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FNB Botswana chief executive Steven Lefentse Bogatsu earned P11.19 million in total remuneration for the financial year ended June 2026, while his counterpart at Stanbic Bank Botswana, Chose Modise, received P9.44 million for the 2025 calendar year.
FNB Botswana’s remuneration policy combines a guaranteed package, a short-term incentive and a long-term incentive. The guaranteed package covers salary and benefits, while the short-term incentive is linked to annual performance and the long-term incentive is delivered through share awards.
Stanbic’s executive remuneration is divided into salaries and allowances, performance bonuses and share-linked payments. The bank says directors’ remuneration is benchmarked annually against competitor banks under the mandate of its Board Nomination and Remuneration Committee and the Standard Bank Group’s remuneration philosophy.
The reporting periods differ, with FNB Botswana’s figures covering the year ended 30 June 2026 and Stanbic’s covering the year ended 31 December 2025.
Steven Bogatsu (P11,190,909)
Bogatsu, FNB Botswana’s chief executive, received P11.19 million for FY2026, up from P10.36 million for the previous financial year. His total remuneration increased by approximately 8%.
His package comprised P4.26 million in guaranteed pay, P3.5 million in bonuses and P3.43 million in share awards. The guaranteed component increased from P4.10 million in FY2025, while his bonus rose from P2.97 million. Share awards increased from P3.29 million.
The bonus increase accounted for the largest year-on-year rise among the three components, reflecting the role performance-linked remuneration plays in the bank’s reward structure.
Bogatsu became chief executive of FNB Botswana in 2015, after serving for two years as chief executive of FNB Eswatini. His earlier positions at FNB Botswana included chief financial officer and director of product houses, with responsibilities spanning property finance, WesBank, credit cards, international trade and custody.
He has 32 years of professional experience, including 24 years in banking, and holds an ACCA qualification and an MSc in Strategic Management from the University of Derby.
Dr Mbako Mbo (P7,727,742)
Mbo, who became FNB Botswana’s deputy chief executive on 1 July 2025, received P7.73 million for FY2026, compared with P6.71 million in the previous financial year. His total remuneration increased by approximately 15.2%.
His package consisted of P3.65 million in guaranteed pay, P2.5 million in bonuses and P1.58 million in share awards. In FY2025, the corresponding amounts were P3.33 million, P2.1 million and P1.28 million.
The bonus increased by P400,000, while the value of share awards rose by about P302,000. Guaranteed pay increased by approximately P317,000.
Mbo joined FNB Botswana in 2023 from Standard Chartered in Singapore, where he served as global chief financial officer for personal, business banking and digital operations. He had previously been chief financial officer of Standard Chartered’s local operations in Botswana.
Before joining Standard Chartered, he was chief financial officer at Botswana Development Corporation and worked for the African Development Bank as a fiduciary specialist covering a portfolio spanning several African countries.
He has 22 years of professional experience, including 16 years in banking. His qualifications include a Bachelor of Accountancy from the University of Botswana, an MBA, a PhD in Business Management and Administration, and Harvard Executive Education.
Chose Modise (P9,439,073)
Modise, Stanbic Bank Botswana’s chief executive, earned P9.44 million in 2025, up from P7.31 million in 2024. His total package increased by approximately 29.2%, the largest percentage increase among the four executives covered in the disclosures.
His remuneration comprised P4.83 million in salaries and allowances, P2.84 million in performance bonuses and P1.77 million in share-linked payments.
In 2024, Modise received P4.14 million in salaries and allowances, P1.9 million in performance bonuses and P1.27 million in share-linked payments.
The performance bonus rose by P940,000, while share-linked payments increased by approximately P507,000. Salaries and allowances grew by about P685,000.
The increase in his total package was therefore driven by growth across all three components, with the performance bonus recording the largest increase in monetary terms.
Stanbic’s prospectus states that its share-linked payment arrangements are connected to Standard Bank Group shares and are settled in those shares, in line with group policies.
Realeboga Phoi (P3,980,139)
Phoi, Stanbic Bank Botswana’s chief finance and value management officer, received P3.98 million in 2025, compared with P3.69 million in 2024. Her total remuneration increased by approximately 7.8%.
Her package included P2.46 million in salaries and allowances, P1.41 million in performance bonuses and P113,964 in share-linked payments.
In 2024, Phoi received P2.37 million in salaries and allowances, a performance bonus of P1.27 million and share-linked payments of P50,881.
The increase in her total remuneration was driven mainly by higher performance bonuses and salaries and allowances. Her share-linked payments more than doubled, although they remained the smallest component of his package.