In a striking display of high earnings and hefty tax contributions, Vodacom CEO Shameel Joosub received a substantial pay package of R61.7 million during the 2023/24 financial year, with a significant portion, R28 million, paid to the South African Revenue Service. This information was disclosed in Vodacom’s integrated report for the financial year ending 31 March 2024.
The remuneration report detailed the various components of Joosub’s pay package, which included his salary, other benefits, short-term incentives, long-term incentives, and dividends. Notably, Joosub’s salary for the year stood at R17.4 million, representing approximately 28% of his total package.
The most substantial portion of his remuneration came from short-term incentives, which amounted to R20.6 million. Additionally, long-term incentives (LTIs) played a significant role, contributing another R17.4 million to his overall earnings. According to Vodacom, these LTI awards reflect Joosub’s considerable co-investment in the company’s shares since his appointment as CEO, with him currently holding 1,234,503 Vodacom shares, valued at over R114 million.
Joosub also earned R6.4 million in dividends during the reporting period. Despite the impressive total remuneration of R61.7 million, after accounting for taxes, Joosub’s take-home pay was reduced to R34 million, underscoring the substantial tax obligations faced by high earners.
Vodacom’s report also highlighted the remuneration details of the company’s Chief Financial Officer, Raisibe Morathi. Morathi’s total pay package for the year was R30.9 million before tax, which included a salary of R10.7 million, other benefits totaling R2.1 million, and significant short-term and long-term incentives amounting to R9.5 million and R7.2 million respectively. Additionally, Morathi received dividends of R664,614.
Like Joosub, Morathi faced considerable tax deductions, paying approximately R13.5 million, which left her with a net pay of R16.6 million for the financial year.
The substantial earnings and corresponding tax contributions of Vodacom’s top executives highlight the significant financial operations within the company and the critical role of taxation in the broader economic landscape. Despite the large sums involved, the report reflects the structured and performance-based nature of executive remuneration within Vodacom, aligned with both company success and individual performance metrics.
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