Bank CFOs salaries increased by more than double from 2008 to 2018

A recent analysis of bank executive remuneration looked at how executives' salaries have changed.

According to a recent Moneyweb analysis of bank executive remuneration, over the past decade, fixed remuneration plus short-term incentives for executives at the country’s largest banks have soared. 

Even excluding the value of long-term incentives such as share options, pay is up anything from 69 percent to 505 percent. 

The analysis highlighted the limitations of using just two arbitrary years as the basis of comparison (shifting the start/end dates would yield dramatically different results). 

Looking at the base pay plus short-term incentives of bank’s CFOs:

  • In 2008, then group CFO of Absa Jacques Schindehütte earned R9.177 million. In 2018, now group CFO of Absa Jason Quinn earned R17.622 million. The salary has increased 92 percent. 
  • In 2008, Capitec CFO Andre du Plessis earned R3.918 million, whereas he earned R12.828 million in 2018. His salary has increased 227 percent.
  • In 2008, then CFO of FirstRand Johan Burger earned R7.09 million. In 2018, current CFO Harry Kellan earned R16.921 million. The salary has increased 139 percent. 
  • In 2008, then CFO of Nedbank Mike Brown earned R7.651 million. In 2018, current CFO Raisibe Morathi earned R14.325 million. The salary has increased 87 percent. 
  • In 2008, then CFO of Standard Bank Simon Ridley earned R8.504 million. In 2018, current CFO Arno Daehnke earned R23.155 million. The salary increased 172 percent. 

The results of this analysis shows that executive remuneration has increased more than three-fold for the CFOs of South Africa’s biggest banks.