Today's Labour News

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mtnMoneyweb reports that MTN Group CEO Rob Shuter was paid R58.2 million in the 2019 financial year, a 35.7% increase on his total remuneration for 2018. 

But even these generous rewards were not enough to keep him, as he announced on 11 March that he would step down in a year’s time.  Shuter earned a base salary of R17.3 million, according to the group’s 2019 integrated report, which was published on Tuesday.  On top of that, he received R1.8 million in post-employment benefits; R1.1 million in “other benefits”; R27.6 million in bonuses; and R10.4 million long-term incentives, which vested in December 2019.  Chief financial officer Ralph Mupita, who is a strong candidate to take the reins from Shuter when he steps down, took home even more, namely total remuneration of R66.3 million.  Much of Mupita’s remuneration took the form of “other benefits”, mostly related to a special “cash-settled on-boarding incentive” awarded in lieu of the loss of equity in his previous employer, Old Mutual, where he was CEO of the Emerging Markets business.  Shuter and Mupita are MTN Group’s only two executive directors.

  • Read the full original of the report in the above regard by Duncan McLeod at Moneyweb

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