Finance

How much the top 200 CEOs get paid in South Africa

Jonathan Hoyle

 ·16 Oct 2026

The total remuneration for South Africa’s CEOs rose by an average of 9% in 2026, with most executives seeing large salary increases from long-term incentives.

PricewaterhouseCoopers’ (PwC) 2026 Directors’ Remuneration and Trends Report found that the average salary of both CEOs and CFOs had increased in the last year.

The report analyses the earnings of both executive and non-executive directors across the 200 largest JSE-listed companies between March 2025 and February 2026.

It looks at the total remuneration packages for the country’s executives, along with their earnings from incentive schemes.

For 2026, PwC found that the median income of South Africa’s top CEOs had risen by 9%, largely driven by incentives.

The total median remuneration for the CEOs of the JSE’s top 200 companies increased from R21.3 million to R23.2 million in 2026.

The report highlighted that while overall remuneration had increased by 9%, the total guaranteed pay for CEOs had increased by only 6%.

In 2026, the median guaranteed total pay was roughly R8.8 million, compared to R8.4 million the previous year.

The largest increase in CEO earnings came from long-term incentives, which rose by 67% year-on-year to approximately R9.8 million.

CFOs had a smaller total increase of 7%, from R12.6 million in 2025 to R13.5 million the next year, also largely driven by long-term incentives.

The total guaranteed pay for CFOs increased by only 1% year-on-year, while earnings from long-term incentive plans rose by 54%.

Incentive schemes reward company directors for meeting specific business objectives, and PwC noted that these have become the driving force behind executive remuneration.

PwC rewards partner Makhosazana Mabaso said the heavy weighting of incentive schemes demonstrates a shift among South Africa’s largest companies.

“For boards, the focus now is on making sure reward remains connected to performance and sustainable value creation, while balancing the expectations of executives, employees and shareholders,” she said.

Higher than the average

Between March 2025 and March 2026, average monthly earnings paid to employees increased by 5.9%, lower than the 9% increase for CEOs.

For the first quarter of 2026, Stats SA found that the average employee in South Africa earns R29,997 per month.

While median executive and directors’ remuneration was higher than the national average increase, PwC found that company boards were largely in favour of the increases.

“Shareholder support for remuneration remains strong, even as expectations around transparency and accountability continue to grow,” the company said.

Its report found that support for implementation reports increased from 83.8% in 2025 to 89.6% the next year.

While remuneration policies are largely supported, PwC noted specific areas which raise questions from board members.

“Substantial sign-on awards without performance conditions and large LTI grants without adequate rationale also continue to attract scrutiny,” the group said.

The scrutiny has come as companies have more transparency requirements placed on them by amendments to the Companies Act, which took effect in May 2026.

PwC reward partner, Leila Ebrahimi, said these new regulations should be seen as an opportunity for businesses to better understand remuneration decisions.

“Better pay data enables organisations to identify patterns, uncover potential gaps and make more informed remuneration decisions,” she said.

“Used effectively, these insights can help organisations strengthen their reward strategies, support fair outcomes and ensure pay practices remain aligned with business objectives and workforce expectations.”

Average remuneration increases for CEOs of the top 200 JSE-listed companies

Average remuneration increases for CFOs of the top 200 JSE-listed companies