Investec pays employees minimum R21,000 a month

Investec has increased the minimum salary for its employees to R250,000 per year, or R21,000 a month.

In its Annual Report for 2024, the banking group announced that it had increased the minimum salary for employees in South Africa to R250,000 per annum, effective 1 June 2023.

“We believe that employees throughout the company should be able to share in the success of the company,” Investec said. 

“As such, in addition to the fixed pay element, all of our employees have access to market-relevant benefits, and all employees are eligible to be considered for an annual bonus after a short initial qualifying period.” 

“In principle, all employees are eligible for and many receive long-term share incentives; this is designed to give our people a sense of ownership, so they feel invested in the organisation.”

Investec’s Remuneration Report also revealed that its CEO, Fani Titi, saw his salary decrease by 30.2% for the 2024 financial year, receiving a single-figure remuneration package of £5.24 million (R120 million).

The 2024 Group Chief Executive remuneration awarded decreased by 2.4%, and the single figure of remuneration decreased by 30.2%.

As a result, Titi’s single-figure remuneration has dropped from £7.50 million (R172 million) to £5.24 million (R120.57 million).

Titi’s long-term incentives dropped by 44.6% from £4.8 million (R110 million) in 2022 to £2.7 million (R62 million).

His single-figure remuneration is calculated based on the value of fixed pay paid during the year, short-term incentives awarded for the year and long-term incentives where the performance conditions were assessed during the year.

“The Committee believes that the Executive Directors have performed well, and the remuneration outcomes are reflective of the overall financial and non-financial performance for the one- and three-year performance periods,” the company said.

Despite this, Titi is still the highest-paid CEO of a company involved in banking services, far ahead of the R92.5 million paid to Nedbank CEO Mike Brown, who occupies the second-place spot.

An analysis by BusinessTech found that this is what Investec’s top executives earned and how much that translates to per day:

DirectorSalaryPer Day
Fani TitiR121 millionR331,507
Nishlan SamujhR69 millionR189,041
Richard WainwrightR66 millionR180,082
Ciaran WhelanR65 millionR178,082
All conversions are correct as of 28 June 2024