Barclays MD in P2.5m payout

SHARE   |   Monday, 13 June 2016   |   By Kabelo Adamson
Barclays Bank Botswana MD, Van der Merwe [L] with Barclays Chairman Rezwan Desai Barclays Bank Botswana MD, Van der Merwe [L] with Barclays Chairman Rezwan Desai

Barclays Bank Botswana has paid over P5 million to its directors for the year to 31 December 2015, according to the bank’s latest annual report released this week. In total, Barclays – one the leading companies on the Botswana Stock Exchange (BSE) – paid its directors a sum of P5, 261, 750 for their various roles. Seven directors were remunerated for the period with the Managing Director, Reinette van der Merwe pocketing P2.5 million as executive remuneration, meaning that she earns above P200, 000 per month – making her one of the highest paid executives among the listed companies. Lipalesa Makepe – who resigned from her role as the Finance Director in August 2015 – took home a cheque of P700, 000 while her successor Mumba Kalifungwa was rewarded with a pay cheque of P667, 000 as executive fee.

Barclays Chairman, Rizwan Desai who also sits on the Risk Committee and Human Resource and Remuneration Committee was paid a total of P571, 250 with half a million being for the board responsibilities while P65, 000 and P6, 250 are for the two committees that he sits in respectively. Kenneth Molosi, who serves in the Barclays board of directors as an Independent Non – Executive, took home a sum of P290, 000 with P160, 000 being for the board responsibilities, other payments were for the roles in committees Audit Committee, Human Resource & Remuneration and Pension Fund. Other Barclays’ directors – the Independent Non–Executive members of the board – Lawrence Maika who also serves as the Chairman of the Audit Committee and Alfred Dube have been paid P270, 000 and P257, 500 respectively. The latter is also a member of the Risk Committee and Human Resource and Remuneration committee.

Meanwhile, Barclays MD has hinted in the report the bank’s desire to localize some senior positions within the bank at the same time maintaining diversity. Besides looking into localising management positions, Van der Merwe says the bank will also aim to further expand Corporate and Investment Banking and Bancassurance segment. She adds that there is a significant opportunity to grow the Retail Banking business which will be driven by a higher adoption rate of the digital channels. On the decision by Barclays PLC to reduce its stake on Barclays Africa Group Limited which is a majority shareholder on Barclays Bank Botswana, Van der Merwe says even if shareholding may change over the course of time at Barclays Africa level, they are still committed to doing business in Botswana.