Investec boss quadruples pay after profits increase at bank
The head of South Africa and UK-based Investec has more than quadrupled his pay after leading the bank to a 28pc increase in profits.
The originally South African bank is now a significant presence in Ireland, in business banking in particular; it offers corporate and personal accounts here and has recently rebranded its NCB Stockbrokers unit under the main Investec name.
Investec paid €32m for NCB last year.
Investec chief executive officer Stephen Koseff received salary and benefits of £450,000 (€524,000) but a bonus of £1.5m (€1.74m) this year, according to the company's annual report, which was published on June 28.
Some £1.2m of Mr Koseff's bonus was deferred, according to the company. In 2012, Mr Koseff earned the same £450,000 salary and benefits but waived his bonus after profits dropped.
The CEO had been granted his latest bonus "in light of the positive financial performance of the group in 2013 and after consideration of progress across a range of non-financial measures", Olivia Dickson, acting chairman of the compensation committee, wrote in the annual report.
Managing director Bernard Kantor and finance director Glynn Burger also received £1.5m bonuses, while a £4.4m bonus was paid to Hendrik du Toit, who heads the company's asset-management arm.
Mr Koseff was South Africa's highest-paid banker in 2011, even as Investec posted the lowest returns among the country's five largest banks.
Since January, Investec has been the country's best-performing bank stock this year.
Investec rose 3pc to 65.90 rand by the 5pm close in Johannesburg trading. (Additional reporting Bloomberg)