Highest paid board of directors: On Monday, the Business Daily came up with a report that detailed who among board of director heads in the banking and insurance sectors is the highest paid. The report revealed that banks insurance companies last year paid their board chairs a total of Sh.94.39 million. This represented an increase of 15 per cent from the Sh. 81.96 million that these board chairs were paid in the financial year 2017.
Here is the full report on the highest paid board of directors by the Business Daily:
“Former Equity Bank chairman Peter Munga was paid Sh. 7.41 million last year. He left the post in June 2018 however, and was replaced by Mr David Ansell whose allowances stood at Sh. 1.83 million by end of the year.
Barclays Kenya chairman Charles Muchene’s 2018 compensation stood at Sh. 7.39 million, compared to Sh. 6.6 million in 2017.
KCB Group chairman Andrew Kairu, who took over leadership of the bank’s board from Ngeny Biwott in October 2018, was paid Sh. 7 million in allowances last year. Mr Biwott earned Sh. 6 million in allowances during the year.
In the year ended December 2017, Mr Biwott received total earnings of Sh. 13 million, which made him the highest-paid board chairman in the banking industry in the period.
Among the listed insurance companies, the highest pay went to CIC Holdings’ long-serving chairman Japheth Magomere at Sh. 7.94 million, up from Sh7.33 million in 2017.
Britam’s Andrew Hollas was paid Sh. 6.35 million. He was appointed the insurer’s chairman in August 2017, replacing Francis Muthaura.”