Monday 20 February 2017

The Punt: Big bucks for Joburg banker

Published 05/07/2016 | 02:30

Investec ceo Stephen Koseff
Investec ceo Stephen Koseff

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.

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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.

Irish Independent

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