MultiChoice Group CEO Calvo Mawela received a total pay package of $2,578,000, or around R43.2 million at current exchange rates, during the company’s last financial year.
Mawela is based in Dubai — hence his salary being denominated in US dollars.
Mawela’s remuneration comprises a basic salary, $80,000 pension, almost $1.6-million in incentives, and $255,000 for other benefits.
Benefits include medical, fringe benefits, family benefits, travel, and long-service and disability benefits.
Short-term incentives reflect a bonus based on the performance of the relevant financial year.
Long-term incentives include shares awarded for performance and were converted to US dollar using the exchange rate in March 2022 — MultiChoice’s year-end.
MultiChoice said Mawela’s benefits increased from $181,000 (R3 million) last year to $255,000 (R4.3 million) for several reasons.
Mainly, these were an annual housing lease increase in Dubai, a 15-year long-service award received, and increased travel as Covid restrictions were lifted.
MultiChoice paid its chief financial officer, Tim Jacobs, R19.9 million during the 2021/22 financial year.
Jacobs moved to a dual employment contract and is paid in euro and rand. This is because he is required to spend a significant amount of time offshore, MultiChoice said.
MultiChoice converted the euro portion of his pay to rand using the March 2022 exchange rate.
Mawela and Jacobs’ total pay packages are both lower than last year.
However, last year’s remuneration included long-term incentives from a share accrual scheme that both executives exercised.
The scheme was closed in MultiChoice’s previous financial year.
MultiChoice’s chair and non-executive director Imtiaz Patel was paid $1,124,614 (R18 million).
According to MultiChoice, Patel’s remuneration relates to a service and restraint agreement he entered into with the company.
The following table summarises Mawela and Jacobs’s annual salaries, as per MultiChoice’s integrated report.
|MultiChoice executive pay||Calvo Mawela||Tim Jacobs|
|Basic salary||R11.1 million ($664k)||R7.4 million|
|Pension||R1.3 million ($80k)||R640,000|
|Benefits||R4.3 million ($255k)||R671,000|
|STI/MTI||R9.5 million ($566k)||R6.3 million|
|LTI||R17 million ($1.015m)||R4.9 million|
|Total||R43.2 million ($2.578m)||R19.9 million|