Standard Bank CEOs Sim Tshabalala and Ben Kruger get 43% pay increase
According to the company's recently published annual report, the combined compensation of Sim Tshabalala (pictured left) and Ben Kruger (pictured right), Standard Bank Group’s joint CEOs rose 43% after full-year profit climbed by a third.
Kruger's total pay was R30.79 million, including incentive awards amounting to R22 million - an increase of 61% from a year earlier. Tshabalala's total pay was R30.99 million, including annual incentives of R22 million - an increase of 28%.
The Bank's CEOs' pay was reduced in 2014, following losses at the bank's London unit. However, Ted Woods, chairman of the remuneration committee, said in the annual report that this had now been normalised. Woods further said that the two CEOs "met most expectations fully in 2015," and that failures were "limited in scope."