Johannesburg - Nedbank Group Ltd, the South African lender that beat analysts’ profit expectations for a second year, increased Chief Executive Officer Mike Brown’s pay by 7.7 percent to R35.05 million ($2.9 million).
Brown, 48, received a guaranteed package of R7.05 million, short-term incentives of R15 million and long-term share-based awards valued at R13 million, according to the Johannesburg-based lender’s annual report published on Tuesday. Brown was paid R32.5 million in 2013 and R28.7 million the year before that.
Nedbank, which is controlled by Old Mutual PLC, said February 23 full-year profit gained 14 percent to R9.8 billion and earnings per share excluding one-time items climbed 13 percent to R21.27, beating the median estimate of 14 analysts surveyed by Bloomberg. Brown also oversaw Nedbank’s acquisition in 2014 of a 20-percent stake in Lome, Togo-based Ecobank Transnational, Africa’s most geographically diverse lender.
“The 2014 increases to guaranteed packages were informed by an extensive role evaluation and multiple remuneration benchmarking exercises,” Nedbank, South Africa’s fourth-biggest bank, said in the report. “There is also appropriate consideration of calls for restraint in regard to remuneration.”
Nedbank was unchanged at R237.78 a share as of 10.34am in Johannesburg trading, valuing the lender at about R118 billion.
Bloomberg