Whatever you do, do not work out how much you make in a day after reading this article.
Trust me, it’s not worth it.
South Africa’s banks have published their full annual reports for the 2018 financial year, detailing how much their chief executive officers are paid.
Spoiler alert – it’s a lot.
BusinessTech found that the average banking CEO gets paid 102 times what the average employee in the sector does.
FNB boss Jacques Celliers was the lowest paid CEO, taking home just over R29 million for the 2018 financial year.
Shem. Must be tough.
Let’s check out the full list of CEOs:
Capitec CEO Gerrie Fourie
R155 068 a day
Fourie nearly doubled his take-home pay for the year. He now makes R95 million, having received a R56,6 million payout in 2018.
His guaranteed pay amounts to R11.65 million, while he scored R78.669 million for LTIs, giving Fourie a daily pay packet of R260,263 a day.
The bank continues to grow its client base, with 127 000 clients joining on average per month.
FirstRand CEO Johan Burger & FNB CEO Jacques Celliers
R135 260 & R80 246 a day
Burger was paid R49,3 million for the 2018 financial year ending June 2018. Celliers was paid R29,3 million for the 2018 financial year.
Their full salary info will only be released in October.
Standard Bank CEO Sim Tshabalala
R135 287 a day
Tshabalala’s salary came to R49,38 million. This was partly made up of his fixed salary of R10 million, and a cash reward of R11,35 million.
Nedbank CEO Mike Brown
R145 205 a day
Nedbank paid its top six executives a total of R210,2 million in 2018, which works out to roughly R35 million per exec.
CEO Mike Brown was the best paid, taking home a total package of R53 million for the year.
This included a guaranteed salary of R8.5 million, a cash bonus of the same amount, a short-term incentive payout of R16 million, and a long-term incentive (LTI) of R16.5 million ‘at face value’.
That will do just fine.
Absa CEO Maria Ramos
R81 369 a day
Ramos has retired, making this her last year as CEO of Absa.
Maria Ramos earned a total pay package of R29.7 million in her final year at the financial services company, topping off her decade as chief executive of the group.
Ramos announced her retirement from Absa in January 2019, with her plan to leave the company after her 60th birthday in February.
Ramos’ guaranteed pay was cut from just under R15 million in 2017, to R13.8 million in 2018, with a short-term incentive of R15.9 million – taking her total pay to R29.7 million for the year.
Although she was not paid out for 2018, the bank still lists a cost-to-company for Ramos of R10 million to be paid out in the 2019 financial year.
The following table and graphs reflect the total pay received by bank CEOs in the 2018 financial year:
Yeah, they’re doing well, but they’re not doing Jeff Bezos well.
[source:businesstech]
