Massive R175 million payday for Investec CEO

The Investec Group CEO, Fani Titi, has received a huge pay increase for the 2023 financial year.

Last month, the group released its financial results for the year ended 31 March 2023, with the group achieving a robust financial performance, despite the challenging economic environment.

Dividends per share increased 24% from 25 pence (R5.95) in 2022 to 31 pence (R7.41) in 2023.

Adjusted operating profit also grew from £687.4 million (R16.4 billion) in 2022 to £835.0 million (R20 billion) in 2023

Headline earnings per share also jumped from 53.3 pence (R12.74) in 2022 to 66.8 pence (R15.96) – a 25.3% increase.

Executive pay

Given the rand’s weakness, Investec’s Directors, who are paid in Pound Sterling, earn considerably more than they would have a few years prior.

According to the group’s annual report, Titi has seen his single-figure remuneration rise from £4.3 million (R102 million) to £7.5 million (R177.6 million).

Titi saw his long-term incentives rise by 191% from £1.6 million (R37.90 million) in 2022 to £4.8 million (R113 million).

This makes Titi the highest-paid CEO of a company involved in banking services, far ahead of the R62.09 million paid to second-placed Capitec CEO Gerrie Fourie.

Nishlan Samugh, the group’s Finance Director, saw the most significant percentage increase in total remuneration, jumping 147% from £1.7 million (R41.2 million) in 2022 to £4.3 million (R101 million) in 2023.

However, soon to be departing, Investec Bank CEO Richard Wainwright saw his remuneration decline by £20,000 – still above £2.1 million (R50.7 million).

In addition, MD of Investec PLC Ciaran Whelen, who is also set to step down as a director, saw his total remuneration decline by 4% to £2.06 million (R49.23 million).

Overall, the four executives earned an average remuneration of R94.53 million.

Overall, the group spent £973.3 million (R23 billion) on employee remuneration.

Investec’s website said that the group employs 8,500 staff across its operations between South Africa and the UK, with the average employee in the group thus earning R2.7 million per year.

Moreover, Investec said that the CEO pay ratio – which compares the salary of the lowest-paid employee in the group to the CEO – rose from 83.3 to 141.5.

The table below outlines what Investec’s top executives earned and how much that translates to per day:

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