Kenyan Earning Sh26m for Sitting in Board Meetings

Martin Oduor Otieno, former KCB Chief Executive Officer (CEO) earned Sh 26.4 million last year to become one of the highest-paid boardroom operators in Kenya.

Oduor’s income last year is more than what several publicly traded firms pay their CEOs. The former KCB boss, who had earned Sh 2.7 million in the previous year, makes more money than what companies like Nairobi Securities Exchange (NSE) and Sasini pay their CEOs.

Oduor-Otieno is paid fees as a board member of South Africa’s Standard Bank, Kenya Airways, British American Tobacco (Kenya)  and East African Breweries (EABL). He is also a director of the privately-held GA Life Insurance Company.

He received Sh 15.7 million in the year ended December 2018 from Standard Bank, the largest lender in Africa by assets. This was a slight improvement compared to the Sh 15.3 million he got in the previous year.

EABL paid him Sh6.7 million in the year ended June 2019, down from Sh7.2 million a year earlier. He earned Sh2.1 million from BAT Kenya in the year ended December 2018, slightly up from Sh2 million the previous year.

Oduor had also joined Kenya Airways’ board in the last six weeks of 2017 and managed to earn Sh 108,000 in that year. However, his compensation at the national carrier rose to Sh 1.8 million last year.

The former KCB boss’s high compensation is because of the vast experience he possesses and the fact that he serves on the board of some of the largest companies in the region. Standard Bank says it appointed the Kenyan national in 2016 because of his extensive banking experience of more than 18 years, strategy development and execution skills, strong leadership and governance experience.

“Our directors have deep experience and diverse skills, which collectively ensure that the board operates effectively to protect and create value in the design and delivery of the group’s strategy, and in the execution of its duties,” the multinational said in its latest remuneration report.

It is not the first time that Otieno is on the spot for his huge earnings as in 2017, he was receiving Sh 1.47 million for his role as a non-executive director of South Africa’s Standard Bank Group. However at the time. the bank was recording huge profits. At the time, the Johannesburg Stock Exchange-listed firm stood at Sh15.2 trillion or twice the size of Kenya’s economy.

He left his role as the Kenya Commercial Bank (KCB) CEO in 2012 and was replaced by the current boss, Joshua Oigara. Otieno’s successor has hinted that he will be leaving the bank in 2022.

Latest

Borrowers Tie Lenders in Web of Litigation as Defaults Rise

In early June, Equity placed TransCentury and East Africa Cables under receivership after declining a request to write off over Ksh2.8 billion ($20 million) debt owed by TransCentury Plc and another Ksh1.948 billion owed by its subsidiary.

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.

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.
Kevin Namunwa
Kevin Namunwahttp://www.businesstoday.co.ke
Kevin Namunwa is a senior reporter for Business Today. Email at [email protected].

Borrowers Tie Lenders in Web of Litigation as Defaults Rise

In early June, Equity placed TransCentury and East Africa Cables under receivership after declining a request to write off over Ksh2.8 billion ($20 million) debt owed by TransCentury Plc and another Ksh1.948 billion owed by its subsidiary.

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here