Fin24

Sarb director pay takes slight cut

2012-07-04 12:06

Pretoria - The total remuneration of Reserve Bank executive directors for the financial year ended March 2012 amounted to R16.066m from R16.552m in the previous financial year‚ the bank's annual report released on Wednesday showed.

Reserve Bank head of strategy and communications‚ Hlengani Mathebula‚ said the marginal decline in total remuneration was attributable to the departure of some executive directors during the year under review‚ while those that joined the bank had been there for less than a year.

Bank governor Gill Marcus's remuneration and fringe benefits amounted to R4.8m for the financial year‚ while her deputy Daniel Mminele's amounted to R3.6m in the same period.

Lesetja Kganyago‚ who was appointed deputy governor on May 16 last year‚ received a remuneration and total recurring fringe benefits package of R3.1m.

The bank's annual report also showed that non-executive directors' remuneration for services amounted to R3.1m in the period from R3.6m the previous financial year.