The Punt: Big bucks for Joburg banker
Published 05/07/2016 | 02:30
Is there anything to be said for being outside the EU? There is if you are a bank boss. Finance chiefs in Europe and the US have seen their pay reined in since the great crash, at least compared to the good old days.
Bonus bans, salary caps and intense scrutiny are now the order of the day.
But there is still a few bob floating around, especially outside the big trading blocs. South Africa-based Investec, for example, has increased the total compensation of its chief executive Stephen Koseff by 9.9pc after earnings and dividends at the owner of a bank and money manager in South Africa and the UK increased.
Koseff, whose bank includes a busy Irish unit, earned £4.36m (€5.21m) in the year to the end of March, which included base pay of £1.32m, a deferred bonus of £562,000, a £1m fixed allowance and long-term incentives valued at £1.48m, according to Investec's annual report.
Koseff (64) has been at the helm of Investec for 20 years, making him the longest-serving ceo among South Africa's major banks. The company's Johannesburg-traded stock has declined 19pc this year. In London, the stock dropped 3.6pc, reflecting Brexit concerns.