R104 million payday for Telkom top executives

Telkom CEO Sipho Maseko earned a total of R21.8 million for the 2020 financial year.

This is a reduction of more than R1 million compared to the R23.2 million he earned over the 2019 period.

His 2020 financial year remuneration included:

• A guaranteed salary of R8.83 million
• Vested shares totalling R10.53 million
• Unvested shares totalling R2.4 million

The remainder of his remuneration includes pension, motor insurance, and funeral benefits.

While Maseko’s guaranteed salary and unvested shares only saw minor changes, he received over R5 million more in vested shares.

This was countered, however, by him not receiving a bonus this year – as was the case with all Telkom executive directors and prescribed officers.

Other big earners at Telkom included Deon Fredericks – who retired as CIO and took home R26.1 million – and retired Openserve CEO Alphonzo Samuels, who took home R19.5 million.

These two former C-level executives earned R5.7 million and R6.1 million in severance pay respectively, as well as substantial vested share payouts.

In total, Telkom paid its prescribed officers R76.8 million for the year, which combined with executive director pay of R27.2 million, means the group paid a total of R104 million to its top executives.

Below are the salaries earned by Telkom executive directors and prescribed officers, including CEO Sipho Maseko.

The figures below include guaranteed pay (GP), short term incentives (STIs), long term incentives (LTIs), and total remuneration.

Other contributors to total remuneration such as motor vehicle insurance and dividends paid on unvested shares were not included in the comparison.

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