Nedbank: Brown’s salary rises 13% to R32.5m

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Nedbank, South Africa’s fourth-largest bank, increased chief executive Mike Brown’s pay 13 percent to R32.5 million last year after profit rose more than estimated. Brown received a guaranteed package of R6.5m, short-term incentives of R13m and long-term share-based awards of R13m, according to the Old Mutual-controlled lender’s annual report published yesterday. Brown was paid R28.7m in 2012. Nedbank’s full-year profit climbed 16 percent to R8.64 billion as revenue increased and bad debts slowed, it 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 he 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 his pay, the report said. Nedbank’s shares fell 0.43 percent to close at R224.04 yesterday. – Bloomberg

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