The Nairobi Securities Exchange (NSE) released data of the highest paid Chief Executive Officers (CEOs) in the banking and telecommunications sector for the year 2020.
In total, bonuses were slashed by Ksh284 million owing to the Covid-19 pandemic that broke out on March 13, 2020.
Safaricom CEO Peter Ndegwa was awarded a Ksh90 million bonus.
Stanchart CEO Kariuki Ngari received a Ksh20.95 million bonus.
Absa Kenya CEO Jeremy Awori was awarded a Ksh17.5 million deferred bonus.
Notable mentions
Safaricom Chairman Michael Joseph got Ksh125.7 million for acting as both CEO and non-executive director prior to Peter Ndegwa taking over as CEO.
The bonus increased by Ksh102 million from Ksh23.4 million.
Equity Bank executives were also rewarded but the bonuses were undisclosed.
Kenya Commercial Bank (KCB) CEO Joshua Oigara, KCB financial officer Lawrence Kimathi, NCBA Group CEO John Gachora and the finance director David Abwoga, and former Britam CEO Benson Wairegi missed out on bonuses.
“Executive directors are entitled to performance-based bonus pay. Each year, 25 percent of the bonus is retained with the payment of the retained portion being deferred to be paid over a period of the three subsequent years,” KCB stated.
