Vodacom CEO Shameel Joosub scores R50 million payday
Vodacom has published its integrated report for the year ended March 2018, revealing how much its top executives were remunerated.
Group CEO Shameel Joosub saw his pay increase from R40.9 million in 2017 to R50.3 million in 2018 – largely due to increases in his long-term and short-term incentive bonuses.
Joosub’s basic salary was R10.45 million, while his short-term incentive payout came to R12.4 million. The Vodacom CEO also saw an LTI payout of R22.7 million, and dividends of R4.8 million.
After tax however, Joosub’s pay amounted to R27.65 million.
Vodacom chief financial officer, Till Streichert, took home R2.09 million for the year, as well as the equivalent of R14.1 million paid out in British pounds (790,236 GBP).
According to the report, the group paid a total of R8.63 million to 11 non-executive directors for the year.
The group’s remuneration report noted that it has changed the way the group CEO’s salary is calculated – specifically with changes to the structure of the long-term incentive plan.
The revised LTIP policy for the Vodacom CEO is intended to simplify the structure through the removal of the matching arrangement and awards of Vodacom and Vodafone shares only.
Providing the Vodacom CEO has met his share ownership goal, the annual awards at target would be:
- A Vodacom award – equal to 140% of GP; and
- A Vodafone award – equal to 50% of GP.
The value of shares awarded is therefore 190% of GP at target performance.
Vodacom announced its full year results in May, reporting a 6.3% rise in group revenue to R86.4 billion for the year ended March 2018.
Group service revenue grew 3.4% to R70.6 billion, while operating profit climbed 11.5% to R24.3 billion.
Headline earnings per share remained constant at 923 cents per share, impacted by shares issued to acquire the Safaricom stake, while the group announced a decline in total dividend per share to 815 cents, from 830 cents in 2017.
Read: Vodacom in R17.5 billion BEE ownership deal – the largest ever in the ICT sector
Loading ...