These security services are viewed as necessary for their enhanced protection.
The group is the first major listed corporate in South Africa to provide this benefit to its executives. Picture: Gallo Images
Private bank and wealth and investment manager Investec spent a total of £128 000 on personal security for its two top executives – CEO Fani Titi and finance director Nishlan Samujh – in the year to 31 March 2025.
At the average exchange rate across the 12 months, this equates to R2.97 million.
Investec spends over R12m
Since shareholders approved this benefit in 2022, Investec has spent a total of R12.6 million across the four financial years (2023 to 2026).
| Fani Titi | Nishlan Samujh | |||
| 2023 | £89 000 | R1 871 705 | £87 000 | R1 829 644 |
| 2024 | £46 000 | R1 068 580 | £77 000 | R1 788 710 |
| 2025 | £49 000 | R1 180 900 | £79 000 | R1 903 900 |
| 2026 | £49 000 | R1 136 555 | £79 000 | R1 832 405 |
| Total | £233 000 | R5 257 740 | £322 000 | R7 354 659 |
At its 2022 AGM, Investec asked shareholders to vote to approve an amendment to its “directors’ remuneration policy such that the cost of benefits related to the personal security of executive directors is not deducted from the executive directors’ fixed pay”.
The group said that “in light of continued concerns around the security of senior business people [sic] in South Africa, the Remuneration Committee has agreed to make available an additional benefit to the executive directors entitling them to enhanced personal security services in South Africa”.
Proposal to amend Investec remuneration policy
It proposed an amendment to its remuneration policy so that the cost of this benefit would not be deducted from the fixed pay of executive directors.
It said “the rationale for the approach is that these security services are viewed as necessary” for their enhanced protection, and its remuneration committee did not believe “it is fair or appropriate for the executive directors’ fixed pay to effectively be reduced through the provision of a benefit, which is considered essential for their ongoing safety”.
The resolution passed with 99.79% of shareholders voting in favour. At that time, both Titi and Samujh were primarily based in South Africa.
Exec spends time in UK and SA
In 2024, Titi begun splitting his time equally across its UK and SA operations (London and Joburg), which explains the halving (roughly) of his personal security benefit in the last three financial years.
In terms of its policy, Investec says that other than in respect of these “benefits related to personal security whilst in South Africa, the cost of any benefits provided are normally deducted from fixed pay”.
It adds that “executive directors may elect to sacrifice a portion of their annual gross remuneration in exchange for benefits such as travel allowances and medical aid”.
“These benefits include: life, disability and personal accident insurance; medical cover; and other benefits including personal security measures (and any income taxes due), as dictated by competitive local market practices.”
Titi’s benefits
It highlights that there “is no maximum value but the value of benefits provided will generally be in line with market comparators”.
In 2026, Titi had taxable benefits totalling £69 000 including the £49 000 for security, while Samujh had benefits of £89 000 comprised almost entirely of the £87 000 for security.
Investec is the first major listed corporate to provide this benefit to its executives.
Earlier this month, Vodacom disclosed that it provided and paid for “security arrangements” for its group CEO Shameel Joosub.
It doesn’t disclose this separately but under an “other” category – which only comprises security and Joosub’s cellphone benefit – it paid R7.74 million for these services in the year to 30 April.
It is obviously inconceivable that Joosub’s cellphone benefit would be worth more than a few thousand rand a month.
This means, that across the year, it likely spent the remaining R7.7 million on security for Joosub. This equates to about R640 000 a month.
This article was republished from Moneyweb. Read the original here.
