Barclays Africa CEO’s Pay Drops After Introduction of U.K. Rules

Barclays Africa Group Ltd. decreased Chief Executive Officer Maria Ramos’s pay by 0.3 percent after South Africa’s third-largest lender conformed with U.K. regulatory requirements on compensation.

Ramos, 55, was paid 28.57 million rand ($2.38 million) for 2014, the Johannesburg-based lender’s annual report published on Wednesday shows. Ramos was paid 28.66 million rand in 2013.

“As an entity subject to U.K. regulatory requirements we are subject to the Prudential Regulation Authority’s requirement on remuneration clawback, which exceeds what is required under the European Union Capital Requirements,” the bank said in the report. “We are concerned by the challenge in attracting and retaining key employees needed to operate the group and deliver the strategy.”

Ramos’s pay for 2014 includes fixed compensation of 7.67 million rand, role-based pay of 6.5 million rand -- the first 1.3 million rand of which is due in shares next year, and cash and share incentives of 14.4 million rand.

Barclays Africa, which is controlled by London-based Barclays Plc, said in February full-year profit rose 10 percent to 13.2 billion rand. Earnings per share excluding one-time items missed the median estimate of 14 analysts surveyed by Bloomberg. The lender is expanding this year in Nigeria and may buy its parent’s Zimbabwean and Egyptian operations.

Nedbank Group Ltd., the South African lender that beat analysts’ profit expectations for a second year, said Tuesday it increased Chief Executive Officer Mike Brown’s pay by 7.7 percent to 35.05 million rand. Nedbank is the country’s fourth-largest lender.

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