Nedbank CEO’s pay increases to R32.5m as profit rises

2014-03-31 14:34

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Nedbank has increased CEO Mike Brown’s pay by 13% to R32.5 million after profit rose more than estimated.

Brown (47) received a guaranteed package of R6.5 million, short-term incentives of R13 million and long-term share-based awards also valued at R13 million, according to the lender’s annual report published today. Brown was paid R28.7 million in 2012.

Nedbank’s annual profit climbed 16% to R8.64 billion as revenue increased and bad debts slowed, the lender said on February 24. The bank’s share price has risen 80% and return on equity has climbed to 17.2% from 13.4% since Brown took over from Tom Boardman in 2010.

The compensation committee “took into account market benchmarks, performance and remuneration levels relative to those of peers” in deciding Brown’s pay, according to the report.

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