AGM reports paint a different picture of CEOs salaries

By Fredrick Obura 

NAIROBI, KENYA: Information on purported monthly salaries of Kenya’s top Chief Executive Officers has generated debate online with many finding it hard to believe the figures at a time when the

same companies are struggling to balance their books due to the effects of the Covid-19 Pandemic.

Titled Top 10 Highest Paid CEOs in Kenya, the document listed the salaries of Gideon Muriuki (Cooperative Bank), Joshua Oigara (KCB Group), Peter Ndegwa (Safaricom), Allan Kilavuka (Kenya Airways), Jeremy Awori (ABSA), John Gachora (NCBA), Jane Karuku (EABL), Benson Wairegi (Britam), James Mwangi (Equity) and James Mworia (Centum).

The Wanjiku Report puts Gideon Muriuki as the most paid Chief Executive Officer with a monthly salary of Sh31.37 million followed by Joshua Oigara at Sh22.75 million. Peter Ndegwa of Safaricom, Allan Kilavuka, and Jeremy Awori placed at number 3, 4, and 5 with monthly salaries of Sh9 million, Sh8.50million, and Sh8.43 million respectively.

John Gachora, Jane Kariuki, Benson Wairegi, James Mwangi, and Centum’s James Mworia the report says earn Sh8 million, Sh7.50 million, Sh6.80 million, Sh5.4 million, and Sh3.72 million respectively. Kenyan currency of Sh1000 notes (PHOTO: FILE)

Though the report failed to state the period of the incomes, a look at individual companies Annual General Meeting reports paints a different picture with much lower figures.

There is always a section on directors’ remunerations in company annual reports.

A look at the 2019 fillings shows that Gideon Muriuki of Cooperative Bank earned Sh8.9 million below the social media report which puts the figure at Sh31.37 million.

From the KCB Group AGM report, in 2019 its Chief Executive Officer Joshua Oigara pocketed Sh6 million below the social media report of Sh22.75 million per month figure.

The late Safaricom CEO Bob Collymore in a month earned Sh8 million which is Sh1 million less what appears on Wanjiku Reports.

Former Chief Executive Officer of national carrier Kenya Airways Sebastian Mikosz earned Sh 3.3 million per month according to KQ’s 2019 AGM report compared to Absa CEO Jeremy Awori’s Sh5.8 million. The figure is below what is circulating on social media which puts Jeremy Awori’s monthly earnings at Sh 8.43 million.

From the NCBA, EABL, Equity, and Centum 2019 AGM report Chief Executive Officers earned monthly salaries of Sh5.3 million, Sh 3.3 million, Sh4.7 million, and Sh 3.5 million respectively.

The Wanjiku report however placed NCBA, EABL, Equity, and Centum top executive salaries at Sh8 million, Sh7.50 million, Sh 5.04 million and Sh3.72 million respectively.

Over the same period, the outgoing Britam Chief Executive Officer Benson Wairegi earned Sh5.4 million in a month below what is reported on social media (Sh6.8 million).

From this it is clear that the Wanjiku Reports were misleading on the monthly salaries of Kenya’s top CEO.?