MTN executives get shares worth R160 million
MTN Group has awarded shares worth R160 million to its top executives and directors under its Performance Share Plan 2010, the company announced in a JSE notice after market close on Tuesday.
The company announced that several directors, prescribed officers, and company secretaries were awarded and accepted these shares on 31 March 2026.
“These are subject to performance conditions, in accordance with the MTN Performance Share Plan,” MTN stated.
MTN explained that all award recipients with minimum shareholding requirements obligations have fulfilled their requirements.
“The vesting date has been accelerated to 10 December 2028, aligning with the date on which the award would normally have been granted, being 10 December 2025,” said MTN.
In its latest integrated annual report, MTN said its long-term incentive scheme links employees’ rewards to the organisation’s sustained performance over 3 years.
“It is designed to strengthen employee retention through the issue of rolling annual grants, which are performance-based under the performance share plan,” it said.
The MTN board evaluates the performance of executives eligible for the Performance Share Plan using four equally weighted criteria.
They are: Total shareholder return, cumulative operating free cash flow, return on equity, and Environmental, Social, and Governance (ESG).
Total shareholder return (TSR) uses a sliding scale with 100% vesting at the 75th percentile of the Morgan Stanley Capital International (MSCI) emerging markets (EM) Telecoms Index.
TSR is measured by comparing the 30-day volume-weighted average price at the beginning and end of the three-year measurement period, plus reinvested dividends.
The cumulative operating free cash flow criterion has its vesting set at 25% for achieving 90% of the target and 100% for achieving 110% of the target, with a sliding scale between these points.
Return on equity is defined as adjusted headline earnings per share over equity, excluding non-controlling interests and approved non-operational items, divided by three.
There is a 25% vesting at 90% of budget/target, a 100% vesting at 100% of budget/target, and a straight-line vesting between the kick-in and budget/target rate.
ESG comprises at least the following elements: broadband coverage, diversity and inclusion, and Net Zero emissions.
It is measured over three years, with 25% vesting at a threshold value and 100% vesting at a target value, with straight-line vesting between the threshold and target rates.
The following table provides a breakdown of the share awards and the total value of the windfalls for the directors and prescribed officers mentioned in the announcement.
| Name | Office Held | Number of Shares | Total Value |
|---|---|---|---|
| Ralph Mupita | Group President & CEO | 207,633 | R39,969,275 |
| Ebenezer Asante | Senior Vice President, Markets | 120,880 | R23,269,457 |
| Tsholofelo Molefe | Group Chief Financial Officer | 111,931 | R21,546,714 |
| Ferdinand J Moolman | MTN SA CEO | 104,545 | R20,125,000 |
| Yolanda Cuba | Director of Major Subsidiary | 62,718 | R12,073,220 |
| Paul Norman | Director of Major Subsidiary | 56,333 | R10,843,944 |
| Dineo Molefe | Director of Major Subsidiary | 35,559 | R6,845,197 |
| Sugentharen Perumal | Director of Major Subsidiary | 35,436 | R6,821,370 |
| Karl Olutokun Toriola | MTN Nigeria CEO | 28,704 | R5,525,460 |
| Stephen Blewett | CEO: MTN Ghana | 21,382 | R4,115,998 |
| Antoinette Kwofie | CFO: MTN Ghana | 13,660 | R2,629,636 |
| Lucy Mokoka | Group Company Secretary | 12,008 | R2,311,583 |
| Modupe Kadri | Director of Major Subsidiary | 11,855 | R2,282,020 |
| Mateboho Rantofi | Company Secretary of Subsidiary | 9,953 | R1,916,047 |
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