Barclays Bank of Kenya managing director Jeremy Awori. The bank’s
redundancy programme increased its staff costs by four per cent. file
photo | nmg
Barclays Bank of Kenya chief executive Jeremy Awori earned a
total of Sh89.5 million in the year ended December, the lender has
disclosed in its latest annual report.
Mr Awori’s
compensation rose marginally from Sh87.8 million the year before. The
Nairobi Securities Exchange-listed firm says its remuneration policy
emphasises risk control and takes into account expectations of
shareholders and regulators.
The bulk of its
executives’ compensation is in the form of deferred cash and shares in
the Johannesburg-based parent company Barclays Africa Group to
discourage departures and risky short-term strategies.
“Executive
directors receive remuneration appropriate to their scope of
responsibility and contribution to operating and financial performance,
taking into account industry norms, external market and country
benchmarks,” Barclays says in the report.
“The
remuneration of executive directors consists of fixed and variable
components that are designed to ensure a substantial portion of the
remuneration package is linked to the achievement of the company’s
strategic objectives thereby aligning incentives awarded to the creation
of sustainable shareholder value.”
Mr Awori’s pay in
the review period included a basic salary of Sh33.4 million or Sh2.7
million per month, pension and other benefits (Sh28.9 million), bonus
(Sh18.6 million), cash award (Sh4.4 million) and shares (Sh4 million).
He
is also scheduled to take up Barclays Africa shares worth Sh18.3
million and received another batch of shares in the parent company worth
Sh55.1 million last year and which will vest in the medium term.
Barclays
also disclosed that it paid its chief financial officer Yusuf Omari a
total of Sh46.1 million in the review period, up from Sh38.4 million the
year before.
Mr Omari was also awarded Barclays Africa shares worth Sh13.2 million last year. The two executives have permanent contracts.
Barclays and Standard Chartered Bank of Kenya have the most generous dividend payout policies among publicly traded banks.
Barclays’
total dividend of Sh1 per share for the year ended December amount to a
payout of Sh78.4 per cent of the Sh6.9 billion net profit in the
period. Their rivals retain more of their earnings, partly to fund their
expansion in neighbouring countries.
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