How much money Telkom executives took home in 2015
Telkom executives took home a combined R92.5 million in pay for the 2015 financial year.
The group released its integrated report on 27 July, detailing the pay breakdown for executive and non-executive directors and prescribed officers – including a R12.3 million salary for group CEO, Sipho Maseko.
Also included in the R92.5 million total is an R18.8 million pay out for former chief financial officer, Jacques Schindehutte, who was suspended and then left the company in 2014.
Non-executive directors of the group took home an additional R8.74 million.
This is up significantly (35%) from 2014’s total pay out of R68.3 million for all directors and prescribed officers, mostlydue to Schindehutte’s pay.
Without the pay out to Schindehutte, overall payments totaled R73.8 million, 8% higher than 2014.
Wage freeze
In announcing the group’s full year results earlier in July, Maseko said that Telkom could freeze wage bills as it continues to engage with unions on its plans to reduce its staff content.
The salary freeze would extend to management, he said.
Telkom redistributed R7.22 billion to its employees in 2015 in salaries and wages (down from R7.14 billion in 2014). With benefits, this totaled R8.76 billion.
As at 31 March, Telkom had 19,316 employees, thus average pay totaled R453,665 per employee.
The group is currently in the process of down-scaling its human capital by retrenching 4,400 workers.
The group also wants to transfer 3,400 employees to outsourced companies.
In a trading statement in April, Telkom revealed that its retrenchment and voluntary severance packages will cost the company approximately R591 million.
| Group | 2015 Salaries (R) | 2014 Salaries (R) | Change |
|---|---|---|---|
| Executive directors | 39 750 006 | 17 723 944 | 124.3% |
| – Sipho Maseko | 12 305 207 | 11 711 972 | 5.1% |
| – Jacques Schindehutte | 18 770 530 | 6 011 972 | – |
| – Deon Fredericks | 8 674 269 | – | – |
| Non-executive directors | 8 742 796 | 8 654 811 | 1.01% |
| Prescribed officers | 44 069 268 | 41 936 621 | 5.1% |
| Total | 92 562 070 | 68 315 376 | 35.5% |
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