MTN Group CEO Ralph Mupita earned almost R15-million less last year than he did in 2021, but still walked away with R69.3-million in remuneration – excluding new long-term share awards that will vest later.

The JSE-listed telecommunications group revealed in its integrated annual report, published this week that Mupita’s “earned” remuneration – which includes salaries, pension, short-term inventive bonuses and vested long-term share awards – totaled just shy of R70-million, down from the R84.1-million he received in the 2021 financial year.

The reason for the decline in Mupita’s total remuneration is a 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 has a dual contract that is split between MTN Dubai and MTN Group Management Services South Africa.

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LTI shares that vested in the 2022 financial year fell from R37.7-million in 2021 to R29.1-million in 2022. The value of short-term incentives declined from R15.4-million to R10.8-million.

Mupita earned two salaries, one in US dollars and the other in rands. This, MTN explained, is due to his having a dual contract that is split between MTN Dubai and MTN Group Management Services South Africa.

Including salaries, pension, qualifying dividends, short-term incentives and vested shares, he received US$1.13-million under the Dubai contract and a further R49.7-million under his South African contract, for the total figure of R69.3-million. Mupita’s basic salaries were $468 000 (2021: $458 000) and R8.7-million (2021: R8.4-million), respectively.

MTN revealed, too, that Mupita holds MTN shares worth R96.2-million. The shares he holds exceed a minimum requirement imposed by MTN on executive directors and prescribed officers.

Other top MTN executives received the following remuneration in the 2022 financial year:

Chief financial officer Tsholofelo Molefe was paid total earned remuneration of R19.8-million.

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. Molapisi’s base salary rose from R6.2-million to R7.9-million.

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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.