Bloomberg News

Investec CEO’s Pay Rises 29 Percent After Bank Posts Profit Gain

June 30, 2011

June 30 (Bloomberg) -- Investec Plc, a South African private bank, increased the pay of Chief Executive Officer Stephen Koseff by 29 percent in the year ended March after the company posted a gain in annual profit.

Koseff received a base salary of 309,075 pounds ($494,180) and a cash bonus of 1.3 million pounds, while another 1.7 million-pound bonus was deferred, the London and Johannesburg- listed lender said in its annual report published on its website today. The total pay package of 3.4 million pounds compares with 2.7 million pounds a year earlier.

Managing Director Bernard Kantor received a similar package to Koseff’s, Investec said in the report.

The deferred bonuses will be paid in two equal instalments at the end of May 2012 and exactly a year later, the bank said.

The company said it considered a number of options in determining the amount of bonuses to pay its executive, including the fact that the group reported operating profit in all its main geographic areas of business.

Investec’s net income increased 5.9 percent to 327.9 million pounds in the year ended March.

--Editors: Stephen Taylor, Steve Bailey

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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