Bank executives have been coining it after Covid collapse
Bosses may have suffered a dent in their remuneration, but bonuses over the past two years have made up for it
So much for solidarity and the rather fanciful notion that the Covid pandemic was something of a “leveller” and we were “all in it together”. As the post-Covid company results trickle out, one thing is evident: SA’s top executives may have suffered a temporary dent in their remuneration, but bonuses over the past two years have made up for most of that knock.
Nowhere is this more evident than the banking sector. In April 2020, bank executives were cajoled into taking pay cuts by President Cyril Ramaphosa’s announcement that he was taking a 33% cut for the following three months. Having made a bland commitment to ensure executive pay was “appropriate for performance and the environment”, Ramaphosa’s move prompted Nedbank to take things up a notch. It announced CEO Mike Brown would follow Ramaphosa’s lead and take a one-third cut in salary for the three months...
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