As the Executive Director and CEO, Mr Joshua Oigara of KCB Group earned Sh299.1 million in salary, bonus and allowances in 2019 making him one of the highest-paid executives in the country.
Mr Oigara’s compensation increased by Sh 26.2 million (9.6pc) from Sh272.9 in the previous year while earning a higher salary of Sh72 million that went up 5.9pc from Sh68 million in 2018.
The 45-year-old was also paid Sh48.4 million as bonus and a gratuity of Sh21.6 million.
However, Mr Oigara’s medical insurance, club memberships and professional indemnity dropped to Sh300,000 last year from Sh1 million the previous year.
KCB ties bonus payments to its executive directors’ achievement of multiple metrics, including the profitability of the group in 2019 when the bank which is Kenya’s biggest bank by assets announced a record net profit.
“During the year 2019, there was a Sh12.8 million adjustment to the basic pay of the two Executive Directors sitting on the board with effect from 1 January, 2019,” said the bank in its annual report.
Mr Oigara’s pay now amounts to Sh24.9 million monthly while the average annual pay to KCB’s 6,202 permanent employees is Sh3.14 million
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