Vodacom bosses’ big payday

Vodacom Group CEO was paid R50.3-million in pre-tax salary and other benefits, including short- and long-term incentive bonuses, in the 2018 financial year, while chief financial officer Till Streichert scored R16.2-million before tax (based on a rand/pound exchange rate of R17.85 at the time of writing).

The JSE-listed telecommunications operator’s 2018 financial report, which was published on Friday, shows that Joosub, who earned a guaranteed pay package of R10.5-million (up from R10-million in 2017), had to pay R22.6-million in taxes, leaving his total post-tax remuneration at R27.6-million. Almost R4.8-million of his remuneration was in the form of dividends.

Joosub’s total post-tax remuneration in 2017 was R22.5-million.

Streichert, meanwhile, was paid mainly in British pounds, except for a R2.1-million payment, which included the gross value of “assignment allowances and educational benefits for children”. His guaranteed package was £353 000 (R6.3-million at the time of writing).

Joosub and Streichert are Vodacom’s only two executive directors.

Nonexecutive chairman Jabu Moleketi received total remuneration of R2.1-million for his services for a portion of the year — he took on the role of chairing the group board from Peter Moyo, who resigned on 18 July 2017.

Second highest remunerated nonexecutive director was David Brown, who was paid R940 000.  — (c) 2018 NewsCentral Media