Financial reports filed by 11 banks and six insurance firms show that they paid their board chairs a total of Ksh94.39 million in 2018, up 15 percent from Ksh81.96 million in 2017.
Here is the list of the top banks' and insurance firms' board chairs earnings in the past one year.
Co-operative Bank chairman, John Murugu, was the highest paid board chairman among Nairobi Securities Exchange (NSE) listed financial firms taking home Ksh19 million in allowances, an analysis of the companys’ annual reports shows.
Insurance firm CIC Holdings’ long-serving chairman, Japheth Magomere, bagged Ksh7.94 million, up from Ksh7.33 million in 2017 as indicated by Business Daily.
Barclays Kenya chairman Charles Muchene’s 2018 compensation stood at Ksh7.39 million, compared to Ksh6.6 million in 2017.
Muchene was closely followed by the KCB Group chairman, Andrew Kairu, who took over leadership of the bank’s board from Ngeny Biwott in October 2018 and was paid Ksh7 million in allowances. Mr Biwott earned Ksh6 million in allowances during that year.
Britam’s Andrew Hollas was paid Ksh6.35 million. He was appointed the insurer’s chairman in August 2017, replacing Francis Muthaura.
Equity Bank chairman David Ansell's allowances stood at Ksh1.83 million by end of the year compared to his predecessor, Peter Munga, who was paid Ksh7.41 million last year
Listed firms are by law obligated to disclose all payments made to board members to boost transparency and good governance practices.
This was after Former Attorney-General Githu Muigai drafted amendments to the Companies Act in 2017 making it compulsory to disclose board and senior management compensation for all listed companies.
In the year ended December 2017, former board chair of KCB, Mr Biwott, received total earnings of Ksh13 million, which made him the highest-paid board chairman in the banking industry in the period.
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