Wesbank

Barclays MD pockets P5m in 2016  

SHARE   |   Wednesday, 31 May 2017   |   By Kabelo Adamson
Barclays MD pockets P5m in 2016  

Barclays Bank Botswana Managing Director, Reinette van der Merwe, has received over P5 million as payments for duties for the 2016 financial year. The information is contained in the bank’s annual report which was availed this week which shows that she received P5, 493,000 in total, making her one of the top earners at Botswana Stock Exchange (BSE) listed companies. The figure has increased substantially and more than doubled from what she earned in 2015 when her executive remuneration was just a little over P2.5 million. This time around the bank saw it suitable to handsomely reward its MD after registering double digit growth in revenue. Van der Merwe, a South African native, joined Barclays Botswana in 2013 and has recently told this publication in an interview that she is proud of what she has achieved between now and then. She accredited the turnaround in the bank’s profits growth to the execution in their strategy which involved integrating diamond manufacturing businesses into Barclays’ mining portfolio. The other executive director who received a bumper cheque is the bank’s Finance Director, Mumba Kalifungwa who had to share the position’s package with Lipalesa Makepe, having taken over almost half way through the year in 2015. This time around he has been paid P2, 578, 000 for his duties, making him the second earner at the bank which has a market capitalisation of over P5 billion. The bank board chairman, Rizwai Desai has also seen his package increase from what he received last year. For his board role alone, he got P525, 000 and received an additional P68, 000 for his duties for sitting on the Risk Review Committee, taking home a total P593, 000, compared to the sum of P571, 250 he was paid during the previous year.