Telkom Group CEO Sipho Maseko has taken a haircut to his remuneration in the 2020 financial year after no short-term incentives were paid to executive directors.
Maseko took home R21.8-million, down from R23.2-million in the 2019 financial year, according to the telecommunications operator’s annual report, which was published on Friday.
Maseko’s remuneration for the year ended 31 March 2020 consisted of:
- R8.8-million in guaranteed pay, up from R8.3-million a year ago;
- R10.5-million in vested shares as part of the group’s long-term incentive plan (up from R5.3-million in 2019); and
- R2.4-million in dividends received on shares that haven’t yet vested (2019: R2.6-million).
Maseko was awarded R7-million in short-term incentives in the 2019 financial year, but this was reduced to nil in 2020.
Chief financial officer Tsholofelo Molefe took a cut to her total remuneration — from R6-million in 2019 to R5.4-million in 2020. This decline was also due no short-term incentives being paid in the 2020 financial year.
Molefe’s guaranteed pay rose sharply, however, from R3.2-million to R4.7-million.
Telkom’s best-paid executive in 2020 was former chief investment officer (and former chief financial officer) Deon Fredericks, who bagged R26.1-million, most of which was in the form of vested shares as part of the long-term incentive scheme (R16.5-million) and severance pay (R5.7-million).
Former Openserve CEO Alphonzo Samuels took home R19.5-million, which included R6.1-million in severance pay and R7.5-million in vested shares. — (c) 2020 NewsCentral Media