A South African bank paid an ex-KCB senior executive close to 1.5 million to offer his expertise in financial services.
Meet former Kenyan CEO who earns Sh1.5 million a month for part time job
The top banker's compensation fee is more than what most Kenyan CEOs earn per month
Former KCB CEO Martin Oduor-Otieno was paid an equivalent of Sh1.47 million per month in 2016 for being a non-executive director of South Africa’s Standard Bank Group.
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In an annual report released by the bank regarding compensation of its board of directors, Mr Oduor-Otieno was paid a total of Sh17.7 million in the year ended December 2016.
The earnings are a stark contrast to what non-executive directors get paid at most of Kenya’s publicly traded companies, including BAT Kenya , stand at less than Sh17 million per year.
This however excludes Safaricom and Equity Group which paid Sh21.3 million and Sh47 million respectively.
Mr Oduor-Otieno currently runs a private consultancy business and also serves as a board member of British American Manufacturer (BAT) Kenya.
His compensation, which surpasses the pay of chief executives of most Kenyan medium-sized firms, is seen as a reflection of Standard Bank’s relatively gigantic stature on the African continent.
Standard Bank, which operates in over 20 countries in Africa, including Kenya, has total assets worth Sh15.2 trillion or twice the size of Kenya’s economy.
The bank’s directors are paid a single annual fee for their services to the group, the bank and subsidiaries.
Mr Oduor offers extensive experience to the bank with regards to matters finance and serves in three committees namely, audit ethics and risk.
His local knowledge and contacts also come handy for Standard Bank that has emerged as one of the foremost financiers of large-scale power and infrastructure projects.
Mr.Oduor-Otieno was KCB’s Chief Executive Officer from 2007 to 2012.
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