Vodacom CEO Shameel Joosub will receive a guaranteed package of R7.2 million this year, which represents a 5% increase on the R6.95 million he earned last year.
Joosub's increase is just above inflation, which is currently at 4.5%, according to Statistics SA. However, his short-term incentive has declined year-on-year to R3.7 million, from R6 million a year ago. As a result, his total package for 2015 is R10.9 million, compared with R12.98 million last year.
The cellular operator's CFO, Ivan Dittrich, will receive R4.75 million, a 4.3% increase on his 2014 salary, and his total package is R6.3 million. This is revealed in the company's annual integrated report, which was posted online today.
By comparison, MTN CEO Sipho Dabengwa earned a total of R28 million in the year to December, of which R9.3 million was made up of his salary and R13.3 million was benefits. In the previous year, he earned R48 million in total.
Both Vodacom and MTN have been experiencing difficult times as competition and mobile termination rates affect revenue.
In the year to March, Vodacom again reported flat revenue, which only gained 1.1% when foreign exchange benefits were stripped out, to R77.3 million. However, service revenue - which carries the effects of mobile termination payouts - dropped 1% to R62.17 billion.
Mobile termination rates, which kicked in last September, wiped R2 billion off Vodacom's revenue line, and R1.2 billion from its pre-tax income. This amount was anticipated, and mirrors the half-year effect it reported six months ago.
In addition to the fixed salaries, Vodacom executives can earn shares depending on how the company performs. And in addition to Vodacom's forfeitable share plan, which is based on certain targets being met, Joosub can also earn long-term incentives as long as he buys stock to the same value and hits certain targets.
Joosub can earn these additional shares by investing at least 50% of his guaranteed salary in Vodacom shares. A similar offer has been made to him by Vodafone.
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