This archive report was first published on 15 July 2019.
According to a report by the Business Daily published on July 15, 2019, the highest paid board of directors in Kenya's banking and insurance sectors earned a total of Sh.94.39 million in 2018.
This represented a 15% increase from the Sh. 81.96 million paid to board chairs in the financial year 2017.
Former Equity Bank chairman Peter Munga topped the list with a payment of Sh. 7.41 million, although he left the post in June 2018 and was replaced by David Ansell, who earned Sh. 1.83 million by the end of the year.
At KCB Group, chairman Andrew Kairu was paid Sh. 7 million in allowances, while his predecessor Ngeny Biwott earned Sh. 6 million in the same period.
Biwott had previously been the highest-paid board chairman in the banking industry, earning a total of Sh. 13 million in the year ended December 2017.
Among insurance companies, CIC Holdings' chairman Japheth Magomere earned the highest pay at Sh. 7.94 million, up from Sh. 7.33 million in 2017.
