NEDBANK, the lender that beat analysts’ profit expectations for a second year, increased chief executive Mike Brown’s pay by 7.7 percent to R35.05 million.
Brown received a guaranteed package of R7.05m, short-term incentives of R15m and long-term share-based awards valued at R13m, according to the lender’s annual report published on Tuesday. Brown was paid R32.5 m in 2013 and R28.7m the year before that.
Brown also oversaw Nedbank’s acquisition last year of a 20 percent stake in Lome, Togo-based Ecobank Transnational.
“The 2014 increases to guaranteed packages were informed by an extensive role evaluation and multiple remuneration benchmarking exercises,” Nedbank said.
“There is also appropriate consideration of calls for restraint in regard to remuneration.” – Bloomberg