Vodacom CEO kisses R32 million goodbye

Vodacom has released its integrated report for the year ended 31 March 2025, revealing that CEO Shameel Joosub’s remuneration after tax was R39.1 million.

Considering his total remuneration pre-tax was R71.1 million, R32 million of his earnings for the 2024/25 financial year went to the South African Revenue Service (Sars).

Joosub’s pay package comprised his salary, other benefits, short-term incentives, long-term incentives, and dividends.

His salary for the year was R18.4 million, which was approximately only 26% of his total package. He received other benefits amounting to just under R20,000.

The most significant component of his remuneration for the year was long-term incentives (LTI), which earned Joosub R25.1 million.

Short-term incentives also comprised much of his total pay package at R21.5 million.

In its remuneration report, Vodacom noted that the STI amounts, payable in June 2025, were derived from Joosub’s performance in the 2024/25 financial year.

At the same time, the LTI pay he received came from LTI awards made in June 2022, vested in June 2025.

“The CEO’s LTI awards remain very competitive, noting that his current award eligibility reflects his substantial co-investment in Vodacom shares since his appointment as CEO,” said Vodacom.

“He currently holds in excess of his 300% shareholding requirement.”

Joosub received R5.8 million in dividends over the reporting period, while his Siyanda units vested for a total of R253,453.

His total remuneration for the year was R61.7 million. However, Joosub took home R34 million, with almost R28 million deducted as tax.

Vodacom’s integrated report for the year ended 31 March 2025 also detailed the remuneration of the network operator’s CFO, Raisibe Morathi.

Morathi’s gross pay amounted to R11.3 million, while she received other benefits of R6,365. Her STI remuneration totalled R8.9 million, while her LTI pay amounted to R9.4 million.

During the period, she received dividends of R1.5 million, while her earnings from Siyanda units vested were R247,966.

Morathi’s total pay package totalled R31.4 million before tax, and R17.3 million post-tax. Therefore, roughly R14.1 million of her total pay for the 2024/25 financial year went to Sars.

The table below summarises Vodacom CEO Shameel Joosub’s and Vodacom CFO Raisibe Morathi’s remuneration for the 2024/25 financial year.