Investec boss’ bonus hiked

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IOL image investec stephen koseff INDEPENDENT MEDIA Investec chief executive Stephen Koseff. Photo: Simphiwe Mbokazi.

Johannesburg - Investec Plc, a bank and money manager in the UK and South Africa, increased chief executive Stephen Koseff’s bonus by 31 percent after earnings rose in the fiscal year through March.

Koseff, 62, received a bonus of 1.97 million pounds ($3.36 million), 80 percent of which was deferred to the following three years, compared with 1.5 million pounds a year earlier, according to the Johannesburg- and London-based company’s annual report published today.

His salary and benefits were unchanged at 450,000 pounds.

Koseff exceeded the company’s threshold for return on risk- weighted assets, return on equity and Tier 1 capital-adequacy ratios, the annual report showed.

Koseff’s bonus also included 330,000 pounds for his performance on non-financial metrics that ranged from culture and values to governance and employee development, the bank said.

Full-year adjusted earnings per share rose 5.3 percent to 38 pence, beating analyst estimates, as bad debts fell, Investec said on May 22. Net income rose 7 percent to 331.7 million pounds.

Investec has climbed 22 percent in London trading this year, making it the sixth-best performer on the 28-member FTSE All-Share Financial Services Index, which has gained 2.6 percent. - Bloomberg News

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