iOCO group chief financial officer Ashona Kooblall received total remuneration of R10.61 million for the 2026 financial year, while group CEO Rhys Summerton received no base salary.
This is according to the technology services group’s integrated annual report published on 20 October.
The remuneration report breaks down Kooblall’s pay into R4.49 million in fixed remuneration, including medical aid and provident fund contributions, a R1.5 million cash bonus and R4.62 million in share-based incentives linked to the 2026 performance year.
The share-based bonus accounted for about 43.5% of her total remuneration, while fixed pay represented approximately 42.3% and the cash bonus 14.1%.
The shares vested on 14 October, after the financial year ended on 31 July.
Summerton’s base salary was recorded as nil. According to the report, the CEO currently participates only in long-term share appreciation outcomes.
He participates in a 2022 share plan under which he was granted 1 284 797 conditional shares at a weighted average grant price of R5 per share.
The performance-based incentive is linked to future targets and iOCO’s share price. The eventual payout will depend on the share price when the award becomes payable, meaning Summerton stands to benefit if the company’s share price rises and the relevant performance conditions are met.
The remuneration details come as iOCO seeks to strengthen the link between executive pay, financial performance and the delivery of its business strategy amid subdued economic growth, legislative changes and competition for scarce technology and leadership skills.
Last week, the JSE-listed technology services group, formerly known as EOH, announced it increased profit after tax by 39%, to R357 million for the year ended 31 July, as improved margins and lower finance costs boosted earnings.
The group’s audited results, released on 13 October, show revenue increased 3% on a constant currency basis to R5.73 billion, from R5.58 billion in the previous financial year.
In his background statement to shareholders, Andrew Marshall, chairperson of iOCO’s Remuneration and Nomination Committee, says the group has placed greater emphasis on measurable business performance, leadership accountability and the retention of critical skills.
The company also reorganised its operating divisions to give business leaders greater autonomy to make decisions closer to customers and operational realities, while maintaining governance and accountability.
“Remuneration decisions for FY2026 were considered in the context of group performance, affordability, the need to retain critical leadership capability and the principle that variable remuneration should reflect the achievement of predetermined performance conditions,” the report states.
Shareholder engagement
Summerton became iOCO’s sole group CEO after Dennis Venter resigned as joint CEO and member of the board, effective 25 February.
The report also addresses shareholder voting on executive remuneration. At the annual general meeting (AGM) held on 3 December, iOCO failed to secure the required 75% threshold under the previous voting regime.
According to the company, this was primarily because a key shareholder’s vote missed the deadline.
Following the AGM, iOCO invited shareholders who had voted against the remuneration resolutions to raise their concerns with the committee. However, it received no requests for engagement on specific remuneration-related issues.
The committee says it remains committed to shareholder engagement and will continue to consider feedback when reviewing its remuneration framework.
Remuneration policy changes
For the 2027 financial year, iOCO plans to strengthen the relationship between executive incentives and sustainable business performance, while advancing fair pay.
The updated remuneration policy also reflects amended Companies Act requirements, the King V corporate governance code and a binding shareholder vote on the remuneration policy for a three-year period.
The committee will focus on strengthening short-term and long-term incentive measures, improving disclosure, monitoring pay differentials and reviewing executive development, succession planning and retention risks.
It will also benchmark remuneration and assess how executive rewards align with shareholder value creation, while taking affordability into account.
The committee comprises three non-executive directors: Marshall, Jabu Moleketi and Nompumelelo Mokou. Two members, including the chairperson, are classified as independent.
Executives may attend committee meetings by invitation but do not participate in discussions about their own remuneration.
Marshall says the committee was satisfied that the remuneration policy and implementation report promoted fair, responsible and transparent remuneration.
Looking ahead, the committee says it will continue engaging shareholders and other stakeholders to ensure the group’s remuneration practices evolve in line with governance standards and support its long-term performance.
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