Telkom CEO Sizwe Nxasana`s total pay package fell by 37.4% to R6.97 million in the year to March, compared with R11.14 million the previous year.
Telkom`s annual report, filed with the US`s Securities and Exchange Commission yesterday, shows that Nxasana`s basic salary increased by 14.7% from R1.86 million to R2.14 million.
However, the decrease in his overall package was the result of a new formula to calculate bonuses.
This resulted in Nxasana`s bonus being cut from R8.45 million last year to R3.67 million this year.
Nxasana was also allocated 17 341 ordinary shares in June last year. These do not vest until June 2007 subject to company performance.
It is unclear whether Nxasana will retain these shares once he steps down at the end of the year, as previously announced.
With the Telkom share closing at R119.20 on the JSE yesterday, the shares are worth R2.07 million at present.
Overall, Telkom paid its board R35.03 million in the 2005 financial year, down from R48.03 million last year.
Non-executive directors were paid a total of R1.53 million in the 2005 financial year, compared with R1.29 million previously, while executives received R35.5 million - down from R46.74 million.
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