MTN Group CEO, Ralph Mupita, received a total remuneration of R69.3 million ($3.77 million+) in the 2022 financial year, down from the R84.1 million ($4.58 million+) he received in 2021.
This is due to the decrease in the value of short-term incentives and long-term incentive (LTI) shares that vested during the year, driven lower by the decline in the value of MTN shares compared to 2021.
Mupita’s remuneration includes salaries, pension, short-term incentive bonuses, and vested long-term share awards. He received two salaries, one in US dollars and the other in rands, due to his having a dual contract that is split between MTN Dubai and MTN Group Management Services South Africa.
The decline in Mupita’s total remuneration is mainly due to the fall in LTI shares that vested in the 2022 financial year, which fell from R37.7 million in 2021 to R29.1 million in 2022. The value of short-term incentives also declined from R15.4 million to R10.8 million.
Senior Vice President, Markets: Ghana’s Ebenezer Twum Asante earned a total of R37.45 million ($2 million+), which is 3% less than what he earned in 2021 – R38.51 million. The Chief Financial Officer, Tsholofelo Molefe, was paid a total earned remuneration of R19.8 million, while the Chief Operating Officer, Jens Schulte-Bockum, was paid a total of R56.5 million, which included R28.2 million in shares that vested in 2022 under the LTI scheme.
South Africa CEO, Charles Molapisi, was paid a total of R26.8 million, of which R17.5 million was equally split between short-term incentives and vested shares under the LTI scheme. The Nigeria CEO, Karl Toriola, received a total of R43.3 million, which included R15.7 million in LTI scheme shares vesting. Group chairman, Mcebisi Jonas, received total pay of R4.8 million for his services, which included a retainer of R3.2 million.
For the most part, MTN’s top executives’ remuneration remained stable, with some experiencing slight decreases, while others received increases. MTN also revealed that Mupita holds MTN shares worth R96.2 million, exceeding the minimum requirement imposed by MTN on executive directors and prescribed officers.
Source: Business Tech, MTN annual report, 2022.
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