Vodacom CEO, Shameel Aziz Joosub, earned R21.4 million during the 2016/17 financial year compared to R21.7 million in 2015, excluding settlement of long-term incentives and accruals. This places him amongst the top earners within South Africa’s corporate world. Joosub’s package was made of a basic of R10 million plus what is described as short term benefits of about R11 million.
The long term incentives and benefits include shares with records showing that 108 099 shares valued at about R8.2 million were allocated in 2017 but these appear to be unexercised options. Joosub who has been with Vodacom since 1994 and became CEO in 2012 earned far much more than his colleagues in 2017. On the local front Vuyani Jarana (Chief Officer: Enterprise Business Unit) earned a package of R8 million down from R8.9 million while Nyimpini Mabunda (Chief Officer: Consumer Business Unit) who joined in September 2016 got R5.9 million.
As a subsidiary of London based group Vodafone, Vodacom features a couple of foreign migrant executives like the Chief Financial Officer, Till Streichert, and the Chief Operating Officer of International business, Vivek Mathur. The total earnings are clouded by foreign anchored benefits and currency translations.
With revenue of R83 billion, Vodacom is positioned as the largest mobile telecoms network operator in South Africa with growing operations across the African continent. With the large bulk of revenue still anchored in South Africa, it has representation in Tanzania, Democratic Republic of Congo Mozambique and Lesotho.
Many consumers in South Africa and across the continent who are complaining about high mobile telecom charges will not be happy with these remuneration numbers which in any case do not seat well in a country with high poverty and inequality levels like South Africa.
|Vodacom 31 March 2017 Exec Remuneration( Rands in million)|
|MS Aziz Joosub||10.0||10.86||0.5||21.4||21.80||-2|
|T Streichert (GBR)|
|V Mathur (INR)|
|Total Exec Dir|
Vodacom is also generous in the fees it pays to its non executive directors but is less than transparent on this matter. The 2016/17 annual report does not divulge the actual amounts paid to non executive directors leaving us to rely on a policy state in the report. The report features a section titled “Increase in non-executive directors’ fees: Special resolution number 2.” It shows a resolution by the company to increase non-executive directors’ fees with effect from 1 August 2017. Fees due to the chairperson of the board were to be increased by 13% to R2.3 million. Fees for a lead independent director will be R550 000. A fee of R450 000 is set for a member of the board.
The Vodacom board featured individuals like Peter Moyo as chairperson who vacated the post in June 2017 to become CEO of Old Mutual Emerging Markets. There is also Jabu Moleketi, Thoko Mokgosi-Mwantembe, David Hugh Brown, Bafelelang Priscillah Mabelane, Vivek Badrinath, Marten Pieters, John William Lorimer Otty, Michael Joseph and Ronald Adrianus Wilhelmus Schellekens,