20.1 C
Kenya
Sunday, November 17, 2019

The salary and allowances Geoffrey Odundo earns as NSE CEO

Must Read

Bill Gates tops Jeff Bezos as world’s richest man

Bill Gates and Jeff Bezos: On Friday, Gates surpassed Amazon CEO Jeff Bezos to reclaim the distinction of richest...

Young millionaire who turned down Harvard sponsorship to live his tech dream in Kenya

Young Millionaires in Kenya: Orphaned at 10, Mubarak Muyika has been doing business since his school days at Kamusinga...

State to buyout KQ, delist it from NSE

KQ Buyout: The national government is set to buyout the troubled national carrier Kenya Airways. The government will buy...

Geoffrey Odundo Salary: The chief executive office of Nairobi Securities Exchange (NSE), took home a salary totaling Sh. 23.7 million in the financial year ended December 2018.

This salary represented a 30.5 percent pay rise which was equivalent to a raise of Sh. 5.6 million.

In the previous year, he had earned Sh. 18.1 million.

His current salary comprised a basic salary of Sh. 21.7 million and Sh. 1.9 million pension.

Geoffrey Odundo salary in the previous year consisted Sh. 16.5 million basic salary and Sh. 1.6 million pension.

The salary and allowances John Gachora earns as NIC CEO

NSE’s net earnings fell 12 percent to Sh. 190.6 million, largely due to administrative expenses rising 13 percent to Sh560.3 million.

The company’s three percent sales growth to Sh626.1 million trailed the pace at which costs rose, resulting in the profit dip.

A prolonged bear run on the Nairobi bourse has also constrained NSE’s ability to grow earnings substantially. The benchmark NSE 20 Share Index, for instance, is nearly 50 percent off the last peak of 5,491 points in February 2015.

Most of the company’s revenue is derived from fees calculated on the value of transactions, with higher stock prices serving to boost the commissions.

“The chief executive is the only executive director on the board and the company has in place a remuneration policy which is aimed at ensuring compensation is competitive and aligned to the company’s strategic objectives,” NSE says in its latest annual report.

The company added that Mr Odundo’s contract was renewed for a second and final term which will run until February 2023.

Besides Mr Odundo, the NSE raised the pay of most of its non-executive directors by hundreds of thousands of shillings each.

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

125,634FansLike
11,142FollowersFollow
7,742FollowersFollow
192SubscribersSubscribe

Latest News

State to buyout KQ, delist it from NSE

KQ Buyout: The national government is set to buyout the troubled national carrier Kenya Airways. The government will buy...

Young millionaire who turned down Harvard sponsorship to live his tech dream in Kenya

Young Millionaires in Kenya: Orphaned at 10, Mubarak Muyika has been doing business since his school days at Kamusinga High School in Bungoma County. His...

State to buyout KQ, delist it from NSE

KQ Buyout: The national government is set to buyout the troubled national carrier Kenya Airways. The government will buy out Air France-KLM, local banks...

Revealed: Kenya pays Uhuru’s mom over Sh. 500,000 monthly salary

Mama Ngina Salary: It has now emerged that taxpayers have been paying mama Ngina Kenyatta a salary of over Sh. 500,000 every month. According to...

Co-op Bank’s net profit soars to Sh. 11 billion in nine months

Co-op Bank 3rd Quarter Results: The Co-operative Bank Group has posted Sh. 15.45 billion profit before tax for the third quarter of 2019 compared...

More Articles Like This

- Advertisement -
%d bloggers like this: