R48m payday for Standard Bank CEO other executives score big too

R48m payday for Standard Bank CEO other executives score big too

- Standard Bank CEO Sim Tshabalala earned a massive R48 million in the 2017 financial year

- Other executives at the Standard Bank group also received big payouts with the bank spending R246 million on executive remuneration

- Executive director Ben Kruger pocketed a cool R46.5 million, while corporate and investment banking CEO Kenny Fihla earned R34 million

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Standard Bank CEO Sim Tshabalala earned a massive R48 million in the 2017 financial year, this is according to the bank’s own latest integrated report. This was made up of his salary of R9.1 million and an annual bonus of R11.4 million.

Tshabalala was paid an additional R14 million in an annual deferred award and a further R14 million which forms part of the financial giant’s performance reward programme.

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According to the bank it had been highly impressed with Tshabalala’s quiet but influential leadership which led to the group to achieve very satisfying financial results.

Briefly.co.za gathered that the bank was also pleased with the non-financial aspects of Tshabalala’s leadership which, according to Standard Bank significantly improved client centricity, employee engagement and SEE impact the group has on grassroots communities.

Tshabalala’s salary increased by 9% from 2016 and is in line with the bank’s 14% earnings growth for the financial year, of his total earnings R28 million is deferred for up to three and a half years.

Standard Bank paid a whopping R246 million to its top executives for the 2017 financial year.

Executive director, Ben Kruger who stepped down as the joint-CEO in September 2017 received a paycheck of R46.5 million.

CEO of corporate and investment banking, Kenny Fihla banked a cool R34 million.

The Standard Bank Group employees 48,322 permanent employees across all its various operations with a total cost of R31.7 billion which works out to about R656,000 per employee.

When using those figures Tshabalala earns 74 times the salary of the average employee while the average executive earns 63 times more.

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Source: Briefly.co.za

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