South African executive Nishlan Samujh, group finance director of Investec, saw his total remuneration fall more than 23 percent in fiscal 2026 after changes to the group’s executive pay structure reduced both fixed compensation and incentive awards.

Samujh received total remuneration of £1.745 million ($2.3 million) in fiscal 2026, down from £2.27 million ($3 million) a year earlier, according to the latest report. Fixed remuneration declined 12.1 percent to £515,000 ($678,000) from £586,000 ($772,000) in 2025.

The decline reflects remuneration policy changes introduced in 2024. Investec said the prior year’s figures included a combination of compensation arrangements under both the old and revised frameworks because the changes were implemented during the financial year.

Executive pay declines on lower incentives

Performance-linked pay recorded the sharpest decline. Short-term incentive awards fell 39.3 percent to £634,000 ($835,000) from £1.045 million ($1.4 million) a year earlier, while long-term incentives decreased 7.7 percent to £517,000 ($681,000) from £560,000 ($740,000). Samujh’s personal security benefit was unchanged at £79,000 ($104,010).

The reduction in incentive payments accounted for most of the year-on-year decline in remuneration. Even so, variable compensation remained the largest part of Samujh’s pay package, with short-term and long-term incentives contributing more than £1.15 million ($1.51 million) of total earnings during fiscal 2026.

The remuneration changes come as Investec continues to align executive compensation with a framework approved in 2024. The revised structure lowered fixed pay for some senior executives while retaining a strong link between compensation and performance.

Two decades shaping Investec finance

Samujh has spent more than two decades at Investec and has played a central role in the group’s financial management and reporting functions. He joined the company in 2000 as a technical accountant in the financial reporting team after beginning his career at KPMG.

His academic background includes a higher diploma in taxation, a bachelor’s degree in accounting, and a postgraduate accounting qualification. Over the years, he moved through a series of senior finance roles, taking full responsibility for the South African finance function in 2010 before later becoming global head of finance.

That progression culminated in his appointment as group finance director of Investec Plc and Investec in April 2019. In the role, Samujh oversees financial planning, capital allocation, liquidity management, regulatory reporting and broader financial oversight across the group.

Investec grows assets, retained income falls

During his tenure, Investec has expanded its balance sheet and investment platform. Total assets increased from $32.7 billion at the end of fiscal 2020 to £58.2 billion ($78.2 billion) by 2025, while funds under management rose to £23.4 billion ($31.44 billion).

The group reported retained income of £324.1 million ($435.5 million) in 2025, compared with £356.07 million previously, reflecting a decline from the prior year even as Investec continued to grow assets and client funds across its banking and wealth management businesses.