Amendments to the Companies Act in 2017 made it compulsory for companies listed at the Nairobi Securities Exchange (NSE) to disclose how top directors are remunerated
The highest-paid board directors are those who hold multiple positions in different companies
Equity Bank founder Peter Munga earned KSh 52 million in director fees at the lender and another KSh 7.1 million at insurance firm Britam
Equity’s executive director Mary Wamae was paid KSh 41 million during the same period
In 2017, former attorney-general Githu Muigai spearheaded amendments to the Companies Act making it compulsory for companies listed at the Nairobi Securities Exchange (NSE) to disclose how top directors are remunerated compared to the company’s performance. Equity Bank founder Peter Munga. He also serves on the Britam board. Photo: Equity Bank. Source: Facebook Board members are usually elected to their positions during annual general meetings (AGMs) to oversee the companies on behalf of shareholders. Who are the highest-paid board directors?
According to a report by Business Daily , the highest-paid board directors are those who hold multiple positions in different companies.
Do you have a groundbreaking story you would like us to publish? Please reach us through news@tuko.co.ke or WhatsApp: 0732482690. Peter Munga
The Equity Bank founder who retired as chairman in 2018 but remained as a board member earned KSh 52 million as fees in the financial year ended 2019 according to the bank’s 2020 annual report .
Munga, in 2020, earned KSh 7.1 million as a non-executive director at Britam Insurance. Mary Wamae
Equity’s executive director was paid KSh 41 million during the same period. Michael Joseph
Michael Joseph servers as board chair of national carrier Kenya Airways and telecommunications giant Safaricom.In the financial year ended March 2021, the 75-year-old was paid KSh 6.3 million for his position as chairman and non-executive director of Safaricom .Since he doubled up as acting CEO during the period under review after the death of Bob Collymore , he was awarded a bonus of KSh 127.5 million.As chair, Joseph is entitled to a sitting allowance of KSh 85,000 per session at the telco.According to KQ’s 2020 annual report, Joseph was paid a total of KSh 9 million for his role as chair despite the airline making a loss of KSh 12.98 billion. John Murugu John Murugu was appointed Co-operative Bank chair on October 1, 2017.In the financial year ended 2020, he […]
