SPECIALIST bank Investec appears to have blithely ignored UK rules capping variable pay for banking executives, paying CEO Stephen Koseff bonuses more than quadruple his salary for the year to March.Consulting firm Pensions & Investment Research Consultants has urged Investec’s shareholders to vote against the group’s remuneration report on August 4, claiming Koseff’s variable pay exceeded his salary by 500%.Koseff received £4.4m in total pay for the year.He was awarded £2.9m in short-term, deferred and long-term incentive plan bonuses during the period, far above his base salary of £409,015.Bernard Kantor, the group’s MD, received the same total pay and awards, compared with a salary of £445,128.This rose from total remuneration packages of £4.97m for both executives last year.Both executives, along with finance director Glynn Burger, also received a £1m fixed allowance that Investec started paying to them during the 2015 financial year, and which Pensions & Investment Research Con...
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