NIC Bank boss gets Sh98m annual salary

Mr John Gachora, NIC Bank CEO. file photo | nmg 

By VICTOR JUMA

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Summary

• The NIC’s executive pay in the review period comprised of Sh57.6 million or Sh4.8 million per month salary, cash awards (Sh34.2 million) and retirement benefits (Sh6.2 million).
• NIC’s executive director Alan Dodd was paid a total of Sh46.8 million in the same period, up from Sh41.6 million the year before.
• The bank is smaller in terms of  assets customer base, share price performance and profitability compared to its larger peers –whose CEO payouts it surpassed or rivalled.

NIC Bank chief executive John Gachora was paid a total of Sh98 million in the year ended December, placing him among the highest paid managers of Kenya’s public listed companies.

Mr Gachora’s total pay stood at Sh94.8 million the previous year, the bulk of it in the form of salary and cash incentives. At Sh98 million a year, Mr Gachora’s pay stood above or rivalled his peers running much larger and more profitable banks such as Equity

, Barclays Bank of Kenya and Standard Chartered Bank Kenya

, which paid their CEOs Sh60.4 million, Sh89 million and Sh104 million respectively in the review period. NIC says its compensation policy is aimed at attracting highly skilled staff and keeping up with the prevailing wage rates in the market.

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“The remuneration policy has the objective of providing remuneration that will attract, retain and engage high calibre directors whilst protecting and promoting the company’s objectives. The policy seeks to provide market competitive remuneration,” NIC says in its latest annual report.

Mr Gachora assumed leadership of the bank in 2013 having been head hunted from South Africa-based Barclays Africa where he was in charge of corporate and investment banking.

The NIC’s executive pay in the review period comprised of Sh57.6 million or Sh4.8 million per month salary, cash awards (Sh34.2 million) and retirement benefits (Sh6.2 million). In the previous year, he earned a salary of Sh55.2 million or Sh4.6 million per month, cash awards (Sh33.5 million) and retirement benefits (Sh6 million).

NIC’s executive director Alan Dodd was paid a total of Sh46.8 million in the same period, up from Sh41.6 million the year before.

The bank is smaller in terms of  assets customer base, share price performance and profitability compared to its larger peers –whose CEO payouts it surpassed or rivalled.

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