percent in cash, with phantom share restrictions lifting over five years in line with Barclays approach.

The bank said that the remuneration structure took into consideration the financial performance, which included the 5 percent headline growth for 2016 including a 2 percent growth in South Africa. In 2015, headline growth was 10 percent.

Return on equity was down 16.6 percent from 17 percent in 2015.

Chairperson of the company’s group remuneration committee Paul O’Flaherty said in the report: “The group remuneration committee ensures that our reward practices are aligned with shareholder interests, both in the performance of our employees and the values they uphold.”

Barclays Africa previously said its parent company Barclays had reduced its shareholding to 50.1 percent from 62.3 percent.

Barclays chairperson Wendy