Britam CEO Wairegi’s pay jumps to Sh81m

Britam #ticker:BRIT chief executive Benson Wairegi earned a total of Sh81.6 million in the year ended December, representing an 8.6 percent increase from Sh75.1 million in 2017.

The insurer had earlier said it paid Mr Wairegi Sh69.6 million in 2017 but the figure was revised upwards to capture all the accrued benefits, some of which were paid after the calendar year.

“The 2017 remuneration as earlier disclosed has been adjusted to include all benefits earned in 2017 but paid in 2018,” the Nairobi Securities Exchange-listed firm says in its latest annual report.

Britam also disclosed that Mr Wairegi’s contract was renewed for three years under the same terms effective January 1, 2018 until December 31, 2020.

“In addition to a monthly salary, Mr Wairegi is entitled to a performance bonus, which is based on meeting specific key performance indicators agreed upon between the board and Mr Wairegi at the beginning of every year,” Britam said.

“The contract also provides for a car benefit, residential security (guard and house alarm), medical cover and loans at staff rates. The contract provides for gratuity, accrued throughout the contract period.”

Mr Wairegi’s pay in the review period comprised a salary of Sh63.2 million or Sh5.2 million per month, gratuity (Sh17.1 million) and non-cash benefits (Sh1.2 million). He did not get a bonus in the period.

In the previous year, his remuneration comprised a salary of Sh52.5 million or Sh4.3 million per month, gratuity (Sh16 million), bonus (Sh5.5 million) and non-cash benefits of (Sh1.1 million).

Britam also disclosed that its executive director, Stephen Wandera, was paid a total of Sh40.9 million in the review period, a marginal increase from Sh40.4 million in 2017.