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KCB boss four-year salary crosses Kshs.1bn

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Business Dailyin its headline have reported that KCB Group Executive Officer Joshua Oigara has earned Kshs.105 billion in the last four years, benefiting from the performance based paty that has cemented his position as Kenya’s most rewarded executive.

This daily further reports that regulatory filing by KCB which is Kenya’s biggest bank by assets and most profitable lender shows that Mr. Oigara has earned 63 per cent of this money from performance related bonuses equivalent to Kshs.667.6 million between 2016 and 2019.

It is reported that KCB ties bonus payments to its executive directors’ achievement of multiple metrics, including the profitability of the group.

This business paper also reports that at the current rate, Mr. Oigara’s pay amounts to Kshs.24.9 million per month and is 95.1 times the average Kshs.3.14 million paid annually to KCB’s 6,202 permanent employees.

Business Daily reports that Mr. Oigara who is 45 years old whose renewable term ends in 2023 earned Kshs.262 milion in basic salary over the four years with the annual pay rising from Kshs.157 million in 2016 to Kshs.72 million last year, reflecting a 26.3 per cent growth.

It is reported that Mr. Oigara’s non-cash benefits that include medical insurance, club memberships and professional indemnity.

READ ALSO:   KCB employee tests positive for Covid-19

This paper also reports that his allowances such as house, car and telephone perks over the four years totaled Kshs.60.5 million or Kshs1.26 million per month which is at par with the pay a CEO serving a state owned firm like Kenya Power.

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Business

Keeping our family coffee business picking

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When 41 -year-old Gitau Waweru Karanja was a boy, he recalls spending his school holidays in his grandfather’s coffee farm with his cousins. His late grandmother would push them to pick berries to earn pocket money. Though he took up his parents’ passion in interior design and studied Interior Design in Kwa Zulu Natal University in South Africa, he did he know that one day he would wake up and smell the coffee and participate in running his grandfather’s coffee farm.

Gitau is the third generation of his family to manage Karunguru Farm, which belonged to his late grandfather Geoffrey Kareithi. Kareithi had bought the 300-acre farm in Ruiru, from a white settler in 1972. Gitau is married to Wangeci Gitau who grew up in Maragwa, in Murang’a where they also had a coffee farm.

Values instilled

For Wangeci, despite growing up in the coffee fields, she was more passionate about tourism and was a travel consultant before becoming a tour manager at a local company.

In 2012, she got an ectopic pregnancy, which put her on bed rest and thus was compelled to quit her job. When she recovered, she began assisting her husband. “By that time, my husband was selling modern house doors, but the business took a while to pick. Then we began selling milk from Karunguru Farm, but the milk production went down in 2016. The management, comprising of family members, told us to address the issue by becoming dairy managers. But when we joined the management of Karunguru Farm, we saw an opportunity in coffee tours,” she says.

READ ALSO:   KCB employee tests positive for Covid-19

Taking cue from South Africa where they do wine tourism and also export wine, Gitau and his wife sought to use that knowledge in their coffee farm. “We started Karunguru Coffee and Tours after we found out that despite it being our main export, it was being underutilised when it comes to tourism. So, here we take visitors through the journey that coffee has to go through before getting to your cup,” explains Gitau. Everything is done in Karunguru Farm— including value addition such as processing coffee, drying and even roasting. “We have our very own packaged Karunguru Coffee, which is available in the market,” he adds.

Their late grandfather instilled in them a love for each other and every holiday it is the family culture to meet and bond as a family. The grandpa also ensured that the farm management is shared amongst all his seven children who meet every week to discuss the business of the farm. Once they come to an unanimous decision, it is then passed on to their children, who implements their decision.

Before one is given any role, you have _ . to be qualified for the position. “It’s not about being favoured, but your qualification. I am in tourism, so I handle the tourism aspect, my husband is in operations. In fact, one applies for the position and then you are interviewed. If you qualify, you are placed on probation until the management is satisfied that you can handle the role well,” says Wangeci.

READ ALSO:   Collymore continues to inspire many, one year after his death

No entitlement

What makes family business go down is the fact that people who are less qualified are employed. Other people have to cover up for their messes and this creates bitterness and conflict. Gitau sometimes watches his nephews and nieces in the farm, giving them roles to check out whether they have interest in the farm or not before beginning to mentor them. Everyone begins from the lowest level and must know how to roast, pack, as well as prepare a cup of Karunguru coffee. This is to en inculcate the spirit of appreciation and value for the workers employed to do the role.

“My uncles always tell us that we didn’t come in the business because we are their children, but because of the passion we had in the business. With that, entitlement is killed and we ensure that we do our best to take the farm to higher levels,” says Gitau

They don’t entertain gossip,  ‘‘ but if someone has an issue, I then the person is invited ‘ to a meeting where one is confronted and told in love where they have missed the mark.

by PD.co.ke

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Business

VIDEO: Inspiring Journey Taking Shape at Kiambu’s Top Gated Community

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Amani Ridge the Place of Peace was extremely busy today as the Engineers set their focus on achieving the very best in preparing the roads to murrum standard, ready for cabro when time comes.

The following activities will follow:

1. Storm water drainage

2. Piping water along the main lines (those building will only need to pay for water meter)

3. Underground power will follow

4. Installation of solar street lights will be the next step

5. After this, planting of 2, 000 trees will follow along all the roads in the estate

6. The sewerage systems will be replaced by Water recycling technology as initially promised

We are committed to #GoingGreen

Become part of the Amani Ridge family today

 

Call: 0790 300 300 | 0723 400 500
Website: www.optiven.co.ke

 

READ ALSO:   Collymore continues to inspire many, one year after his death
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Business

Big Smiles on the way for Garden of Joy Owners

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A big announcement concerning the Garden of Joy gated community is set to be made this coming Friday, 23rd October 2020.

The planned announcement will be a cause of great joy for clients who have already made a decision to make the Garden of Joy their joyous home.

Those joining the success train later, will pay slightly higher for this property. We call it the ‘waiting-to-see-expense.’

If you are reading this message, go ahead and call your relationship advisor today to save the waiting cost and to become part of the joyous brigade.

Check us on FB Live on the 23rd October at 4PM as we unveil the greatest news at the Garden of Joy.

Secure your jewel today
Call us on: 0790300300 | 0723400500
Website: www.optiven.co.ke

READ ALSO:   KCB employee tests positive for Covid-19
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