Depending on how Vodacom performs in the next three years, several managers could walk away with shares worth millions.
Vodacom grants executives forfeitable shares that can be redeemed in three years' time, based on the company meeting certain targets. The company has, however, not disclosed what these targets are. The share scheme is also part of its retention plan.
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.
CEO Pieter Uys has been awarded 138 822 shares, of which 89 372 shares could be forfeited if the company does not meet expectations. At a share price of R62.45, the shares are worth R8.7 million, but can only be claimed in three years.
Likewise, CFO Rob Shuter has been awarded 107 570 shares in the cellular company. Some 44 086 of these are subject to performance, and the entire amount of shares is worth R6.7 million.
Among the other executives that were awarded shares are company secretary Sandi Linford, who was awarded 21 358 shares. Andries Delport, Vodacom's executive director of engineering and technology, was granted R2.4 million-worth of shares.
Mthobi Tyamzashe, group executive of corporate affairs, will benefit to the tune of 33 044 shares. In total, 14 executive managers are set to benefit from shares being issued.
Vodacom's share closed at R59 yesterday, after moving 1.03% during Monday trade. Its 52-week high is R63.90 on 21 June, and its 52-week low is R51.55 on 3 November last year.
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