KCB Group had the year before paid the directors Sh347 million, according to disclosures in its latest annual report.
KCB Group raised its non-executive directors’ pay 15.2 per cent to Sh400 million in the year ended December, revealing the cost of managing the country’s biggest bank which has operations in six, countries in the region.
The bank had the year before paid the directors Sh347 million, according to disclosures in its latest annual report.
KCB’s chief executive Joshua Oigara told the Business Daily that the cost reflects the bank’s complex and diverse operations.
“Our subsidiaries have their own boards and we also have a board at the group level,” Mr Oigara said. He added that some of the group directors also serve in boards of subsidiaries where they also earn fees separately.
In addition to the six banking units in Kenya and markets such as Uganda and Tanzania, the Kenyan multinational also runs KCB Capital Limited, KCB Insurance Agency Limited and KCB Foundation.
“For the financial year ended 31 December, 2017, the total non-executive directors remuneration was Sh400 million (2016 – Sh 347 million),” KCB said in the report.
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