Several MTN directors, including CEO and president Sifiso Dabengwa and MTN SA MD Karel Pienaar, have been awarded shares in terms of its 2010 performance share plan.
According to a disclosure made to the JSE, 10 directors have been awarded shares worth a total of R56.5 million, which vest three years from the end of December 2012.
Among those who will earn are Dabengwa, who has been awarded 94 600 shares worth R16.8 million. The total number of shares that vest in three years will depend on undisclosed performance targets.
In the six months to June, MTN's latest published figures, the group reported revenue up 17.5% to R66.4 billion, which was mostly driven by strong operational performance and competitive value propositions in SA, Iran and Ghana. However, growth in Nigeria was lower than expected due to "intense competition".
Awarding performance
Pienaar is also set to reap the benefits of MTN's performance, as he has been awarded 33 000 shares worth R5.8 million. Turnover from the local unit, MTN's third-largest operation after Nigeria and Iran, grew 9.5% to R19.9 billion in the six months to June, as data use leapt 50%.
MTN's 2010 annual report explains that the purpose of the share schemes is "primarily to retain and recognise the contributions of eligible employees by providing additional incentive to contribute to MTN Group's continued growth in accordance with the applicable incentive plan rules".
Group CFO Nazir Patel was awarded 48 500 shares at R178.02 each, which translates into a total value of R8.6 million, while company secretary Bongi Mtshali was awarded 6 400 shares worth R1.1 million.
Paul Norman, MTN Group chief HR and corporate affairs officer, was awarded 30 600 shares, which is worth a combined R5.45 million. MTN SA company secretary Lucy Mokoka will earn R1 million in shares if the company reaches its targets, while MTN SA CFO Zunaid Bulbulia will score R2.76 million.
Three executives at its Nigerian operation have also been awarded shares on the JSE, which also vet in three years. CFO Andrew Bing is set to reap R2.65 million, while MTN Nigeria CIO Jyoti Desai has been awarded 41 400 shares, worth R7.37 million.
MTN Nigeria CEO Brett Goshen will earn R4.7 million through 26 500 shares depending on performance.
MTN's share price closed slightly lower at R177.60 on the last trading day of 2012.
Share