MTN CEO earned R22.5m pay

MTN’s group chief executive officer, Sifiso Dabengwa received R22.528 million in compensation – including as bonus payment of R14 million – according the an annual report released by the company on Monday (April 23, 2012).

In March, MTN Group released results for the year-ended 31 December 2011, reporting a 16.2% growth in group subscriber numbers, to 164.5 million, and a 6.3% increase in revenues, to R121.884 billion. The group’s adjusted headline earnings per share increased 43.2%, to R10.70 cents.

The group declared a final dividend of 476 cents.

However, MTN, which operates in 21 countries, currently hangs under a cloud as Turkish mobile operator, Turkcell recently launched a $4.2 billion lawsuit in a US court accusing MTN of bribing its way to an Iranian mobile operating licence, and alleging human rights abuses.

Dabengwa was appointed as CEO in April 2011 following a long stint as chief operating officer. He received a basic salary of R7.133 million, along with post-employment benefits of R903,000, and other benefits of R485 million.

His predecessor, Phuthuma Nhleko, raked in a staggering R48.819 million rand, which included a basic salary of R2.42 million, and a bonus of R10 million. Additional benefits for ex-chief amounted to R35.095 million.

Together with Nazir Patel, CFO of MTN Group – who amassed R17.177 million including a basic salary of R4.7 million, and a bonus of R7.478 million – the top executives total payment reached R88.524 million.

Remuneration for non-executives reached R12.118 million for the year under review.

In the prior year, in 2010, Nhleko raked in R51.8 million including a R20.2 million bonus, while Patel was paid R9.9 million. Dabengwa, in his role as COO received R11.9 million.

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MTN CEO earned R22.5m pay