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FNB Botswana paid P6.73 million to its independent non-executive directors in the financial year ended June 2026, up from P5.86 million in the previous year, as higher board fees and retainers took effect.
The total paid to independent non-executive directors increased by approximately 14.7% year on year. FNB Botswana’s financial statements separately recorded P6.438 million in non-executive directors’ remuneration after a reversal of P289,000 in prior-year retainer fee accruals. The gross figure of P6.73 million represents the fees actually paid to directors during the year.
The bank’s remuneration framework combines retainers with fees for board and committee meetings. The board chairperson receives a premium retainer, while committee chairpersons receive retainers reflecting the complexity of their respective committees. Audit Committee members are also eligible for a retainer.
Meeting fees are paid at a flat rate, with a premium for chairpersons, and cover preparation as well as attendance. Retainers compensate directors for their expertise and participation in ad hoc meetings, training, bank events and stakeholder engagements. They are paid quarterly in advance.
FNB Botswana said directors’ fees are benchmarked externally every other year, with inflationary adjustments applied in intervening years. Following an external benchmark in FY2025, the board approved a 5% increase and recommended it to shareholders. The revised fees and retainers were implemented from January 2026.
FNB Botswana also disclosed that its Human Capital and Remuneration Committee had proposed a 4.8% inflationary increase in directors’ remuneration for calendar year 2027. The proposal is scheduled for consideration at the annual general meeting on 18 November 2026 and should not be treated as an approved increase.
Balisi Bonyongo: P1,008,508
Bonyongo received P1.01 million in FY2026, up from P838,910 in the previous year, an increase of approximately 20.2%.
Appointed to the board in 2019 and reappointed as chairperson in February 2026, Bonyongo has a background in mining and corporate leadership. He holds a Bachelor of Engineering Honours in Mineral Engineering from the University of Leeds, an MBA from the University of Cape Town and has completed the Senior Executive Programme at London Business School.
He previously served as managing director of Debswana Diamond Company, where he spent 26 years in senior management and executive positions. His roles included corporate strategy manager, general manager of Jwaneng Mine and chief operating officer.
Bonyongo’s other professional interests include founding ZAWL and directorships at Mine-Ex Consulting and Fraser McGill. His experience in managing large, complex organisations and overseeing strategy, risk and executive accountability forms part of his contribution to FNB Botswana’s board.
Louis Jordaan: P844,693
Jordaan received P844,693, compared with P752,660 in FY2025, an increase of approximately 12.2%.
He joined FNB Botswana’s board in 2022 and chairs the Human Capital and Remuneration Committee. Jordaan holds a BCompt qualification and completed a programme in mathematical modelling of derivatives through the University of South Africa, as well as an executive development programme at Duke University.
He has 30 years of banking experience spanning credit, risk, governance and strategy. During his career, he held senior executive positions across several divisions of the FirstRand Group and retired from the group in 2020.
Jordaan also served as a director and chairperson of several subsidiary banks within FirstRand. His experience in banking leadership, strategy execution and risk oversight is relevant to the board’s supervision of FNB Botswana’s operations and executive remuneration.
Ephraim Letebele: P825,015
Letebele received P825,015 in FY2026, up from P709,850 in the previous year, representing an increase of approximately 16.2%.
He joined the board in 2017 and has experience spanning government and the corporate sector. Letebele holds a BCom from the University of Botswana, an MSc in Strategic Management from the University of Derby and a qualification in company secretarial practice through the Chartered Governance Institute of Southern Africa.
He spent 26 years in government and corporate roles, including eight years as chief executive officer of the Botswana Public Officers Pension Fund. In 2018, he became chief executive director of Prescient Fund Services in Botswana, a position he held until January 2020.
Letebele also established Ramokoroga, a property development and sub-letting business, in 2010. His experience includes serving on boards in the telecommunications, education, pension and banking sectors. He brings governance, risk management and institutional leadership experience to the bank’s board.
Massimo Marinelli: P736,784
Marinelli received P736,784, compared with P626,880 in FY2025, an increase of approximately 17.5%.
Appointed to FNB Botswana’s board in 2021, Marinelli chairs the Audit Committee. He holds BCompt and BCompt Honours qualifications from the University of South Africa and is a certified chartered accountant in Botswana and South Africa.
Marinelli is a former country managing partner of Deloitte Botswana, where his career spanned more than 40 years. He worked in both Botswana and South Africa and spent 31 years as a partner in Botswana before retiring in 2020.
He also served as a council member and president of the Botswana Institute of Chartered Accountants and remains involved with the institute through its Disciplinary Committee. His finance and audit background, alongside his corporate leadership experience, is central to his role overseeing financial reporting and audit matters at FNB Botswana.
Moses Pelaelo: P710,615
Pelaelo received P710,615 in FY2026. The bank did not report a comparable amount for him in the FY2025 column.
He joined the board in 2025 and chairs the Board Compliance and Conduct Committee. Pelaelo holds a BCom from the University of Botswana and Swaziland, an MBA from the University of Miami and completed Harvard University’s Macro-economic Policy and Management Programme.
He has more than 33 years of experience in financial sector regulation, supervision and public policymaking. He served in various roles at the Bank of Botswana and the Financial Stability Institute of the Bank for International Settlements in Basel, Switzerland.
Pelaelo was appointed deputy governor of the Bank of Botswana in 2006 and became governor in 2016, serving until his retirement in 2023. Earlier in his career, he lectured at the University of Botswana’s School of Accounting and Management Studies and the Institute of Administration and Commerce.
His background in central banking and financial regulation informs his board responsibilities in compliance, conduct and risk oversight.
Asad Petkar: P670,471
Petkar received P670,471 in FY2026, up from P583,020 in the previous year, an increase of approximately 15%.
He joined the board in 2021 and chairs the Risk and Capital Management Committee. Petkar holds a BCom in Information Systems and Economics, a BCom Honours in Information Systems and an MCom in Information Systems, all from the University of Cape Town.
A management consultant, Petkar began his career at KPMG Consulting in 2001. He is co-owner of a management consultancy operating in Botswana, Namibia and Australia.
His areas of expertise include corporate strategy, strategic information technology, organisational transformation, digitalisation, restructuring, talent management, finance and audit, performance management and small business growth. He also serves on boards across several industries, including property, real estate and education.
Keneilwe Mere: P634,435
Mere received P634,435, compared with P477,200 in FY2025, an increase of approximately 33%.
She joined the board in 2024 and chairs the Directors’ Affairs and Governance Committee. Mere holds a Bachelor of Laws degree from the University of Botswana and has more than 22 years of experience as a legal practitioner across multiple industries and jurisdictions.
Her areas of expertise include compliance and regulation, drafting and reviewing complex banking agreements, reviewing legislation and policies, and providing transactional advisory services. She has held board positions in financial services, fast-moving consumer goods, non-profit organisations and the legal sector.
Mere is a co-founding partner of Moribame Matthews, where she heads the Commercial, Employment and Civil Litigation service lines. She is also a registered Botswana Stock Exchange legal adviser, chairs the Botswana Football Association Arbitration Tribunal and is a member of the Botswana Institute of Arbitrators.
Naseem Lahri: P584,869
Lahri received P584,869 in FY2026, up from P494,280 in the previous year, an increase of approximately 18.3%.
Appointed to the board in 2019, Lahri chairs the Board Credit Risk Committee. She holds an MSc in Strategic Management from the University of Derby, a BCom from the University of Botswana and an ACCA qualification obtained through Botswana Accountancy College.
Lahri was appointed chief executive officer of Lucara Botswana in 2018, becoming the first woman to lead a diamond mining company in Botswana. She has more than 20 years of experience in mining, including finance-related roles.
Her experience leading a large, complex company, combined with her finance, audit and strategy background, brings a mining-sector perspective to FNB Botswana’s board and its oversight of credit risk.
Pinkie Mothopeng-Makepe: P584,869
Mothopeng-Makepe received P584,869, compared with P494,280 in FY2025, an increase of approximately 18.3%.
She joined the board in 2024 and chairs the Human Capital and Remuneration Committee. She is an associate of the Chartered Institute of Management Accountants and has more than 30 years of experience as an accounting professional across various industries.
Her expertise includes financial management and reporting, strategic and financial planning, corporate governance, risk management and leadership. She has held several leadership positions in the mining industry, most notably as chief financial officer of Diamond Trading Company from 2016 to 2023.
Mothopeng-Makepe has also held board positions in the financial services and aviation industries. Her financial management and governance experience is particularly relevant to the committee responsible for overseeing executive remuneration and human capital matters at FNB Botswana.
Doreen Ncube: P126,100
Ncube who retired from the board in September 2025, received P126,100 in FY2026, compared with P632,850 in the previous year.