Equity Group became the second bank after KCB to report its directors’ remuneration under the new reporting rules. Evidently, top tier directors and the chief executive officer James Mwangi earn a good pay and they rightly deserve for steering the bank to profitability. Equity asset is pegged at kes524 billion; only rivaled by KCB whose asset is kes646 billion. We will take a look at the CEO’s salary, the directors and the staff who toil hard to ensure the bank remains profitable.
CEO
The CEO James Mwangi was paid kes56.74 million for the year ended 2017 translating to kes4,811,666 per month. On top of that, the CEO received kes3.7million in allowances for the same year. His total paycheck was kes60,440,000. With a 6.5 per cent stake at Equity, Mwangi received gross dividends of kes490million. That would put his annual income for 2017 at kes550million.
Some of the directors we have listed below, most notable Peter Munga, have left the board.
Salary 2017
John Stanley-kes19.5 million (kes1.6million per month)
He is the chief officer in charge of Finance, Innovation and Technology
Mary Wamae-kes 15.0 million (kes1.2million per month)
Holds an LLB degree from the University of Nairobi, Diploma in Law from the Kenya School of Law and is a certified Public Secretary. Mary Wamae is Equity Bank Secretary and Director of Corporate Strategy.
Peter Munga-kes7.6 million (kes633,000 per month)
He is Equity founder and retired as Equity Bank non executive chairman on 8 June 2018.
Deepak Malik-kes 1.9million (Kes158,333 per month)
He is a non executive director. Deepak Malik is the Chief Executive Officer of Arise.
David R. Ansell-kes3.9 milion (kes325,000 per month)
Non-executive chairman in Equity Bank since 2012. He serves in the same capacity in Equity Bank Congo, Equity Bank Tanzania and Equity Investment Bank Ltd.
Evelyn Rutagwenda-kes9.5 million (kes791,666 per month)
Appointed a Non Executive Director in 2014. Chairs both the Equity Bank Rwanda and Uganda Ltd Boards.
Vijay Gidoomal-kes0.9million (kes75,000 per month)
Non Executive Director
Isaac Macharia-kes2.8million (Kes233,333 per month)
Non Executive Director
Dennis Aluanga-kes2.9 million (kes241,666 per month)
Non Executive Director. Dennis Aluanga is a partner at Helios Investment partners. Also serves as a non executive director of Nation Media Group, Vivo and Energy Kenya and Helios Towers Tanzania.
Adil Popat-kes0.5million (kes41,666 per month)
Non Executive Director
Hellen Gichohi-kes5.3million (kes441,666 per month)
Non Executive Director
Equity employees who interact with customers are paid depending on their level of experience.
Tellers basic salary
Entry level-kes45,000
5 years experience-kes75,000
Branch managers
From kes90,000 to kes250,000
Operations manager-kes150,000
Trainees-kes20,000
Sales-kes15,000 and commissions. Next
