Today's Labour News

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mtnFin24 reports that MTN, which has set itself a goal of cutting its carbon emissions to zero by 2040, has linked the pay of senior executives with the firm's environmental, social and governance (ESG) targets.

According to the company, the elements of executive compensation for both short-term incentives (STI) and long-term incentives (LTI) depend on progress on three ESG goals: reaching net zero greenhouse emissions, enhancing diversity and inclusion, and extending rural broadband. MTN currently has a rural broadband coverage of approximately 83%, and is targeting 95% by 2025. CEO Ralph Mupita said MTN had made "great progress" in its overall sustainability matters, and continually strived to meet the increasingly high standards that its stakeholders demand regarding ESG impact. "To this end, we have linked 2022 executive remuneration for STIs and LTIs to ESG," he said. In March, MTN, which operates in 19 markets, showed a 16% reduction in scope 1 and 2 greenhouse gas emissions. It is targeting a 47% reduction by 2030 and net-zero by 2040. In its remuneration report, the company said it approved a 2.38% increase for executive management for 2021 pay reviews, and non-executive management got an average of 2.42%. MTN aims to create a gender-equal workforce by 2030, and noted in its latest Sustainability Report that it wanted to act on gender pay parity to effect meaningful progress.

  • Read the full original of the report in the above regard by Sibongile Khumalo at Fin24

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