Johannesburg - Sizwe Nxasana, FirstRand chief executive, received a 13 percent pay increase in fiscal 2014, boosted by a surge in deferred share awards linked to his performance.
Nxasana was paid a total of 29.5 million rand for the 12 months ended June, including 11 million rand in a performance-based incentive plan vesting in two years, according to an annual report published on FirstRand’s website today.
Nxasana, 57, earned 26 million rand last year, with a performance-based incentive award worth 6.64 million rand.
FirstRand’s full-year profit climbed 24 percent after it won more clients and bad debts fell.
South Africa’s largest bank by market value is setting aside 10 billion rand for expansion elsewhere in the continent as profit increases from regions outside its home market.
More analysts rate FirstRand stock a buy than any of its three largest local rivals, according to data compiled by Bloomberg.
“Prescribed officer compensation increased by 14 percent,” FirstRand remuneration committee chairman Pat Goss said in the annual report.
“The committee believes that this increase and the underlying remuneration mix is consistent with its core compensation principles.” - Bloomberg News