MTN Group CEO and president Ralph Mupita was paid R70.6 million during the 2023 financial year.
This emerged when MTN, Africa’s biggest mobile operator by subscriber count, today published its integrated report for the year ended 31 December 2023.
In 2022, Mupita was awarded R75.8 million, meaning he earned close to R5 million less this year in comparison to last year.
The results show inflation and volatile local currencies in key markets were some of the biggest challenges MTN Group had to grapple with in 2023.
The latest integrated report reveals Mupita’s pay package was made up of a basic salary of R17.63 million and short-term incentives of R13.97 million, while long-term incentives were R36.92 million, among other incentives.
According to MTN, Mupita has a dual contract split between MTN Dubai and MTN Group Management Services South Africa.
It explains his earned remuneration is indicated in both US dollars and South African rand. For the purposes of calculating the single-figure remuneration, the following average forex rates have been used: FY 2023 (fixed remuneration: $1 to R17.66, bonus: $1 to R19.01). FY 2022 (fixed remuneration: $1 to R16.49, bonus: $1 to R17.91).
MTN says Mupita and his team delivered resilient performance in specific areas in a challenging macro environment.
“They achieved solid YOY [year-on-year] momentum in key operational and financial key performance indicators (KPIs), although some were short of the 100% target,” says the telco.
“The team made progress on strategic initiatives, including work on the structural separation of the fintech business from the firm, as well as the minority investment in fintech group business.”
MTN says the KPIs that exceeded the internal targets were delivery in the environmental, social and governance targets, employee engagement and diversity, brand health and the management of the risk and regulatory environment.
Meanwhile, Charles Molapisi, CEO of MTN South Africa, was paid R33 million. The company says Molapisi achieved the 100% targets for total, active data and Ayoba subscribers, although he fell short for fintech subscribers.
It adds the team fell short of the 100% target for MTN SA’s adjusted HEPS and return on invested capital, although they scored strongly on expense efficiencies and cash upstreaming from the operation.
“Charles and his team also achieved above-target outcomes for overall network performance, connected homes and achieving reduced carbon emissions. They achieved below-target outcomes for employee engagement but achieved 100% of the target for brand health,” says MTN.
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