[imagesource: Moneyweb]

It’s been a good few days for FirstRand shareholders and CEO Alan Pullinger.

FirstRand owns First National Bank, Rand Merchant Bank, and Wesbank, to name just a few, and is set to pay shareholders a record dividend.

Moneyweb reports that “combined dividends will result in a total payout of 467 cents per share, the highest in the history of the group at R26,2 billion”.

Post-pandemic (we’re almost there), FirstRand has seen a resurgence:

The company posted a 23% jump in headline earnings in the year to June, lifting profit before tax to R46.68 billion, and its return on equity to 20.6%.

Image: FNB

“We are very pleased we could reward shareholders with an attractive dividend and dividends really matter in an inflationary world,” chief executive officer Alan Pullinger said in an interview.

Pullinger should be very pleased, considering his personal payday.

FirstRand’s annual report for the year ending June 2022 shows Pullinger (below) took home a total pay package of R48,29 million, reports BusinessTech:

[This includes] the value of long-term incentives awarded in 2020 and 2021.

Image: Supplied to Fin24

As a single pay figure – the amount he received – was lower at R29.87 million.

That lower figure is still R2,5 million a month, or north of R80 000 a day.

It’s also been a tidy year earnings-wise for FNB CEO Jacques Celliers. He received a R41,61 million package.

Mary Vilakazi, Group COO at FirstRand, earned a total pay package of R32,74 million.

I wonder what FNB pays its social media community managers, who have had a torrid week off the back of this tweet which blew up:

FNB. I have been a customer of yours for 33 years, most of my life, since Bob T days.

But I am leaving you.

A small thread on why. And it’s probably not what you think.

— Dean Oelschig (@DeanOelsch) September 14, 2022

The RBJacobs response account tried to save the day but the ship had sailed:

I see the same account is still trying to put out multiple fires.

Oh well, as long as the shareholders are happy.

[sources:moneyweb&bustech]