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Business Report writes that Vodacom increased the pay packages of its chief executive, Shameel Joosub, and chief financial officer, Till Streichert, by 13.5% and 11.5%, respectively, in the year ended March.
This as the company's international markets recorded double-digit growth in revenue. Vodacom indicated in its 2020 annual report released on Friday that Joosub had earned R43.4m pre-tax, from R38.2m, in 2020, and R23.8m post-tax compared to R21m a year earlier. Streichert had received a pay packet of £1.23m (R26.22m), up from £1.1m a year earlier, the company said. Vodacom said Joosub had received guaranteed pay of R12m, including retirement fund contributions, medical aid and a company car, which was 6.5% higher than the R11.5m in 2019. In terms of short-term incentive (STI), Joosub received a bonus of R11.68m derived from performance for the year ended 31 March, which was 19.4% higher than the R9.7m he received last year. Streichert’s guaranteed pay had increased by 21.4% to £452,799 from £373,033 previously, to ensure that his guaranteed pay was aligned with market benchmarks. All employees received an average guaranteed pay increase of 5.5% in SA and market-related increases in international operations. The company said it had paid R6.4bn in wages and benefits for its 7,641 employees in the year to the end of March.
- Read the full original of the report in the above regard by Dineo Faku at Business Report
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