Chamwe Kaira
Managing Executive for Nedbank Africa Regions (NAR) Terence Sibiya saw his total awarded remuneration fall to R23.2 million in 2025, down from R25.4 million in 2024.
The decline reflects lower incentive payouts, despite a rise in guaranteed pay.
His guaranteed package increased by 4.7% to R5.17 million. Short-term incentives declined by 23.8% to R8 million, with both cash and deferred incentives lower. Long-term incentives remained at R10 million.
Total earned remuneration also fell by 6.7% to R23.5 million. This was driven by a drop in vested long-term incentives and lower dividends.
The changes come as performance across the Africa regions’ business remains mixed. Headline earnings declined by 1%, while return on equity held at 20.5%. In the SADC region, headline earnings increased by 15%, but return on equity stood at 9%, below the cost of equity.
Subsidiaries paid more than R1 billion in dividends to the group during the year.
The division also supported projects across the region, including skills development in Namibia, green SME financing in Eswatini and export support for women-owned businesses in Zimbabwe.
Sibiya’s short-term incentive for 2025 was 153% of his guaranteed package, equal to 61% of the maximum payout.
His guaranteed pay is expected to increase by 3.6% to R5.42 million in 2026. Executives now have three years to meet new shareholding requirements set at two times guaranteed pay.
At the group level, several executives recorded changes in pay.
The managing executive for personal and private banking (PPB) at Nedbank Group, Ciko Thomas, saw total awarded remuneration fall by 3.9% to R29.7 million, while earned pay dropped by 3.4% to R30.5 million.
Managing executive for business and commercial banking Andiswa Bata received a total awarded remuneration of R44.6 million after her appointment in August 2025.
Nedbank Corporate and Investment Banking (CIB) managing executive Anél Bosman recorded a decline in awarded pay, driven by lower short-term incentives.
Nedbank Group chief financial officer Mike Davis earned R34.4 million, slightly lower than the previous year.
Nedbank Group chief operating officer Mfundo Nkuhlu saw total earned remuneration decline by 4.8% to R35.22 million.
Nedbank Group chief executive Jason Quinn earned R34.4 million, up 24.9% from the previous year. His earnings included salary, short-term incentives and dividends, with no long-term incentive vesting during the year.
