<\/p>\n
From the end of May, following its annual general meeting (AGM), Nedbank Group will comprise 19 directors, including three executives \u2013 CEO Jason Quinn, CFO Mike Davis and COO Mfundo Nkuhlu.<\/p>\n
But because Hubert Brody and Brian Dames only retire as non-executive directors at the 29 May AGM, and with\u00a0the appointment of four new\u00a0non-execs this year \u2013 Natasha Davydova, Dixit Joshi, Sanat Rao and Life Healthcare CEO Peter Wharton-Hood \u2013 the group currently has an almost impossibly large 21-strong board.<\/p>\n
Read:
A tale of two banks and the perils of succession \u2026
Nedbank appoints Life Healthcare CEO to board<\/p>\n
Of the 19, and aside from chair Daniel Mminele, 14 are independent, with only Stanley Subramoney being classified as simply a non-executive director.<\/p>\n
This is due to Subramoney having served as an independent director for a full nine-year tenure.<\/p>\n
In 2025, his tenure was extended for an initial year and the group announced in February that this would be extended by another 12 months from the AGM, saying this will \u201cprovide continuity\u201d on the boards and board committees \u201cgiven the recent appointments\u201d.<\/p>\n
Nedbank ended 2025 with 17 directors, following the passing of Errol Kruger (former Registrar of Banks) in April and the appointment of Mary Bomela and Oliver Fortuin in June, Fleetwood Grobler in November and George Njenga in December.<\/p>\n
Nedbank board
\nEnd 2024
\nEnd 2025
\n29 May 2026<\/p>\n
Number of directors
\n14
\n17
\n19<\/p>\n
Daniel Mminele<\/p>\n
Hubert Brody<\/p>\n
Neo Dongwana<\/p>\n
May Hermanus<\/p>\n
Errol Kruger<\/p>\n
Died 26 Apr<\/p>\n
Phumzile Langeni<\/p>\n
Rob Leith<\/p>\n
Linda Makalima<\/p>\n
Terence Nombembe<\/p>\n
Brian Dames<\/p>\n
Stanley Subramoney<\/p>\n
Jason Quinn<\/p>\n
Mike Davis<\/p>\n
Mfundo Nkuhlu<\/p>\n
Mary Bomela<\/p>\n
From 1 Jun<\/p>\n
Oliver Fortuin<\/p>\n
From 1 Jun<\/p>\n
Fleetwood Grobler<\/p>\n
From 1 Nov<\/p>\n
George Njenga<\/p>\n
From 1 Dec<\/p>\n
Natasha Davydova<\/p>\n
From 15 Jan<\/p>\n
Dixit Joshi<\/p>\n
From 15 Jan<\/p>\n
Sanat Rao<\/p>\n
From 15 Jan<\/p>\n
Peter Wharton-Hood<\/p>\n
From 3 Mar<\/p>\n
It is clearly busy refreshing the board as directors reach or near their (typically) maximum tenure of nine years.<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n
Aside from Brody and Dames who have reached this and will step down, Rob Leith reaches this in October 2026, while Neo Dongwana and Linda Makalima will do so in June 2027.<\/p>\n
Leith will have to step down at next year\u2019s AGM and Dongwana and Makalima at the 2028 one. At that point, barring any additional appointments, the board will comprise a more practical number of 16 directors (the effective \u2018replacement\u2019 for Subramoney aside).<\/p>\n
Neither the biggest nor the most complex bank in SA \u2026<\/p>\n
Nedbank is the smallest of the six main commercial banks in SA on most metrics, and after exiting its ETI (Ecobank Transnational Incorporated) stake is undoubtedly the least \u2018complex\u2019 of the traditional \u2018big four\u2019.<\/p>\n
A board with 19 directors is easily higher than what would be considered \u2018normal\u2019 (or even \u2018apt\u2019).<\/p>\n
A big (bloated?) board, albeit a relatively temporary one, means an increase in the fees paid to directors.<\/p>\n
In 2025, the bank paid a total of R28.6 million to non-executive directors \u2013 a 10.2% increase on the prior year. This was despite the increase in board fees averaging 5.6% for the year.<\/p>\n
Read:
Top eight Standard Bank bosses paid R511m in 2025
Nedbank resets Africa strategy as Ecobank sale trims earnings
Absa\u2019s Kenny Fihla gets R98.5m buyout award after joining from rival<\/p>\n
ADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n
The big driver was fees paid for committee meetings \u2013 this jumped 19.4% in 2025 to R13.4 million. At this point, it is almost equal to the board fees paid of R14.7 million (up 11.5%).<\/p>\n
These numbers will all rise higher than the \u2018average\u2019 increases to be tabled for 2026 given the increased number of members.<\/p>\n
\u2018Base\u2019 board fees for directors were R651 000 last year, with committee fees stretching to as high as (a total of) R2 million per director in some cases.<\/p>\n
Excluding new and former directors in 2025, and the chair aside, only one of the nine non-executives \u2013 Terence Nombembe \u2013 was paid under R1.5 million.<\/p>\n
Rob Leith was the highest paid director, with R2.7 million in fees last year. He is a member of seven board committees, of which he chairs two.<\/p>\n
He is followed by Subramoney, at R2.6 million, who is on six committees (he also chairs two).<\/p>\n
Current lead independent director, Hubert Brody, was paid R2.3 million. He is on four committees, of which he chairs one.<\/p>\n
Chair Daniel Mminele was paid R7.4 million in 2025.<\/p>\n
ADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n
Policy and limits<\/p>\n
The group\u2019s policy on the appointment of directors says their nomination \u201cmust consider the need to ensure that the board has a wide range of skills, knowledge, diversity, independence and expertise to discharge its governance role and responsibilities objectively and effectively and to ensure the effective functioning of the board committees that form part of the Nedbank Enterprisewide [sic] Risk Management Framework\u201d.<\/p>\n
\u201cAppointments shall be made taking into account the necessity of achieving a balance between skills and expertise.\u201d<\/p>\n
According to the bank\u2019s memoranda of incorporation, the Nedbank boards (for the Group and the Limited entity) \u201cmust consist of a minimum of five directors and a maximum of 25 directors\u201d.<\/p>\n
The board has nine committees, of which seven are statutory.<\/p>\n
In 2024, the Nedbank Group board met eight times, the Nedbank Limited board six times, and there were a total of 50 committee meetings.<\/p>\n
Nedbank\u2019s share price\u00a0<\/p>\n
#Nedbank #board #directors<\/p>\n","protected":false},"excerpt":{"rendered":"
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