NSE firms disclose CEOs’ pay in transparency drive
Seven listed companies have published details of what their CEOs were paid last year. FILE PHOTO | NMG
What you need to know:
- The Capital Markets Authority (CMA) had in 2014 proposed regulations compelling listed firms to publish details of executive pay but later discarded the proposals after intense lobbying by CEOs.
- KenolKobil’s David Ohana was the best paid chief executive among the seven, having earned Sh6.6 million per month in the year ended December 2016 after his compensation rose 6.8 per cent from Sh6.1 per month a year earlier.
- The oil marketer’s net profit rose 20 per cent to Sh2.4 billion in the period, benefiting from Mr Ohana’s decision to sell non-performing assets, reduce debt and focus on high-margin segments of the petroleum market.
- Sanlam’s Mugo Kibati was second with a package of Sh3.3 million per month, having risen 18.1 per cent from Sh2.8 million in 2015 when he replaced Tom Gitogo.
Seven listed companies have published details of what their CEOs were paid last year, opening a new frontier of transparency that their peers continue to resist despite the push by regulators.
Sanlam Kenya #ticker:PAFR , Nairobi Securities Exchange (NSE) #ticker:NSE , Deacons East Africa #ticker:DCON , KenolKobil #ticker:KENO , KenGen #ticker:KEGN and Kenya Re #ticker:KNRE make the list of companies that lead the executive pay transparency drive — having announced a mix of flat and higher pay for their chief executives in 2016.
Sameer Africa went the furthest to disclose the emoluments of each board member, including that of its chief executive, Allan Walmsley, becoming the first publicly traded company to do so in the absence of a legal requirement.
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The Capital Markets Authority (CMA) had in 2014 proposed regulations compelling listed firms to publish details of executive pay but later discarded the proposals after intense lobbying by CEOs.
KenolKobil’s David Ohana was the best paid chief executive among the seven, having earned Sh6.6 million per month in the year ended December 2016 after his compensation rose 6.8 per cent from Sh6.1 per month a year earlier.
Read more on this story from the Business Dailyhere.
