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Johannesburg - Stephen Koseff, chief executive officer of Investec [JSE:INP], received £2.9m (about R56.9m) in salary and bonus for the fiscal year ended in March, a 23% increase from a year earlier.
Koseff, aged 63, received £970 000 in salary and a deferred bonus of £2m pounds in shares to be paid over three years, Investec said in its annual report on Tuesday.
He was paid £2.4m (about R45.9m) in salary and bonus in 2014.
The CEO also received a new £1m fixed allowance in 2015, also paid in shares that start to vest after four years, bringing his total compensation for the year to £3.97m (about R75.9m), according to the annual report.
The fixed allowance was awarded because of the change in UK compensation rules and was paid instead of shares as in 2014, Ursula Nobrega, a spokesperson, said in an email on Wednesday.
Investec, which owns a bank and money manager, said on May 21 net income for the 12 months ended March rose 10% to £410m from £372m a year earlier.
The increase Koseff’s performance bonus in 2015 is “largely a result of the improvement in return on risk-weighted assets, return on equity and the Tier 1 capital adequacy ratio”, Investec said in its annual report.
The return on risk-weighted assets was 1.25%, the return on equity was 10.6% and the Tier 1 capital adequacy ratio was 11.6% in the period, according to the annual report.
Investec is among 11 companies being investigated for alleged foreign-currency market rigging, the Competition Commission said May 19. The bank has said it will cooperate fully with authorities.
