FirstRand trims exec bonuses over ‘UK motor commission matter’
Cumulatively, directors have been penalised R30m since 2024.
FirstRand has decreased executive bonuses due to the financial consequences of the UK motor commission matter. The Financial Conduct Authority announced final details of the redress scheme in April, which affected MotoNovo's Aldermore unit more than anticipated. The company set aside R17.7 billion in provisions, and its UK business is up for sale.
CEO Mary Vilakazi's short-term incentive was reduced by R1.3 million, CFO Markos Davias' by R828,000, and former FNB CEO Harry Kellan's by R400,000. Kellan, who was group CFO before leading FNB, will retire in December. The remuneration committee balanced shareholder harm with the organization's long-term sustainability while considering management accountability and shareholder outcomes.
Vilakazi's total remuneration decreased by 16% to R65.9 million, while Davias' total remuneration dropped by R828,000 to R50.2 million.
Written by urgent.news from The Citizen's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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