From Left Co-operative Bank CEO Gideon Muriuki, Top Right Kenya Commercial Bank CEO Joshua Oigara, Bottom Right Absa Bank Kenya Plc CEO Jeremy Awori. An analysis of the remuneration of executives and directors of listed firms show bank bosses are laughing all the way bank.

The average monthly basic salary that CEOs of listed Kenyan banks earned in 2019 is Ksh4.4 million topped up by another Ksh587, 583 in monthly allowances plus Ksh65.44 million in annual incentives, an analysis of the remuneration of executives and directors of Nairobi Securities Exchange (NSE) listed firms by audit and financial services firm PricewaterhouseCoopers (PwC) shows.

While Banking remains the best paying sector for executives and directors, the analysis by PwC shows the average basic monthly salary for CEOs across the board (all sectors) in 2019 stood at Ksh2.9 million buttressed by an average Ksh758,053 monthly allowance and a Ksh43 million annual incentive.

CEOs in the Commercial& Services Sector were the highest-earning executives after their banking counterparts settling for a Ksh2 million monthly basic salary, Ksh688, 750 in monthly allowances and Ksh1.3 million annual incentives.

By the same token, CEOs in the Insurance Sector earned an average of Ksh4.48 million monthly basic allowance which came with a Ksh919, 894 monthly allowance.

Chief executives at Manufacturing Firms earned an average basic salary of Ksh1.96 million, Ksh925, 000 in monthly allowances and Ksh13.41 million annual incentives.

In Investment & Services Firms, CEOs did with a Ksh3.9 million average basic monthly salary.

The lowest average recorded as remuneration for CEOs was in the energy sector where chief executives took home a Ksh1.46 million average basic monthly allowance.


Chief Financial Officers were also handsomely remunerated with the average monthly basic salary of a CFO across all sectors standing at Ksh1.66 million served with a Ksh801,500 monthly allowance and a Ksh13.46 million annual incentive.


Board meetings also came in handy for directors with the average sitting allowance for chairpersons standing at Ksh107,777 which translated to Ksh2.46 million in annual fees paid out to the chairpersons.

Non-Executive Directors (NEDs) earned Ksh79, 070 per meeting which totaled to Ksh1.15 million at the end of the year.

Committee chairpersons earned Ksh81, 454 per meeting while committee members earned Ksh71, 045 per board meeting.

Fat Salaries

Away from the PwC analysis, available documents show Co-operative Bank CEO Gideon Muriuki tops the pile and counts himself as the highest earner of all chiefs of listed firms.

Muriuki took home an annual salary of Ksh376.4 million in 2018 while Kenya Commercial Bank (KCB) CEO Joshua Oigara took home Ksh276 million as Absa Bank Plc CEO Jeremy Awori bagged Ksh100 million during the period under review.

The huge salaries were reflective of performance based bonuses.

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