Britam Group MD Benson Wairegi. FILE PHOTO | NMG
Summary
- The insurer disclosed that Mr Wairegi, who has headed the company for more than two decades, has signed a new three-year contract.
- Mr Wairegi is entitled to a performance bonus conditional on meeting targets set by the board at the beginning of every year.
- Britam also disclosed that its executive director Stephen Wandera was paid a total of Sh39.4 million in the review period.
Britam’s chief executive Benson Wairegi
earned Sh69.6 million in the year ended December, the insurance firm has
disclosed in its latest annual report.
Mr Wairegi’s
pay increased only marginally from Sh69.2 million the year before.
Britam says its executive directors are paid salaries, gratuity,
non-cash benefits and could also be paid bonuses based on the company’s
performance.
The insurer disclosed that Mr Wairegi, who
has headed the company for more than two decades, has signed a new
three-year contract.
“Mr Wairegi’s contract of service
commenced on 31 January 2013 and ended on 31 December 2017. The contract
has been renewed under the same terms for a period of three years
commencing on 1 January 2018 to 31 December 2020,” Britam says in the
report.
Mr Wairegi’s pay in the review period comprised a salary of
Sh52.5 million or Sh4.3 million per month, gratuity (Sh16 million) and
non-cash benefits of Sh1.1 million. He did not get a bonus in the two
years.
Mr Wairegi is entitled to a performance bonus conditional on meeting targets set by the board at the beginning of every year.
Britam
also disclosed that its executive director Stephen Wandera was paid a
total of Sh39.4 million in the review period, up from Sh37.4 million the
previous year. Mr Wandera was likewise not paid a bonus in the two
years.
“Executive directors are paid as per negotiated
employment contracts and are eligible for staff benefits. The company
also ensures that remuneration is aligned to the market and are
competitive to attract and retain skilled staff,” the insurer said in
the report.
The two executives could acquire more
shares in the company in the coming years as the bonus scheme is tweaked
from an all-cash payout to a cash-and-stock compensation.
Britam
currently pays 80 per cent of staff bonuses in cash and defers the rest
for up to three years. Some of the retained cash will in the future be
used to buy shares for staff under an employee share ownership plan
(Esop) that will be implemented this year.
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