Bank CEO who works without pay!

Stanbic Holdings has made history in executive pay reporting with the disclosure that its chief executive, Greg Brackenridge, works for the company at no cost.

Stanbic Holdings says in its financial report for the year ended December 2017 that Mr Brackenridge’s compensation is absorbed by Standard Bank Group of South Africa – its parent company.

“In line with Standard Bank Group’s transfer pricing policy, Greg Brackenridge’s function is a group oversight role and therefore the majority shareholder, Standard Bank of South Africa Limited, bears all his employment costs and benefits,” Stanbic says in its latest annual report.

“Those costs and benefits are not recharged to Stanbic Holdings Plc.”

The Nairobi Securities Exchange-listed firm did not disclose how much the South African parent pays Mr Brackenridge, making it the second listed company, after agricultural firm Kakuzi, to throw the veil of opacity over its directors’ remuneration.

READ: LIFE SUDDENLY HARD FOR CEO WHO EARNS SH1 MILLION PER DAY

Mr Brackenridge’s annual pay is likely to be upwards of Ksh60 million, judging by the compensation of Stanbic’s non-executive director Michael Blades, who has since resigned.

Mr Blades earned a total of Ksh55.4 million in 2016 from Stanbic’s subsidiaries, making it the largest payout to a non-executive director among NSE-listed firms. Mr Brackenridge is South African while Mr Blades holds a British and South African citizenship.

Standard Bank is, however, likely recouping the cost of Mr Brackenridge’s compensation indirectly through other fees it charges the local subsidiary.

Stanbic paid the parent firm fees and other charges amounting to Ksh712.5 million in the year ended December, up from Ksh572 million a year earlier. These included franchise fees, which rose to Ksh551.2 million from Ksh540.6 million.

NEXT: KENYA’S SILENT BILLIONAIRES

Latest

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

Transforming Financial Inclusion: The Impact of M-Pesa in Kenya and Beyond 

Discover the profound impact of M-Pesa on financial inclusion in Kenya and beyond. Explore how this innovative mobile service revolutionizes transactions and shapes the future of finance globally.

Follow Us

Newsletter

Don't miss

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.

New Spotify EQUAL Artist Qing Madi Talks Music and Dreams

Heavily influenced by her cultural background and the lyrical arrangements of Kendrick Lamar, the versatile Nigerian prodigy is shaping the future of music with her unique genre-bending fusion of Afrobeats, Pop, Soul and R&B.

Bob Collymore Immortalized in New Festival

The late Collymore was famous for his love for jazz and even initiated the Safaricom Jazz Festival, which saw several of the world's biggest Jazz artists perform in Nairobi.
BUSINESS DAILY
BUSINESS DAILYhttp://www.businesstoday.co.ke
Business Daily is Kenya's only daily business newspaper published by the Nation Media Group. The newspaper, launched in March 2007, is published from Monday to Friday, with the Friday edition circulating over the weekend. It is based at the Nation Centre in Nairobi.

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to empower business owners to reduce costs and bolster profitability by receiving compensation for collecting payments...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

LEAVE A REPLY

Please enter your comment!
Please enter your name here