investecChief executive takes no bonus

Investec plc, the dual-listed owner of a bank and money manager in South Africa and the UK, cut chief executive Stephen Koseff’s pay 87 percent after profit dropped and returns hit a record low. Koseff, who asked not to receive a bonus for financial 2012, was paid £450 000 (R5.7 million) including a basic salary of £344 791 and benefits of £105 209, the bank said in its annual report on Friday. For the 2011 financial year, Koseff got £3.4m, excluding share awards. “We acknowledge and value the leadership shown by three of our executive directors in asking us not to consider performance bonuses for them in respect of the 2012 financial year,” compensation committee chairman George Alford wrote. Investec plc rose 0.76 percent to R47.80 on the JSE on Friday. – Bloomberg