(Oliver le Moal/ Getty Images)
The CEOs of Standard Bank and Nedbank wrangled for the best-paid-banker title for 2023 even as many SA workers battled for inflation-related increases. With CEOs seemingly unfettered by the general state of the economy, imminent legislation on remuneration may not help narrow the pay gap, writes Renée Bonorchis.
The four chief executives of Absa, FirstRand, Nedbank and Standard Bank were paid almost a quarter of a billion rand in combined total pay in 2023, averaging R55.3 million per CEO.
On a total remuneration basis, which takes into account the value of long-term awards, Standard Bank’s CEO Sim Tshabalala led the pack with R83.3 million. On a total single-figure basis, Mike Brown, the outgoing CEO of Nedbank, topped out at R92.5 million.
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