South Africa's top business heads seem to have done really well for themselves in 2021 and have been able to gross millions in earnings by the end of the year. Some businesses in the mining, banking and telecoms sectors have revealed how much their CEOs were paid.
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Most CEOs normally earn a combination of their annual salaries in addition to packages that are usually tied in with the share prices of the company that they work for.
They are also compensated with nice bonuses that include short, medium and long term incentives.
A breakdown of CEO earnings in South Africa
1. Neal Froneman - Sibanye Stillwater CEO
The spotlight on the earnings of CEOs in South Africa has recently been brought to light following the revelation that Sibanye Stillwater Mines CEO Neal Froneman earned a whooping R300.3 million in the last financial year.
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Froneman's big paycheck reveal was particularly a topic of discussion because Sibanye mineworkers have been on strike for better wages and management has not been budging about their wage increase demands.
BuisnessInsider reports that at the time Sibanye announced Froneman's earnings, workers were asking for a R1000 annual wage increase, however, Sibanye would only settle for R800.
According to Fin24, Fronenman was given a basic salary of R12.42 million per year and was given a bonus of R7.8 million. The biggest chunk of his earnings came from conditional share proceeds which resulted in his bank account getting R264 million larger.
2. Ralph Mupita - MTN Group CEO
MTN Group CEO Ralph Mupita took home R84.2 million in 2021. Mupita received an annual basic salary of R15.4 million and also received short-term incentives of R29 million and long-term incentives totalled R38 million.
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The MTN CEO was also given R701 000 in post-employment benefits. Mupita was able to improve the success of the company which resulted in MTN seeing an accelerated growth under his leadership.
3. Daniel Mminele - Former ABSA CEO
Daniel Mminele's departure from ABSA came with a few monetary rewards, despite leaving the company, not on the best terms. In 2021, Mminele was given a total of R30.5million, a rise from the R28.7 million he earned in 2020.
Mminele was given R16.5 million in ex gratia payment, an additional R4.5 million for the 6-month notice period he did not serve. ABSA also gave the former CEO R8.2 million in incentives he was eligible for and also paid him more than R1 million in accumulated leave days and the bank also made contributions to his legal costs.
4. Shameel Joosub - Vodacom CEO
One of SA's popular telecommunications companies CEO Shameel Joosub had a successful year of earnings in 2021, despite a huge chunk of his overall earnings being whisked away by SARS.
Joosub earned a whopping R55 million before tax, however, that went down to a decent R30.3 million after-tax, according to Tech Central. Joosub's pay package includes dividend payouts of R7.7 million and Vodafone shares worth R2.3 million among other elements.
According to MyBroadband Joosub earns a basic salary of R12.57 million and also received R16.99 million in long-term incentives. His short-term incentives amounted to R17.68 million.
5. Calvin Mawela - Multichoice CEO
In the 2021 financial year, Multichoice's CEO Calvin Mawela took home R38.8 million. Mawela's basic salary amounted to R10.2 million and he received R14.7 million in short-term incentives, according to IOL.
Mawela's medium and short term incentives amounted to R11.4 million and R8.4 million respectively.
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Xolane Ndhlovu is a 36-year-old South African billionaire entrepreneur and the founder of DafriGroup PLC, a public company with a portfolio of interest across 16+ subsidiaries ranging from technology, banking, hospitality, real estate and blockchain among others. The Limpopo born entrepreneur is an epitome of black excellence with a life story that could make a Hollywood blockbuster.
Source: Briefly News