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

STANDARD Bank Group CEO Sim Tshabalala’s single figure remuneration increased to R9.5m to R89.22 million in the year to December 31, while that of his former deputy 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 R98.7m company was increased to 89.5m from R8.7m on September 1, 2023, following his appointment as deputy CEO of the group from September 2024.

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 8.8% short of the maximum payable under the performance parameters of the remuneration policy, while Fihla’s position at 197.5% states “only transpires if all targets are exceeded”. However, his performance was far above the “on target” figure of R66.99m.

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

Arno Daehnke, chief financial and value management officer at the bank, benefited from a 0.4% increase in his remuneration to R66.36m.