Britam’s #ticker:BRIT chief executive Benson Wairegi earned Sh69.6 million in the year ended December, the insurance firm has disclosed in its latest annual report.
Mr Wairegi’s pay increased only marginally from Sh69.2 million the year before. Britam says its executive directors are paid salaries, gratuity, non-cash benefits and could also be paid bonuses based on the company’s performance.
The insurer disclosed that Mr Wairegi, who has headed the company for more than two decades, has signed a new three-year contract.
“Mr Wairegi’s contract of service commenced on 31 January 2013 and ended on 31 December 2017. The contract has been renewed under the same terms for a period of three years commencing on 1 January 2018 to 31 December 2020,” Britam says in the report.
Mr Wairegi’s pay in the review period comprised a salary of Sh52.5 million or Sh4.3 million per month, gratuity (Sh16 million) and non-cash benefits of Sh1.1 million. He did not get a bonus in the two years.
Mr Wairegi is entitled to a performance bonus conditional on meeting targets set by the board at the beginning of every year.
Britam also disclosed that its executive director Stephen Wandera was paid a total of Sh39.4 million in the review period, up from Sh37.4 million the previous year. Mr Wandera was likewise not paid a bonus in the two years.
“Executive directors are paid as per negotiated employment contracts and are eligible for staff benefits. The company also ensures that remuneration is aligned to the market and are competitive to attract and retain skilled staff,” the insurer said in the report.
The two executives could acquire more shares in the company in the coming years as the bonus scheme is tweaked from an all-cash payout to a cash-and-stock compensation.
Britam currently pays 80 per cent of staff bonuses in cash and defers the rest for up to three years. Some of the retained cash will in the future be used to buy shares for staff under an employee share ownership plan (Esop) that will be implemented this year.
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