CEO Remuneration 2021 Report: According to the Trading Board

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Sunday, August 08, 2021 / 07:00 AM / By Proshare Research / Header Image Credit:  EcoGraphics



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CEO Remuneration: According to the Trading Board

The year 2020 was unusual, the severe impact on earnings of businesses was not forecasted, this could be seen in an increase in some CEO's pay or the remuneration remained flat. However, earnings of most companies dipped significantly, and operating expenses grew significantly, which further ate dip into earnings. For most companies listed on the NGX, the growth pattern of revenue and PBT were not like the trend in CEO's pay in recent years. Although for companies like MTN Nigeria and GT Bank, the emolument of CEO either remained flat or declined with a marginal rise in revenue/PBT. However, Nigerian Breweries had a different story to tell, PBT has declined for three years consecutively while CEO's remuneration has grown significantly in recent years.

 

MTN Nigeria/Moolman

 

MTN's Revenue/CEO's Pay

The Telco company's revenue to CEO's basic pay declined significantly in 2018, this was propelled by an +89.07% despite a +17.13% growth in revenue.


In two years, MTN Nigeria has recorded consecutive growth in revenue to CEO's pay. In 2020 revenue-to-CEO's pay was 2,374.59, this means that for every N1 paid to Moolman, he generated N2,374.59 in revenue in 2020. It could also be looked at as the revenue of the company could pay Moolman pay 2,374.59 times in 2020 (see chart 21 below).

 

Chart 21: MTN Nigeria's Revenue/CEO's Base Pay 2017 - 2020

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Source: MTN Nigeria Financial Statement, Proshare Research

 

MTN's PBT/CEO's Pay

PBT-to-CEO's pay has been on steady growth in the last four years. Although 2019 recorded the highest percentage growth of +28.24%, while 2020 had the lowest Y-o-Y percentage growth 0f +6.04%.


The company's PBT rose marginally Y-o-Y by +2.61% while CEO's pay fell slightly by -3.23% in 2020.


In 2020, the CEO was able to generate N527.11 in profit for every N1 he was paid (see chart 22 below).


Chart 22: MTN Nigeria's PBT/CEO's Base Pay 2017 - 2020

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Source: MTN Nigeria Financial Statement, Proshare Research

 

MTN's Revenue vs CEO's Pay

The growth movement of MTN Nigeria's revenue and CEO's pay has been on the same trajectory in recent years. Although, in 2020 revenue inched up Y-o-Y by +15.09% while CEO's pay fell marginally by -3.23% (see chart 23 below).

 

Chart 23: MTN Nigeria's Revenue vs CEO's Base Pay 2017 - 2020

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Source: MTN Nigeria Financial Statement, Proshare Research

 

MTN's Staff Cost

MTN Nigeria's staff cost had its highest percentage growth in 2020, staff cost grew Y-o-Y by +47.60% while 2019 records its lowest percentage growth of +13.09%. Over the years staff cost of the company has been consistent (see chart 24 below).

 

Chart 24: MTN Nigeria's Staff Cost 2017 - 2020 (N'm)

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Source: MTN Nigeria Financial Statement, Proshare Research

 

MTN's Staff Cost vs CEO's Pay

One major difference between the trend in CEO's pay and staff cost was in 2020. Staff cost recorded its highest percentage rise of +47.60% while CEO's Pay declined by -3.23% (see chart 25 below).

 

Chart 25: MTN Nigeria's Staff Cost vs CEO's Pay 2017 - 2020 (N'm)

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Source: MTN Nigeria Financial Statement, Proshare Research

 

MTN's Staff Cost vs Revenue

Staff cost and revenue of the company both have an upward trend between 2017 and 2020.  In 2018, revenue had the highest percentage change of +17.13% while in 2020, the company had the highest percentage growth in staff cost (see chart 26 below).

 

Chart 26: MTN Nigeria's Staff Cost vs Revenue 2017 - 2020 (N'm)

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Source: MTN Nigeria Financial Statement, Proshare Research

 

MTN's Staff Cost vs PBT

PBT of MTN Nigeria has been growing at a decreasing rate with the highest Y-o-Y percentage growth recorded in 2018, PBT grew by +105.16% while staff cost has been rising at an increasing rate. The relationship between PBT and staff has been positive, however, the degree of change is significantly different (see chart 27 below)

 

Chart 27: MTN Nigeria's Staff Cost vs PBT 2017 - 2020 (N'm)

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Source: MTN Nigeria Financial Statement, Proshare Research

 

Dangote Cement/Puchercos

 

Dangote Cement's Revenue/CEO's Pay

The cement manufacturer's revenue-to-CEO's pay has not been consistent, this is attributable to the Y-o-Y changes both in revenue and CEO's basic pay. In 2019, revenue-to-CEO's pay rose significantly by over +200%, this was supported by a -74.59% Y-o-Y decline in CEO's pay. In the same year, revenue fell slightly by -1.06%.


In 2020, there was a significant rebound in CEO's pay, it increased by +311.01% to N448m, while revenue rose Y-o-Y by +15.98%. The growth in CEO's pays further pushed the ratio down to N2,308.47 in 2020. This means that Puchercos generated N2,308.47 in revenue for every N1 he was paid in 2020 (see chart 28 below).

 

Chart 28: Dangote Cement's Revenue-to-CEO's Pay 2016 - 2020

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Source: Dangote Cement Financial Statement, Proshare Research

 

Dangote Cement's PBT/CEO's Pay

The PBT and the CEO's pay both have an upward trend, and have a positive relationship, although not directly. A rise in PBT does not necessarily lead to a rise in CEO pay.

 

In 2020, the company recorded the highest percentage growth in CEO's pay while 2017 records the highest percentage growth in PBT.

 

Michel Puchercos generated N833.28 in PBT for every N1 that he was paid in 2020 (see chart 29 below).


Chart 29: Dangote Cement's PBT-to-CEO's Pay 2016 - 2020

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Source: Dangote Cement Financial Statement, Proshare Research

 

Dangote Cement's Staff Cost

In recent years Dangote Cement's staff cost has been on an upward path, with 2020 recording the highest percentage growth of +15.08% while 2017 records the lowest Y-o-Y percentage growth.


Staff cost increased by +15.08% in 2020, this was despite a marginal decline of -0.28% in the total number of full-time employees employed during the year (see chart 30 below).


Chart 30: Dangote Cement's Staff Cost 2016 - 2020 (N'bn)

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Source: Dangote Cement Financial Statement, Proshare Research

 

Dangote Cement's Staff Cost vs CEO's Pay

2019 seems to be an anomaly for the company's CEO's pay, which is also the lowest a CEO has received in 5 years in Dangote Cement. Staff cost rose by +9.61% in the same period. In 2020, a rise in staff cost was also accompanied by a +311.01% outstanding rise in CEO's pay (see chart 31 below).

 

Chart 31: Dangote Cement's Staff Cost vs CEO's Pay 2016 - 2020 (N'bn)

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Source: Dangote Cement Financial Statement, Proshare Research

 

Dangote Cement's Staff Cost vs Revenue

Ideally, staff cost and revenue should have a negative relationship all things being equal. However, a decline or rise in staff cost - which is part of administrative expenses, may not lead to a rise or decline in earnings. The growth pattern of revenue and staff cost of Dangote cement is similar.

In 2020, staff costs inched up by +15.08% while revenue was up by +15.98% to N1.03trn (see chart 32 below).

 

Chart 32: Dangote Cement's Staff Cost vs Revenue 2016 - 2020 (N'bn)

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Source: Dangote Cement Financial Statement, Proshare Research

 

Dangote Cement's Staff Cost vs PBT

Between 2018 and 2019, PBT and staff cost of the company had a negative relationship, staff rose by +9.61% while PBT declined by -16.73% which was the highest percentage decline in PBT in recent years. In 2020, staff cost rose by +15.08% while PBT grew significantly by +49.04% (see chart 33 below).

 

Chart 33: Dangote Cement's Staff Cost vs PBT 2016 - 2020 (N'bn)

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Source: Dangote Cement Financial Statement, Proshare Research

 

GTBank/Agbaje

 

GTBank's Revenue/CEO's Pay

Gross earnings-to-CEO's pay of the bank has a downward trend, that is, revenue generated for every N1 paid to Segun Agbaje has been on a decline in recent years. However, in 2020, gross earnings-CEO's pay was up Y-o-Y by +4.58% to N1,138.94.

 

Gross earnings grew Y-o-Y by +4.58% to N455.23bn which is the highest percentage growth recorded in 5 years, while CEO's basic pay remained flat in 2020.


In 2020, Agbaje generated N1,138.94 in revenue for every N1 paid to him (see chart 34 below).

 

Chart 34: GTB's Gross Earnings-to-CEO's Pay 2016 - 2020

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Source: GT Bank’'s Financial Statement, Proshare Research

 

GT Bank's PBT/CEO's Pay

The bank's PBT covered the CEO's pay by 595.69 times in 2020 which is a Y-o-Y +2.76% rise from 579.71 in 2019.

 

Agbaje generated N595.69 in PBT for every N1 he got as remuneration. 2017 records the highest PBT generated by the CEO between 2016 and 2020.

 

Also, the PBT of the bank has been growing at a declining rate with 2017 recording the highest percentage growth while 2020 records the lowest percentage growth in PBT during the period under review (see chart 35 below).

 

Chart 35: GTB's PBT-to-CEO's Pay 2016 - 2020

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Source: GT Bank's Financial Statement, Proshare Research

 

GTBank's Staff Cost

Staff cost rose marginally in 2020, it was up Y-o-Y marginally by +0.52% to N33.49bn from N33.32bn in 2019. In 2017 the bank had its highest percentage growth in staff cost while 2020 records its lowest percentage growth in staff cost during the period (see chart 36 below).

 

Chart 36: GTB's Staff Cost 2016 - 2020 (N'bn)

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Source: GT Bank's Financial Statement, Proshare Research

 

GT Bank's Staff Cost vs CEO's Pay

There was no clear relationship between the movement in GT Bank's Staff cost and its CEO's remuneration. CEO's pay had its highest percentage growth in 2017, it rose by +71.38% while 2017 records the highest percentage growth in staff cost. In 2020, the CEO's pay was flat while staff cost was up slightly by +0.52% (see chart 37 below).

 

Chart 37: GTB's Staff Cost vs CEO's Pay 2016 - 2020 (N'm)

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Source: GT Bank's Financial Statement, Proshare Research

 

GT Bank's Staff Cost vs Gross Earnings

Percentage growth of gross earnings has been relatively stable which is not like the bank's growth pattern in staff cost. Although both have recorded consistent growth over the years, the degree of change has been different. For gross earnings, its highest percentage change was in 2020 while 2017 records the highest percentage change in staff cost of the bank (see chart 38 below).

 

Chart 38: GTB's Staff Cost vs Gross Earnings 2016 - 2020 (N'bn)

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Source: GT Bank's Financial Statement, Proshare Research

 

GT Bank's Staff Cost vs PBT

There was a positive relationship between GT Bank's staff cost and PBT in recent years, although, the degree of change was also different. Both are also increasing at a decreasing rate (see chart 39 below).

 

Chart 39: GTB's Staff Cost vs PBT 2016 - 2020 (N'bn)

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Source: GT Bank's Financial Statement, Proshare Research

 

Nigerian Breweries/Jordi Borrut Bel

 

Revenue-to-CEO Pay

Between 2016 and 2020, the revenue-to-CEO's pay rose only in 2018, it grew significantly by +71.02%, which was propelled by a -44.01% decline in CEO's pay and a -4.26% fall in revenue of the company in 2018.


In 2020, the beverage maker's revenue-to-CEO pay continued to decline, it fell by -25.59% to N888.40. This means Borrut Bel generated N888.40 in revenue for every N1 paid to him in remuneration which is a decline from N1,193.93 he generated in 2019 (see chart 40 below).

 

Chart 40: Nigerian Breweries Revenue-to-CEO's Pay 2016 - 2020

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Source: Nigerian Breweries Financial Statement, Proshare Research

 

PBT-to-CEO Pay

The PBT of the company has been on a steady decline for the past three years, PBT had the highest percentage growth in 2017, it grew by +17.68%.


CEO pay has grown significantly in the past two years. It recorded its only percentage decline in 2018, falling by -44.01%.


PBT-to-CEO's pay declined significantly in 2020, it declined by -64.65% to N30.51 from N86.31 recorded in 2019.


Borrut Bel generated N30.51 in PBT for every N1 paid to him in remuneration (see chart 41 below).

 

Chart 41: Nigerian Breweries PBT-to-CEO's Pay 2016 - 2020

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Source: Nigerian Breweries Financial Statement, Proshare Research

 

Staff Cost

Staff costs of Nigerian Breweries have been relatively flat with an exception in 2018 when it had its highest percentage growth of +4.90%. In 2020, staff costs had a marginal decline of -0.01% to N29.87bn (see chart 42 below).

 

Chart 42: Nigerian Breweries Staff Cost 2016 - 2020 (N'bn)

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Source: Nigerian Breweries Financial Statement, Proshare Research

 

Staff Cost vs CEO's Pay.

The only positive relationship the company's staff cost, and CEO's pay had was in 2017, staff cost was up by +4.14% and CEO's pay also recorded a growth of +32.99%. In the last three years, both have moved in opposite directions. Staff cost was relatively flat in 2020 while CEO's pay increased Y-o-Y by +40.23%.


CEO's pay had the highest percentage growth in 2019 which is the same year staff cost had the highest percentage decline (see chart 43 below).

 

Chart 43: Nigerian Breweries Staff Cost vs CEO's Pay 2016 - 2020 (N'm)

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Source: Nigerian Breweries Financial Statement, Proshare Research

 

Staff Cost vs Revenue.

Staff cost and revenue have not moved in the same direction except in 2019 when both declined slightly, staff cost fell by -5.26% while revenue declined by -7.77%, also both had the highest percentage decline in 2019.

 

In 2020, revenue inched higher by +4.35% to N337.05bn while staff cost remained flat at N29.87bn (see chart 44 below).

 

Chart 44: Nigerian Breweries Staff Cost vs Revenue 2016 - 2020 (N'bn)

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Source: Nigerian Breweries Financial Statement, Proshare Research

 

Staff Cost vs PBT.

With a steady decline in PBT in the last three years, it is expected that staff costs should decline or remain unchanged. This was the narrative of the relationship between staff cost and PBT of Nigerian breweries in the last two years. In 2019 and 2020 PBT declined by -20.63% and -50.41% respectively while staff cost declined by -5.26% and was flat in 2019 and 2020 respectively (see chart 45 below).

 

Chart 45: Nigerian Breweries Staff Cost vs PBT 2016 - 2020 (N'bn)

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Source: Nigerian Breweries Financial Statement, Proshare Research

 

Airtel Africa/Mandava

 

Income-to-CEO Pay

For Airtel Africa Plc, FY2021 is its latest, this is because its financial calendar is different for most companies listed on the NGX.


Airtel Africa can be excused in reporting its financials in US dollars as it operates in 14 Africa countries. Although, against the IFRS standard of using the operating currency should be the same as the reporting currency.

 

Airtel Africa's income and its CEO pay both have an upward trajectory, however, income has a higher percentage growth than CEO pay in the past three years. Both had their highest percentage growth in 2021, income grew Y-o-Y by +13.96% to US$3.92bn while CEO base salary grew by +8.69% to US$888,000 in 2021.


In its 2021 result, Mandava generated US$4,413.39 in income for every US$1 paid to him in base remuneration (see chart 46 below).

 

Chart 46: Airtel Africa's Income-to-CEO Base Salary 2019 - 2021 (US $)

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Source: Airtel Africa's Annual Financial Report, Proshare Research

 

PBT-to-CEO Pay

A similar trend between the Telco's income and CEO's pay was also seen between PBT and CEO's pay. Both have recorded growth in recent times, although the degree of change in PBT is higher than the CEO's base pay. In 2020 PBT had its highest percentage growth of +71.84% while CEO's pay grew by +6.80%. In 2021, the CEO's pay had its highest percentage growth of +8.69% and the PBT of the company grew by +16.56% to US$697m between 2019 and 2021.

 

The 2021 financial result also shows that the CEO generated US$784.91 in PBT which is a +7.24% rise from US$731.85 generated in 2020 (see chart 47 below).

 

Chart 47: Airtel Africa's PBT-to-CEO Base Salary 2019 - 2021 (US $)

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Source: Airtel Africa's Annual Financial Report, Proshare Research

 

Staff Cost

There was a slight decline in staff cost in 2020, it fell by -1.98% to US$198m while it rebounded significantly in 2021. It rose by +17.68% Y-o-Y to US$233m, this was driven by the harsh economic realities induced by the COVID-19 (see chart 48 below)

 

Chart 48: Airtel Africa's Staff Cost 2019 - 2021 (US$'m)

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Source: Airtel Africa's Annual Financial Report, Proshare Research

 

Staff Cost vs CEO's Pay.

The relationship between Airtel Africa staff cost and CEO's pay was mixed, in 2020 staff cost fell slightly by -1.98% while CEO's pay rose by +6.80%.


In 2021, staff cost had a higher percentage growth than CEO's pay, staff cost rose by +17.68% while CEO's pay rose Y-o-Y by +8.69% (see chart 49 below).

 

Chart 49: Airtel Africa's Staff Cost vs CEO's Pay 2019 - 2021 (US$)

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Source: Airtel Africa's Annual Financial Report, Proshare Research

 

Staff Cost vs Income.

In 2021, staff cost, and income had a positive relationship, both grew Y-o-Y, although the income of the company had a higher percentage growth than staff cost. In 2020, staff costs dipped slightly by -1.98% while income grew a little bit above +10% (see chart 50 below).

 

Chart 50: Airtel Africa's Staff Cost vs Income 2019 - 2021 (US$'m)

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Source: Airtel Africa's Annual Financial Report, Proshare Research

 

Staff Cost vs PBT.

The relationship between the company's staff cost and PBT was like its staff cost and income relationship. Staff cost which recorded a marginal decline in 2020, PBT grew significantly by +71.84%. In 2021, staff cost had a higher degree of change than PBT (see chart 51 below).

 

Chart 51: Airtel Africa's Staff Cost vs PBT 2019 - 2021 (US$'m)

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Source: Airtel Africa's Annual Financial Report, Proshare Research

 

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Downloadable Versions of 2021 Report (PDF)

1.          Executive Summary: CEO Remuneration 2021 Report - From COVID to Collaboration -  August 01, 2021

2.         Full Report: CEO Remuneration 2021 Report - From COVID to Collaboration -  August 01, 2021


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Previous Years's Reports and Related Links

1.      CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions - July 30, 2020

2.     CEO Remuneration 2019 Report: Making Sense of The Numbers for Listed Companies in Nigeria - July 30, 2019

3.     CEO Remuneration 2018 - PDF Report

4.     All Quoted Companies IR Pages - Proshare MARKETS



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  1. CEO Remuneration 2021 Report: The Many Sides of CEO Compensation
  2. CEO Remuneration 2021 Report: Gender Collaboration: Women and The Corporate Suite
  3. CEO Remuneration 2021 Report: Ranking CEOs Based on Total Remuneration
  4. CEO Remuneration 2021 Report: Top 10 CEOs - How the Top Half Get Compensated
  5. CEO Remuneration 2021 Report: Breaking into New Ideas and Fresh Realities
  6. CEO Remuneration 2021 Report: From COVID to Collaboration


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