<\/p>\n
Vodacom Group CEO Shameel Joosub received total remuneration of R137.4 million in the operator\u2019s 2026 financial year ending 31 March.<\/p>\n
Of this, he paid nearly R62 million in tax (calculated at a rate of 45%), meaning his post-tax pay was R75.6 million. The bulk of his remuneration was long-term incentives (LTIs), totalling R74.6 million.<\/p>\n
His guaranteed remuneration for the year was \u2018only\u2019 R19.4 million; he received a pay increase of 5.2%. Along with this, he received two benefits (security and cellphone) which totalled R7.7 million.<\/p>\n
The group says the security arrangements provided for Joosub are \u201cdue to the risk profile\u201d of his role.<\/p>\n
He received (cash) short-term incentives (STI) for performance in the year of R26.9 million. This will be paid in June. The base incentive here for being on target is 100%, with the maximum being twice the target (i.e. 200%).<\/p>\n
The group\u2019s remuneration committee adjudged the business to have achieved 137.2% for its STI outcomes.<\/p>\n
Here, it measures service revenue growth, Ebit, operating free cash flow, revenue market share, net promoter scores (NPS) across its markets and churn (with various weightings). It dramatically outperformed on the cash flow and NPS scores.<\/p>\n
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The LTIs (from its 2023 awards) are measured against operating free cash flow (60% weighting), total shareholder return relative to a peer group (30% weighting) and environmental, social and governance (ESG) targets (10% weighting). Here, the group achieved a performance of 145.8%.<\/p>\n
For Joosub, on-target performance equates to 225% for his long-term incentives. Given the group\u2019s performance, he therefore received 313% (against a maximum of 433%).<\/p>\n
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His LTIs comprised R61.3 million under the group\u2019s conditional share plan, R13.3 million in Vodafone shares, R673 767 in Siyanda units (the employee trust that holds a stake in BEE vehicle YeboYethu) and just over R8 million in dividends.<\/p>\n
The latter is \u201cthe total of cash receipts during the financial year based on unvested share awards, as well as dividends received on Siyanda units\u201d.<\/p>\n
The values of the long-term incentive shares are based on share prices as at 31 May.<\/p>\n
Vodacom share price performance<\/p>\n
The group says, \u201cThe CEO\u2019s LTI awards remain very competitive, noting that his current award eligibility reflects his substantial co-investment in Vodacom shares since his appointment as CEO. He currently holds in excess of his 300% shareholding requirement\u201d.<\/p>\n
The peer group for its LTI (under the 2023 award) is: MTN Group, Aspen Pharmacare, Truworths International, Richemont, Woolworths, TFG, Shoprite, Life Healthcare, Telkom, Mr Price Group, Bidvest, Bidcorp, Netcare, Clicks Group, AVI, Mondi, Pick n Pay and Spar Group.<\/p>\n
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Phuthi Mahanyele-Dabengwa, chair of the group\u2019s remuneration committee, says that for the June 2025 award and the award to be made in June 2026, \u201cthe total shareholder return condition will be measured using a scorecard of comparators that are better aligned to the performance of Vodacom\u2019s direct competitors, the performance of our primary equity market, and absolute shareholder return\u201d.<\/p>\n
She says, \u201creturn on capital employed was introduced for the June 2025 award and will also be included in the June 2026 award to ensure that we continue to deliver competitive returns on our investments\u201d.<\/p>\n
This fourth metric has a weighting of 10%. The total shareholder return measure\u2019s weighting drops to 20%.<\/p>\n
Joosub retains a number of outstanding share awards.<\/p>\n
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Restricted shares awarded in 2013 had an estimated value of R31.8 million at the end of March, Vodacom shares valued at around R147.8 million, Vodafone shares valued at \u00a31.7 million (roughly R37 million), and Siyanda units with a value of R1.55 million.<\/p>\n
Remuneration policy<\/p>\n
The group received votes in favour of its remuneration policy and implementation report of \u201cmore than 87%\u201d and over 99% for the increase in its non-executive director fees at last year\u2019s AGM.<\/p>\n
Mahanyele-Dabengwa says \u201cthis is a decrease from the very high approvals we received in the previous year, and we have sought guidance from our key shareholders on how to address this feedback\u201d.<\/p>\n
The group says the average total remuneration of the top 5% of employees was R5.99 million.<\/p>\n
It says that, in South Africa, it has established a minimum annual pay level of approximately R280 000, effective from July 2026, for all permanent, full-time employees of the group.<\/p>\n
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This is \u201cset above the local living wage benchmark provided by WageIndicator. This minimum pay level is intentionally designed to ensure that employees can meet their basic living needs and maintain a reasonable standard of living\u201d.<\/p>\n
In FY2026, the employee with the lowest total remuneration was paid R272 541.<\/p>\n
#Vodacom #CEO #scores #R137m #payday<\/p>\n","protected":false},"excerpt":{"rendered":"
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