Investec: Chief executive’s bonus rises by a third

Investec increased chief executive Stephen Koseff’s bonus by 31 percent after earnings rose in the fiscal year to March, the annual report of the bank and money manager showed yesterday. Koseff received a bonus of £1.97 million (R35.5m), 80 percent of which was deferred to the following three years, compared with £1.5m a year earlier, according to the annual report of the company, which has operations and listings in the UK and South Africa. His salary and benefits were unchanged at £450 000. Under Koseff the company exceeded its targets 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 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 a share rose 5.3 percent to 38p, beating analyst estimates, as bad debts fell, Investec said in May. Net income rose 7 percent to £331.7m. – Bloomberg


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