Vodacom, SA's largest cellular network, paid its CEO almost R4 million less in the year to March than the year before.
Despite the drop in earnings, Pieter Uys still earned R10.7 million for the year, according to Vodacom's recently released annual report for the year to March. In 2009, he made R14.1 million.
Uys' package was made up of R6.325 million in salary, R223 674 in other benefits such as leave payouts, mobile phone benefit, gifts and subsistence allowance. In addition, Uys earned R4.2 million through a short-term incentive.
Uys joined the Vodacom board in October 2008. Last year, his salary included R5.6 million in performance bonuses.
Shameel Joosub, MD of Vodacom SA, also saw his salary package drop, from R18.6 million last year to R9.5 million this year. His salary included a basic amount of R3.2 million, other payments of R135 010, and a short-term incentive of R4.8 million.
In the 2009 financial year, Joosub's salary included a R10 million restraint of trade payment.
Vodacom has not disclosed the reasons for the decline in salaries paid to its top executives. In the year to March, the company reported revenue gains of 5.6%, to R58.5 billion, and headline earnings per share grew 22.3%, to 510c a share.
According to the latest Mabili Directors' Remuneration Report, which was released last year and covers the 2008 year, MTN outgoing CEO Phuthuma Nhleko earned the highest salary in the ICT sector. He earned a basic salary of R6.5 million, and a bonus of R13 million, taking his total package for MTN's last financial year to R20 million.
Last year, Nhleko's salary also declined, as he earned a total of R15.7 million, which included a basic salary of R6.7 million, and a bonus of R8 million.
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