Standard Bank Group Ltd., Africa’s largest lender, paid its joint Chief Executive Officers Sim Tshabalala and Ben Kruger more than 28 million rand ($2.6 million) each, about 56 percent more than their predecessor.
Tshabalala and Kruger, who took over as joint CEOs in March last year, received more than 7 million rand in fixed pay, 9.4 million rand as a cash bonus and 11.1 million rand in deferred bonuses for 2013, putting their combined compensation at 57.5 million rand, according to the Johannesburg-based company’s annual report published today. In 2012, former CEO Jacko Maree received 18 million rand in fixed pay and bonuses.
“Market pressures are driving remuneration for top, specialized banking and financial services talent upward, toward developed market norms,” Ted Woods, chairman of the bank’s remuneration committee, said in the annual report.
Standard Bank, which was fined the equivalent of almost 200 million rand this year after regulators in the U.K. and South Africa found gaps in its anti-money laundering and terrorist financing controls, said in March full-year profit was little changed as higher costs countered an increase in interest income.
Barclays Plc’s South Africa unit CEO Maria Ramos was paid a total of 28.7 million rand for 2013, while smaller rival Nedbank Group Ltd. paid CEO Mike Brown 32.5 million rand.
Standard Bank shares have risen 8.2 percent this year, compared with a 9 percent gain by the seven-member FTSE/JSE Africa Banks Index.