Standard Bank last year paid its top six executives a combined R209 million in salaries, bonuses and other benefits, according to its annual report.
The bank’s group head of corporate and investment banking, David Munro, took home R45.2m in total earnings last year, a big jump from the R31.8m he earned in 2014.
In 2014, the six executives received R190m.
Munro’s earnings included a basic salary of R6.7m, annual cash reward of R12.9m, annual deferred award of R15.6m and R10m in performance reward.
Standard Bank joint chief executives Sim Tshabalala and Ben Kruger followed suit with each earning R44.4m for the year.
Group head of personal and business banking, Peter Schlebusch, scored a total package of R41.8m during the period.
These figures, however, pale in comparison when measured against the R100m earned by outgoing Shoprite chief executive Whitey Basson last year.
Basson’s pay cheque included a R49.7m basic salary and R50m in a one-time performance-related bonus.
Theo Botha, a shareholder activist, said that if executive pay was according to the key performance indicators the company had set, then all was above board.