How much do bank boards of directors get paid?

How much do bank boards of directors get paid?

access_time2020-06-18 19:30:40

Georgian banks spent a total of GEL 97 million on the salary payments to members of their boards of directors in 2019. Most of these payments come to the salaries paid to the boards of directors of the country's two largest banks, and it is paid not directly in cash but in the form of deferred shares.

Salary payments to the boards of directors of the banks are as follows:

 

TBC Bank, salary payments to the Board of Directors - GEL 35,497,910

Vakhtang Butskhrikidze is the CEO of TBC Bank, and the Board of Directors consists of a total of seven members. According to the TBC Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 5,175,879
  • Including the payment of GEL 5,082,290 in cash and GEL 93,589 in other form

 

  • Variable payment - GEL 30,322,031
  • Including the payment of GEL 29,155,799 in the form of deferred shares, and GEL 583,116 in other forms.

 

Total – GEL 35,497,910

 

As for the Supervisory Board of TBC Bank, it consists of six members with Nikoloz Enukidze as the chairman. According to the financial statements, the total salary payments to the Supervisory Board were GEL 997,695 fully paid in cash.

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Bank of Georgia, salary payments to the Board of Directors – GEL 33,937,498

Archil Gachechiladze is the CEO of Bank of Georgia, and the Board of Directors consists of a total of seven members. According to the Bank of Georgia financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 18,469,821
  • Including the payment of GEL 4,895,534 in cash and GEL 13,517,629 in the form of deferred shares

 

  • Variable payment - GEL 15,467,677
  • The variable payment was fully made in the form of deferred shares.

 

Total – GEL 33,937,498

 

As for the Supervisory Board of Bank of Georgia, it consists of eight members with Neil Janin as the chairman. According to the financial statements, the total payments to the Supervisory Board were GEL 2,875,579, 100% of which was paid as salaries but not in the form of shares.

 

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Liberty Bank, salary payments to the Board of Directors – GEL 7,691,742

Vasil Khodelia is the CEO of Liberty Bank, and the Board of Directors consists of a total of six members. According to the Liberty Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 1 892 621 (fully paid in cash)

 

  • Variable payment - GEL 5,789,689
  • Including the payment of GEL 5,754,362 in cash and GEL 35,327 in other forms.

 

Total – GEL 7,691,742

 

As for the Supervisory Board of Liberty Bank, it consists of four members with Irakli Otar Rukhadze as the chairman. The total salary payments to the Supervisory Board were GEL 399,155 fully paid in cash.

 

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VTB Bank, salary payments to the Board of Directors – GEL 7,516,929

Archil Kontselidze is the CEO of VTB Bank, and the Board of Directors consists of a total of six members. According to the VTB Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 3,713,606
  • Including the payment of GEL 3,704,392 in cash and GEL 9,214 in other form

 

  • Variable payment - GEL 3 803 323
  • Including the payment of GEL 1,165,540 in cash and GEL 853,295 in the form of shares

 

Total – GEL 7,516,929

 

The Supervisory Board of VTB Bank consists of six members. The total salary payments to the Supervisory Board were GEL 121,200.

 

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Basis Bank, salary payments to the Board of Directors – GEL 3,299,060

Davit Tsaava is the CEO of Basis Bank, and the Board of Directors consists of a total of six members. According to the Basis Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 1,280,225 (fully paid in cash)

 

  • Variable payment - GEL 2,018,835
  • Including the payment of GEL 1,165,540 in cash and GEL 853,295 in the form of shares

 

Total – GEL 3,299,060

 

The Supervisory Board of Basis Bank consists of five members with Zaiki Mi as the chairman. The total salary payments to the Supervisory Board were GEL 474,879 fully paid in cash.

 

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Terabank, salary payments to the Board of Directors – GEL 1,906,942

Thea Lortkipanidze is the CEO of Terabank, and the Board of Directors consists of a total of five members. According to the Terabank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 1,018,257
  • Including the payment of GEL 991,684 in cash and GEL 26,574 in variable payment 

 

  • Variable payment - GEL 888,684
  • Including the payment of GEL 870,334 in cash and GEL 18,350 in non-cash form

 

Total – GEL 1,906,942

 

 

 

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Credo Bank, salary payments to the Board of Directors – GEL 1,724,927

Zaza Pirtskhelava is the CEO of Credo Bank, and the Board of Directors consists of a total of three members. According to the Credo Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 1 213 927

 

  • Variable payment - GEL 511,000

 

Total – GEL 1,724,927

 

The Supervisory Board of Credo Bank consists of six members with Dan Balke as the chairman. The total salary payments to the Supervisory Board were GEL 203,370.

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PASHA Bank Georgia, salary payments to the Board of Directors – GEL 1,529,665

Arda Yusuf Arkun is the CEO of PASHA Bank, and the Board of Directors consists of a total of four members. According to the PASHA Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 1,101,764
  • Including the payment of GEL 967,238 in cash and GEL 134 526 in other form 

 

  • Variable payment - GEL 229,577
  • Including the payment of 409,812 in cash and GEL 18,089 in other form

 

Total – GEL 1,529,665

 

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Halyk Bank Georgia, salary payments to the Board of Directors – GEL 938,984

Nikoloz Geguchadze is the CEO of Halyk Bank, and the Board of Directors consists of a total of five members. According to the Halyk Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 709,407
  • Variable payment - GEL 229,577

 

Total – GEL 938,984

 

 

 

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CartuBank, salary payments to the Board of Directors – GEL 1,311,075

Nato Khaindrava is the CEO of CartuBank, and the Board of Directors consists of a total of five members. According to the CartuBank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 1,220,259
  • Variable payment - GEL 90,816

 

Total – GEL 1,311,075

 

 

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FINCA Bank, salary payments to the Board of Directors – GEL 1,219,294

Vusal Verdieva is the CEO of FINCA Bank, and the Board of Directors consists of a total of three members. According to the FINCA Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - GEL 1,194,514
  • Variable payment - GEL 24,780

 

Total – GEL 1,219,294

 

Four members of the Supervisory Board of FINCA Bank receive remuneration with the total salaries of GEL 105,669 paid last year.

 

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ProCredit Bank, salary payments to the Board of Directors – GEL 826,073

Alex Matua is the CEO of ProCredit Bank, and the Board of Directors consists of a total of three members. According to the ProCredit Bank financial statements, the salary payments to the Board of Directors were as follows:

  • Fixed payment - 826,073
  • Including the payment of GEL 823,904 in cash and GEL 2,169 in other form 

 

  • Variable payment - GEL 0

 

Total – GEL 826,073

 

The Supervisory Board of ProCredit Bank consists of five members with Marcel Sebastian Zeitinger as the chairman. The total salary payments to the Supervisory Board were GEL 47,943.

 

 

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