Telkom Group CEO Sipho Maseko speaking at an event in Johannesburg. (Gareth van Zyl, Fin24)
Johannesburg - Telecoms network Telkom [JSE:TKG] has given its chief executive officer Sipho Maseko a pay boost amid the company’s strong financial performances under his watch.
Telkom’s latest integrated report for 2016 reveals that Maseko's total remuneration has jumped from R12.3m in 2015 to R14.5m for the year ended March 2016.
The report highlights that Maseko’s guaranteed pay package for the period was R7.4m while his short-term incentive was R6.1m and his fringe benefits were R941 683.
Maseko's total pay is still much less than that of his industry peers earn as the likes of Vodacom CEO Shameel Joosub's total pay for the company’s 2016 financial year was R21.8m.
Meanwhile, Telkom’s group chief financial officer, Deon Fredericks, received total pay of R9.5m for the year ended March 2016, up from R8.7m in 2015. His guaranteed package was R5.2m while his short-term incentive pay was R3.7m and his fringe benefits were R504 749.
The boost in these two top executives’ pay comes amid solid financial performances by the company.
For the year ended March 2016, the telco said that its earnings before interest, tax and amortisation (Ebita) was up by 16.1% and reported an Ebitda margin of 29.3%.
Operational revenue increased 13.9% to R37.3bn, the company reported earlier this year.