Vodacom and MTN released their latest annual reports which give an overview of the remuneration of their executive directors. The total packages for the last financial year for Vodacom and MTN’s execs ranged between R6.4 million and R22.5 million.
The highest paid executive was not Vodacom CEO, Pieter Uys or MTN CEO, Sifiso Dabengwa – but rather MTN’s Group chief strategy, mergers and acquisitions officer, Khumo Shuenyane, who netted a total pay package of R56,595,000 in 2011.
When it comes to salaries in the telecommunications market, the size of the company seems to matter. MTN, with a market cap of R261 billion, and an operating profit of R38 billion, paid their executives significantly more than Vodacom, which has a market cap of R139 billion and an operating profit of R17 billion.
However, there is no reason to feel sorry for Vodacom’s top dogs. With annual remuneration ranging between R6 million and R22 million, both MTN and Vodacom’s executives should be able to put food on the table.
|Chief Executive Officer|
|Name||Basic salary||Total package||Name||Basic salary||Total package|
|Pieter Uys||7,083,750||R16,523,664||Sifiso Dabengwa||R7,133,000||R22,528,000|
|Chief Financial Officer|
|Rob Shuter||R5,045,625||R12,550,205||Nazir Patel||R4,719,000||R17,177,000|
|Chief Technology Officer|
|Andries Delport||R3,495,875||R6,417,414||Jyoti Desai||R4,746,000||R13,815,000|
|Peter Moyo||–||R1,350,000||Cyril Ramaphosa||–||R1,805,000|
These executives also have hefty long-term incentives and accruals which further help to balance their personal budgets. Here are the details of the accrued termination benefits and long-term incentives granted to Vodacom’s top executives.
- Vodacom CEO Pieter Uys – R80,860,982
- Vodacom CFO Rob Shuter – R29,904,013
- Vodacom CTO Andries Delport – R30,674,020
MTN executives enjoy similar benefits, but a direct comparison is challenging because of share price fluctuations.