This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
Moneyweb writes that Rob Shuter’s four-year stint as MTN Group CEO turned out to be a fairly grim period – for him as well as the company and its shareholders.
Throughout most of his four years the share price was on a generally downward trend, but fortunately it has recovered in recent months. It’s a recovery the group is expected to sustain for the foreseeable future. This may explain why there hasn’t been much of a fuss about last week’s revelations that Shuter’s remuneration package in 2020 was a hefty R73.8 million. Or it could just be that everyone is now inured to the practice of rewarding executives huge amounts of money, particularly when it comes to MTN. From day one the cellphone operator has never scrimped on executive pay, no matter what disaster befell the company. In addition to his R18 million guaranteed package in 2020, Shuter received ‘other benefits’ of R17.8 million, R30.1 million of bonuses, post-employment benefits of R2 million and share gains of R5.7 million. The ‘other benefits’ reflected the payment of cash-settled share-based incentives awarded to Shuter as a sign-on bonus back in March 2017 when he was head-hunted from Vodafone Europe. At the time the MTN shares were awarded as a sign-on bonus their price put a value of R41 million to this bonus. So, this means Shuter got less than half of what he might have expected from the sign-on bonus.
- Read the full original of the report in the above regard by Ann Crotty at Moneyweb <https://www.moneyweb.co.za/news/companies-and-deals/mtns-generous-pay-continues/>
Get other news reports at the SA Labour News home page