Recent remuneration data from PwC has revealed how many top CEOs in some of South Africa’s largest companies each year.
In its latest Practices and Remuneration Trends Report for 2022, the financial services company reported that so-called ‘super-cap’ companies such as BHP Group, Anglo America, Naspers and Glencore amount for a large portion of the total market capitalisation of the JSE.
PwC reported that CEOs in such companies earn high TGPs (Total Guaranteed Package), which include an annual basic salary plus any guaranteed benefits.
An examination of fees paid across the JSE’s super caps showed that the average salary for chief executives was R27.74 million, reported PwC.
It added that an examination of TGP fees paid across the JSE shows that the median salary for chief executives was R5.71 million over the period. By comparison, the median pay for chief financial officers was R3.63 million, and the median pay for executive directors was R3.76 million.
PwC provided the below graph indicating the average package for CEOs in super cap companies.
On top of the base salary acquired each year, CEOs often are awarded short-term incentives that seek to retain talent and longer-term incentives that vest later.
Such incentives can be given in the form of cash or shares in the company. In Remuneration Reports for publicly listed companies, the salary of non-executive and executive staff is thought out thoroughly. In terms of chief executives, their remuneration is often tied to their performance within a company, with various metrics being taken place into account.
BusinessTech looked at the top 20 JSE listed companies – in terms of market cap from Sharedata – and compared the pay between the company’s chief executive officers.
Total remuneration includes:
- Guaranteed pay;
- Benefits;
- Short-term incentives;
- Long-term incentives.
| Company | Chief executive | Total remuneration |
|---|---|---|
| BHP Group | Mike Henry | R251 525 501 |
| Prosus N.V. | Bob van Dijk | R232 233 808 |
| British American Tobacco | Jack Bowles | R128 456 672 |
| AB InBev | Michel Doukeris | R169 841 741 |
| Glencore | Gary Nagle | R55 572 280* |
| Naspers | Bob van Dijk | R229 000 000 |
| Compagnie Financiere Richemont | Jerome Lambert | R129 381 699 |
| Anglo American | Duncan Wanblad | R21 279 303** |
| First Rand | Alan Pullinger | R57 513 000 |
| Anglo American Platinum | Natascha Viljoen | R28 947 301 |
| Standard Bank Group | Sim Tshabalala | R48 600 000 |
| Capitec Bank Holdings | Gerrie Fourie | R92 770 000 |
| MTN Group | Ralph Mupita | R84 209 000 |
| Vodacom Group | Shameel Aziz Joosub | R55 008 342 |
| South32 | Graham Kerr | R61 486 632 |
| Sasol | Fleetwood Grobler | R42 945 000 |
| Absa | Arrie Rautenbach | R38 766 955 |
| Impala Platinum Holdings | Nico Muller | R108 505 000 |
| Mondi | Andrew King | R70 627 013 |
| Shoprite Holdings | Pieter Engelbrecht | R29 882 000 |
| Kumba Iron Ore | Mpumi Zikalala | R46 400 000*** |
Note: CEO pay was sourced from publicly available annual reports or remuneration reports provided by the companies themselves. Executive pay can often vary, and the figures provided do not reflect their wealth but rather their remuneration for a year’s work – the value of the shares they hold is not taken into account.
*Glencore CEO just took over from the previous CEO Ivan Glasenberg and has not yet served a full year.
**In terms of Duncan Wanblad from Anglo American, he recently replaced Mark Cutifani, who walked away with around R168.9 million in his final year as a chief executive officer last year.
***Mpumi Zikalala only took over as CEO in January of this year; however, Themba Mkhwanazi, the previous CEO, received R46,407,000 for his service over the 2021 financial year.
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