File image: Nedbank CEO Mike Brown. IOL.

CAPE TOWN - Nedbank CEO, Mike Brown received a salary of R38 million last year, according to the bank’s integrated financial report for 2017. 

The report detailed the salary of all the bank’s executives. However, Brown’s salary stands out the most, according to Business Tech. 

In total, the bank spent R173 million for its executive team and board of directors last year. 

Meanwhile, the executive received a basic salary of R8.1 million. His bonuses totalled to R13.75 million. 

The rest of Brown’s salary consisted of vested shares which were part of his long-term (LTI) incentives and dividends. This totalled to R38.124 million. 

The table below shows the salary changes from 2016 to 2017:

Brown received R14.5 million worth of shares for the year. This was part of his LTI. 

The second highest earner was Managing Executive for Nedbank Corporate and Investment Banking, Brian Kennedy. He received R36.25 million for the year. The bank’s group COO, Mfundo Nkhulu followed in line by earning R25.7 million. 

Business Report last month spoke to Brown who confirmed that the bank will not be retrenching any workers as they move towards a more digital forefront.

"Currently, we have no intention of digital replacing staff, we are going more digital and developing artificial intelligence not to shrink our business or shrink our staff numbers. We are doing it to grow our business and provide our customers with better service", said Brown.

The CEO said that it is in the bank’s best interest to focus on a digital forefront. 

"Banks around the world are all trying, especially on the retail side of their business to deliver a significantly improved client experience through the use of digital and to use it to become more efficient at the same time", added Brown.

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- BUSINESS REPORT ONLINE