Image: Shameel Joosub, Vodacom CEO Picture: Bloomberg/ANA Archives

CAPE TOWN - Vodacom has released its integrated report for 31 March 2018.

The report shows financial information such as the company’s financial performance, including how much its top executives were paid over the past financial year.

Group CEO Shameel Joosub saw his pay increase from R40.9 million in 2017 to R50.3 million in 2018 – largely due to increases in his long-term and short-term incentive bonuses.

Joosub’s basic salary was R10.45 million, while his short-term incentive payout came to R12.4 million.

 The Vodacom CEO also saw an LTI payout of R22.7 million, and dividends of R4.8 million.

However, after tax, Joosub’s pay amounted to R27.65 million.

Vodacom chief financial officer, Till Streichert, took home R2.09 million for the year, as well as the equivalent of R14.1 million paid out in British pounds (£790,236).

According to the report, the group paid a total of R8.63 million to 11 non-executive directors for the year.

Vodacom has pointed out that it has changed the way the group CEO’s salary is calculated.

It is now calculated in line with changes to the structure of the long-term incentive plan.

The LTIP policy for the Vodacom CEO is intended to simplify the structure through the removal of the matching arrangement and awards of Vodacom and Vodafone shares only.

Providing the Vodacom CEO has met his share ownership goal, the annual awards at target would be:

1. A Vodacom award – equal to 140% of GP; 
2. A Vodafone award – equal to 50% of GP and
3. The value of shares awarded is therefore 190% of GP at target performance.

Vodacom announced its full-year results in May, reporting a 6.3% rise in group revenue to R86.4 billion for the year ended March 2018.

Headline earnings per share remained constant at 923 cents per share and a decline in total dividend per share to 815 cents, from 830 cents in 2017.

In comparison, MTN group CEO Rob Shuter took home a total of almost R40.5 million for the year ended 31 December 2017. 

He was paid a salary of R11.5 million and R17.1 million bonus for his nine-and-a-half months with the company, along with other benefits and share incentive grants.

MTN CFO Ralph Mupita, who started at MTN in April 2017, took home a total of almost R17.7 million in 2017.