MTN is not shy to pay its newly constituted management team the big bucks, the telecommunications group’s 2017 annual report shows.

The report, published on Thursday, reveals that MTN’s new group CEO, Rob Shuter, took home R40.5m in salary, bonuses and other benefits in his first 10 months on the job and was given share incentive grants worth another R40.9m. These grants will mature in March 2020.

Shuter, who joined MTN from Vodafone, earned a basic salary of R11.5m for the nine-and-a-half months he worked for the group last year. He was paid a further R17.1m in bonuses plus R10.6m in lieu of an amount forfeited when he resigned from Vodafone. The rest of his package was made up of R1.2m in post-employment benefits.

Ralph Mupita, who joined MTN in April 2017 as chief financial officer — he had previously been CEO of Old Mutual Emerging Markets — received a pay package of R17.7m, of which R5.9m was his salary and R10.7m was in the form of bonuses. He also received R50.4m in share incentives, which are set to mature in October 2019.

The annual report shows that MTN South Africa CEO Godfrey Motsa was paid a total of R18.8m, of which R6.4m was salary, a further R6.4m in bonuses and R5.3m from other benefits, which included a retention payment in lieu of the forfeiture of a performance bonus from his previous employer, Vodacom. MTN Nigeria CEO Ferdie Moolman took home a total package of R17.6m.

Other high-paid executives included Stephen van Coller (R19.5m total package), Jens Schulte-Bockum (R19.9m), Michael Fleischer (R14.2m), Paul Norman (R14.9m) and Ismail Jaroudi (R18.7m).