Nedbank boss’ pay rises to R32.5m

Comment on this story


NedbankLogo1234

Gallo Images

Photo by Anesh Debiky/Gallo Images.

Johannesburg - Nedbank, the South African lender controlled by Old Mutual, increased chief executive Mike Brown’s pay 13 percent to 32.5 million rand after profit rose more than estimated.

Brown, 47, received a guaranteed package of 6.5 million rand, short-term incentives of 13 million rand and long-term share-based awards also valued at 13 million rand, according to the Johannesburg-based lender’s annual report published today.

Brown was paid 28.7 million rand in 2012.

Nedbank’s full-year profit climbed 16 percent to 8.64 billion rand as revenue increased and bad debts slowed, the lender said on February 24.

The bank’s share price has risen 80 percent and return on equity has climbed to 17.2 percent from 13.4 percent since Brown took over from Tom Boardman in 2010.

The compensation committee “took into account market benchmarks, performance and remuneration levels relative to those of peers,” in deciding Brown’s pay, according to the report.

Nedbank, South Africa’s fourth-largest bank, was little changed at 220 rand a share as of 12:24 p.m. in Johannesburg trading. - Bloomberg News


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks