Money Matters: Vodacom CEO Shameel Joosub was paid almost R21.8 million in the past financial year

Vodacom CEO Shameel Joosub was paid almost R21.8 million in the past financial year, doubling his remuneration package from the previous year.

This is according to Vodacom's integrated report for the year ended 31 March 2016, released today. Joosub's remuneration package is twice his total of R10.9 million in the previous financial year.

The report shows that for the year ended 31 March 2016, Joosub received almost R14 million in short-term incentives, compared to just R3.7 million in short-term incentives the previous year. His total 2016 package of close to R21.8 million excludes long-term benefits, but includes short-term incentives, a salary of R7.8 million, as well as R3 600 listed as "other".

The "other" category can include mobile phone benefits, resignation/termination benefits as well as allowances for accommodation, medical insurance and education benefits for children.

The CEO's considerable pay jump comes after a strong set of full-year results from Vodacom, which saw group revenue rise 7.5% to R80 billion in the past financial year. Headline earnings per share grew 2.7% to R8.83 per share and group data revenue rose 28.5%.

At the end of March, the Vodacom group had 61.3 million subscribers, with 34.2 million of those customers in South Africa. Vodacom has operations in SA, Tanzania, Mozambique, Lesotho and the DRC.

ITWEB