Standard Bank executives’ remuneration increases and decreases: A detailed report

STANDARD Bank Group CEO Sim Tshabalala’s single figure remuneration increased 7.1% to R89.22 million in the year to December 31, while that of his immediate report CEO Kenny Fihla, who this month announced his resignation to become CEO of Absa, fell by 3.7% to R67.29m.

- EDWARD WEST

According to the remuneration report of Africa’s biggest bank by assets, released on Friday, Fihla’s 2024-to-September-to-September increase to R89.5m from R88.7m on September 1, 2023, following his appointment as deputy CEO of the group.

His 2024 short-term incentive award reflected both his role as corporate and investment banking (CIB) CEO until April 2024, and his role as deputy CEO of the group from September 2024.

Tshabalala’s total single figure was 8.3% short of the maximum payable under the performance parameters of the remuneration policy, while his position at 197 on the list exceeds.

The remunration report states “only transpires if all targets are exceeded.” However, his performance was far above the “on target” figure of R62.99m.

Bill Blackley, CEO of Standard Bank’s Business and Commercial Banking (BCB) division, also saw total remuneration decline, by 5.1% to R43.70m.

Anne Dachelet, chief financial and value management officer at the bank, benefited from a 6.4% increase in her remuneration to R66.36m.