This report highlights the outcomes of the implementation of the approved remuneration policy. It includes remuneration disclosures of Executive Directors, Non-executive Directors and Group Prescribed Officers for the year.
The potential consequences of the remuneration policy on the total remuneration for Executive Directors and Group Prescribed Officers are illustrated alongside in hurdle rate, on-target earnings and maximum cap. Actual remuneration in FY2022 is also included.
Please note: LTI numbers reflect vested shares for the reporting period
Annual guaranteed package increases
Annual increases for the year under review were awarded as follows:
Executive Directors and Group Prescribed Officers
The actual increases awarded to all Executive Directors and Group Prescribed Officers on 1 April 2021 are reflected in the tables below. The increases are performance-based and aligned with market benchmark comparisons as per our policy. The above-inflationary increase percentages awarded were to address alignment with market median following a 0% increase in 2021.
| Initials | Surname | Job title | Performance rating | Increase (%) |
| SN | Maseko | GCEO | 6.4% | |
| AC | Beukes | CEO: Openserve and GCIO | 7.0% | |
| PJ | Bogoshi | CEO: BCX | 6.5% | |
| S | Taukobong | CEO: Consumer | 7.5% | |
| LTS | Maloba | CEO: Gyro | 7.0% | |
| L | Siyo | CEO: SMB and Yellow Pages | 8.0% | |
| DJ | Reyneke | GCFO | 4.0% | |
| NM | Lekota | CoHR | 9.0% |
Individual Performance Rating Legend:
Management employees
The average GP increase was a 7% performance-based increase for other Executives and management-level employees. The average increase was 6% for on-target performance with an additional 1% allocated for retention of top talent and critical skilled specialists.
Bargaining unit employees
An average GP increase of 7.3% (overall settlement costs with Organised Labour) was implemented for bargaining unit employees in terms of the substantive wage agreement signed with organised labour (CWU and SACU). Refer to the human capital report.
Short-term incentives – STI payment awarded for FY2022
STIs pool are allocated to business units based on their actual achievement according to the approved plan. The STI pool was reduced based on actual achievement as reflected in the table below. We recognise individual performance in the respective business units based on the achievement of individual performance contracts. The FY2022 Group STI targets and achievements are shown below. The Group STI pool payment for FY2022 was R244 million (after tax).
| Performance criteria | Weighting % |
Target FY2022 Rm |
Actual achievement Rm |
Target achievement |
|---|---|---|---|---|
| Group EBITDA before STI | 25 | 12 998 | 12 249 | 94.2% |
| Group PAT before STI | 25 | 2 853 | 2 873 | 100.7% |
| Revenue | 25 | 48 279 | 42 756 | 100.7% |
| FCF | 25 | 2 000 | (2 080) | 0% |
Summary STI outcomes – The weighted performance outcome was determined based on PAT (100.7%), EBITDA (94.2%), FCF (0%), Revenue (88.6%), and business unit performance and have been calculated as summarised below:
Remco applied the practice to incentivise and reward the right behaviour based on the achievement and delivery of strategic objectives. The STI pool was reduced in line with actual Company performance in terms of the targets set in the approved STI plan.
| Int | Surname | Job Title | On-target STI % of GP |
Final STI payable |
Final STI payment % of on-target STI |
Final STI % of GP |
| SN | Maseko | Exiting GCEO | 100% | 5 265 974 | 56% | 56% |
| S | Taukobong | GCEO | 100% | 3 543 762 | 54% | 46% |
| DJ | Reyneke | GCFO | 80% | 2 166 926 | 47% | 37% |
| AC | Beukes | CEO: Openserve & CIO | 80% | 2 645 240 | 62% | 49% |
| PJ | Bogoshi | CEO: BCX | 80% | 2 426 696 | 56% | 44% |
| L | Siyo | CEO: Consumer | 80% | 2 003 039 | 53% | 42% |
| LTS | Maloba | CEO: Gyro | 80% | 1 421 788 | 42% | 33% |
| NM | Lekota | CoHR | 80% | 2 101 891 | 64% | 51% |
Pro-rated bonus/STI of GCEO
| Job title | Grade | Pro-rata period |
GP per annum |
Potential on-target STI % of GP |
Potential on-target STI |
Final STI payable |
| GCEO | M0 | 1 January 2022 to 31 March 2022 | 9 000 000 | 100% | 2 250 000 | 1 260 473 |
| GCEO Designate | M1 | 1 October 2021 to 31 December 2021 | 8 000 000 | 80% | 1 600 000 | 896 336 |
| CEO: Consumer | M1 | 1 April 2021 to 30 September 2021 | 6 772 500 | 80% | 2 709 000 | 1 386 954 |
| Total | 7 636 250* | 6 559 000 | 3 543 762 |
| * | Average GP per annum |
The following shares vested on 1 June 2021 at R48.02 per share.
| Award date | Scheme | % of performance conditions achieved |
Potential vesting % |
Actual vesting % |
Total number of shares vested |
Total shares forfeited |
Total shares awarded on Award date |
| 2016 | LTIP | 100 | 20 | 20 | 125 598 | – | 125 598 |
| 2017 | LTIP | 100 | 30 | 30 | 177 402 | – | 177 402 |
| 2018 | LTIP | 100 | 50 | 50 | 576 970 | – | 576 970 |
| 2018 | TSA | 100 | 100 | 100 | 127 392 | – | 127 392 |
| 2018 | ESOP | 100 | 100 | 100 | 2 099 012 | – | 2 099 012 |
| Total | 3 106 374 | – | 3 106 374 |
| Performance condition |
Target | Rand value | % of Achievement |
||||||
| Weighting | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | |||
| Category: Financial 100% | TSR | 50% | Risk free* + 4% (R24.0) |
Risk free* + 4% (R26.67) |
Risk free* + 4% (R29.63) |
Risk free* + 4% (R33.29) |
Risk free* + 4% (R37.40) |
50% |
| Overall achievement (R) | 75.03 | 52.94 | 72.92 | 20.53 | 42.36 | |||
| Achievement % | 312.63% | 198.50% | 246.10% | 61.67% | 113.26% | |||
| HEPS (cps) | 25% | 526.0 | 616.0 | 536.5 | 400.0 | 314.0 | 25% | |
| Overall achievement (cps) | 729.8 | 598.0 | 591.8 | 208.1 | 522.2 | |||
| Achievement % | 138.75% | 97.08% | 110.31% | 52.03% | 166.31% | |||
| ROIC % | 25% | 12.10% | 14.90% | 9.00% | 10.50% | 6.10% | 25% | |
| Overall achievement % | 14.50% | 10.70% | 11.20% | 8.10% | 7.90% | |||
| Achievement % | 119.83% | 71.14% | 124.44% | 77.14% | 129.51% | |||
| Total vesting | 100% | |||||||
| Performance condition |
Weighting | Target | Rand value | |||||
| FY2018 | FY2019 | FY2019 | FY2021 | % of Achievement |
|||
| Category: Financial 100% |
TSR | 50% | Risk free* + 4% (R26.67) |
Risk free* + 4% (R29.63) |
Risk free* + 4% (R33.29) |
Risk free* + 4% (R37.40) |
50% |
| Overall achievement (R) | 52.94 | 72.92 | 20.53 | 42.36 | |||
| Achievement % | 198.50% | 246.10% | 61.67% | 113.26% | |||
| HEPS (cps) | 25% | 616.0 | 536.5 | 400.0 | 314.0 | 25% | |
| Overall achievement (cps) | 598.0 | 591.8 | 208.1 | 522.2 | |||
| Achievement % | 97.08% | 110.31% | 52.03% | 166.31% | |||
| ROIC % | 25% | 14.90% | 9.00% | 10.50% | 6.10% | 25% | |
| Overall achievement % | 10.70% | 11.20% | 8.10% | 7.90% | |||
| Achievement % | 71.14% | 124.44% | 77.14% | 129.51% | |||
| Total vesting | 100% | ||||||
| Performance condition |
Target | Rand value | |||||
| Weighting | FY2019 | FY2020 | FY2021 | % of Achievement |
||
| Category: Financial 100% |
TSR | 50% | Risk free* + 4% (R29.63) |
Risk free* + 4% (R33.29) |
Risk free* + 4% (R37.40) |
50% |
| Overall achievement (R) | 72.92 | 20.53 | 42.36 | |||
| Achievement % | 246.10% | 61.67% | 113.26% | |||
| HEPS (cps) | 25% | 536.5 | 400.0 | 314.0 | 25% | |
| Overall achievement (cps) | 591.8 | 208.1 | 522.2 | |||
| Achievement % | 110.31% | 52.03% | 166.31% | |||
| ROIC % | 25% | 9.00% | 10.50% | 6.10% | 25% | |
| Overall achievement % | 11.20% | 8.10% | 7.90% | |||
| Achievement % | 124.44% | 77.14% | 129.51% | |||
| Total vesting | 100% | |||||
| Performance condition |
Weighting | Target | Rand value | % of Achievement |
|||
| FY2019 | FY2020 | FY2021 | ||||
| Category: Financial 100% |
TSR | 100% | Risk free* + 4% (R29.63) |
Risk free* + 4% (R33.29) |
Risk free* + 4% (R37.40) |
100% |
| Overall achievement (R) | 72.92 | 20.53 | 42.36 | |||
| Achievement % | 246.10% | 61.67% | 113.26% | |||
| Total vesting | 100% | |||||
| * | Risk free rate is the appropriate government bond with matches the vesting period of the Long term incentive (LTI) scheme which is 3 to 5 years |
Summary of the vesting of shares for Executive Directors and Group Prescribed Officers is reflected below:
| Initials | Surname | Job title | Grade | Shares vested – 1 June 2021 | Total shares |
|||
| FSP 2016 – (100% of the 20%) |
FSP 2017 – (100% of the 30%) |
FSP 2018 – (100% of the 50%) |
FSP 2018 – (100% of the 100%) |
|||||
| SN | Maseko | GCEO | M0 | 39 413 | 48 410 | 110 456 | – | 198 279 |
| AC | Beukes | CEO: Openserve and CIO | M1 | – | – | 12 318 | 20 819 | 33 137 |
| PJ | Bogoshi | CEO: BCX | M1 | – | – | 31 306 | – | 31 306 |
| S | Taukobong | CEO: Consumer | M1 | – | – | 39 965 | 106 573 | 146 538 |
| LTS | Maloba | CEO: Gyro | M1 | – | – | 11 043 | – | 11 043 |
| L | Siyo | CEO: SMB and Yellow Pages | M1 | – | – | – | – | – |
| DJ | Reyneke | GCFO | M1 | 4 255 | 5 308 | 12 111 | – | 21 674 |
| NM | Lekota | CoHR | M1 | 4 208 | 10 199 | 23 271 | – | 37 678 |
Based on the share allocation policy, Telkom awarded a total number of 11 504 349 forfeitable shares to permanent employees who would be in the service of Telkom on the award date of 1 June 2021.
| Subsidiary | Number of shares |
| Telkom | 6 744 840 |
| Trudon | 59 051 |
| Gyro | 342 375 |
| BCX | 4 358 083 |
| Total | 11 504 349 |
We awarded these shares based on the following:
The following performance vesting conditions will apply, which are all financial:
| Performance condition |
Target | Rand value | |||||
| Weighting | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
| TSR | 50% | Risk free + 4% |
Risk free + 4% |
Risk free + 4% |
Risk free + 4% |
Risk free + 4% |
| HEPS | 25% | As per the business plan | ||||
| ROIC | 25% | As per the business plan | ||||
A summary of shares awarded to Executive Directors and Group Prescribed Officers on 1 June 2021 is reflected below:
| Initials | Surname | Job title | FSP 2021 Share Award | ||
| Grade | Face value: % of GP |
FSP number of shares |
|||
| AC | Beukes | CEO: Openserve and CIO | M1 | 75% | 99 344 |
| PJ | Bogoshi | CEO: BCX | M1 | 75% | 291 284 |
| S | Taukobong | CEO: Consumer | M1 | 75% | 125 758 |
| LTS | Maloba | CEO: Gyro | M1 | 75% | 79 475 |
| LM | Siyo | CEO: SMB and Yellow Pages | M1 | 75% | 171 051 |
| DJ | Reyneke | GCFO | M1 | 75% | 108 146 |
| NM | Lekota | CoHR | M1 | 75% | 76 230 |
The aggregate remuneration, benefits paid and STIs approved in respect of FY2022
| GP | STI | Motor car insurance |
Funeral benefit |
LTI (vested shares) 1 June 2021 |
Dividend paid on unvested shares |
Leave payments |
Retention** | Home office equipment |
Total FY2022 |
Pension TRF contribution of basic pensionable salary* |
|
| SN Maseko | 9 400 000 | 5 265 974 | 11 997 | 296 | 9 521 358 | 10 000 000 | 34 199 625 | 1 052 800 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| S Taukobong | 4 250 000 | 3 543 762 | 5 998 | 148 | – | 7 799 908 | 386 750 | ||||
| DJ Reyneke | 5 824 000 | 2 166 926 | 11 997 | 296 | 1 040 785 | 7 385 | 9 051 389 | 658 694 | |||
| Total | 19 474 000 | 10 976 662 | 29 992 | 740 | 10 562 143 | – | – | 10 000 000 | 7 385 | 51 050 922 | 2 098 244 |
| * | Employees have the flexibility to determine Company pension contributions. |
| ** | Outstanding balance of retention payment: 25% – R5 million paid on 1 April 2021, 25% – R5 million paid on 31 March 2022 |
The aggregate remuneration, benefits paid and STIs approved in respect of FY2021
| GP | STI | Motor car insurance |
Funeral benefit |
LTI (vested shares) 1 July 2020 |
Dividend paid on unvested shares |
Leave pay ments |
Retention# | Total FY2021 | Pension TRF contribution of basic pension- able salary* |
|
|---|---|---|---|---|---|---|---|---|---|---|
| SN Maseko | 8 830 449 | 10 216 240 | 11 997 | 296 | 6 019 357 | 365 418 | – | 10 000 000 | 35 443 755 | 989 010 |
| DJ Reyneke | 908 539 | 4 000 000 | 1 849 | 46 | – | – | – | – | 4 910 434 | 102 756 |
| TBL Molefe | 5 600 000 | – | 6 998 | 296 | 2 588 538 | 108 871 | 113 077 | – | 8 417 780 | 422 240 |
| Total | 15 338 988 | 14 216 240 | 20 844 | 637 | 8 607 895 | 474 289 | 113 077 | 10 000 000 | 48 771 970 | 1 514 006 |
| * | Employees have the flexibility to determine Company pension contributions. |
| # | A retention amount was paid to the GCEO. |
The aggregate remuneration, benefits paid and STIs approved for FY2022 are set out in the following table.
FY2022 emoluments per Group Prescribed Officer
| GP | STI | Motor car insurance |
Funeral benefit |
LTI (vested shares) 1 June 2021 |
Home office equipment |
Total FY2022 |
Pension TRF contribution of basic pensionable salary* |
|
| NM Lekota | 4 105 238 | 2 101 891 | – | 296 | 1 809 298 | 8 016 723 | 431 050 | |
|---|---|---|---|---|---|---|---|---|
| AC Beukes | 5 350 000 | 2 645 240 | 11 997 | 296 | 1 591 239 | 9 598 772 | 486 850 | |
| S Taukobong | 3 386 250 | 5 998 | 148 | 6 600 072 | 9 992 468 | 308 149 | ||
| PJ Bogoshi | 5 455 995 | 2 426 696 | – | 296 | 1 385 917 | 9 268 904 | 531 960 | |
| LM Siyo | 4 768 710 | 2 003 039 | 11 997 | 296 | – | 6 784 042 | 276 585 | |
| LTS Maloba | 4 280 000 | 1 421 788 | 11 997 | 296 | 530 174 | 7 385 | 6 251 640 | 361 660 |
| Total | 27 346 193 | 10 598 654 | 41 989 | 1 628 | 11 916 700 | 7 385 | 49 912 549 | 2 396 254 |
| * | Employees have the flexibility to determine Company pension contributions. |
FY2021 emoluments per Group Prescribed Officer
| GP | STI | Motor car insurance |
Funeral benefit |
LTI (vested shares) |
Total FY2021 |
Pension TRF contribution of basic pension- able salary* |
|
|---|---|---|---|---|---|---|---|
| NM Lekota | 3 766 273 | 4 500 000 | – | 296 | 1 960 436 | 10 227 005 | 395 459 |
| AC Beukes | 4 809 998 | 5 130 000 | 11 997 | 296 | 66 619 | 10 018 910 | 437 708 |
| S Taukobong | 6 300 000 | 6 936 300 | 11 997 | 296 | – | 13 248 593 | 573 300 |
| PJ Bogoshi | 5 123 000 | 5 322 797 | – | 296 | – | 10 446 093 | 499 493 |
| LM Siyo | 4 000 000 | 4 092 000 | 11 997 | 296 | – | 8 104 293 | 232 000 |
| LTS Maloba | 4 000 000 | 4 208 000 | 11 997 | 296 | – | 8 220 293 | 338 000 |
| Total | 27 999 271 | 30 189 097 | 47 988 | 1 776 | 2 027 055 | 60 265 187 | 2 475 959 |
| * | Employees have the flexibility to determine Company pension contributions. |
Executives' and Group Prescribed Officers' emoluments are set out in the annual financial statements, which is available online at https://www.telkom.co.za/ir/financial/financial-results-2022.shtml
Managing Executives/Group Executives (M2 only)
| Executive Management team |
Number of employees | |
| GP | 110 409 450 | |
|---|---|---|
| STI | 30 045 081 | |
| Motor car insurance | 379 890 | |
| Funeral benefit | 10 148 | |
| LTI (vested shares) 1 June 2021 | 15 262 418 | |
| Dividend paid on shares | ||
| Transfer payment | 204 500 | |
| Acting allowance | 213 225 | |
| Ex-gratia payment | 2 225 000 | |
| Leave payments | 808 590 | |
| Home office equipment | 231 751 | |
| Separation package/Separation agreement | 7 744 000 | |
| Total FY2022 | 167 534 052 | 40 |
| Total FY2021 | 198 305 315 | 41 |
| Pension TRF contribution of basic pensionable salary | 9 575 826 |
Directors’ shareholding as at 31 March 2022
| Beneficial | Non-beneficial | |||
| Directors’ and Group Prescribed Officers’ interests | Direct | Indirect | Direct | Indirect |
| Executive Directors | ||||
| SN Maseko | 22 200 | 30 320 | ||
| S Taukobong | 22 200 | – | ||
| DJ Reyneke | – | – | ||
| Total | 44 400 | 30 320 | ||
| Non-executive Directors |
||||
| KW Mzondeki | 748 | – | ||
| Direct Total | 748 | – | ||
The beneficial interest of Sipho Maseko remained the same at 52 520 due to no changes.
Directors’ shareholding as at 31 March 2021
| Beneficial | Non-beneficial | |||
| Directors’ and Group Prescribed Officers’ interests | Direct | Indirect | Direct | Indirect |
|---|---|---|---|---|
| Executive Directors | ||||
| SN Maseko | 52 520 | – | – | – |
| DJ Reyneke | – | – | – | – |
| TBL Molefe | – | – | – | – |
| Total | 52 520 | – | – | – |
| Non-executive Directors |
||||
| KW Mzondeki | 748 | – | – | – |
| AN Samuels | 102 094 | – | – | – |
| Direct Total | 102 842 | – | – | – |
In line with the new reporting requirements of King IV, the number of vested and unvested shares are disclosed below:
| Year of the award (June) |
Shares awarded |
Share award price R |
Face value of award |
Vested shares |
Vesting date | Vesting price R |
Value of vested shares R |
Shares forfeited |
Closing number |
|
|---|---|---|---|---|---|---|---|---|---|---|
| SN Maseko | ||||||||||
| FSP | 2013 | 163 866 | 23.80 | 3 900 011 | ||||||
| 81 933 | 06/06/2016 | 59.63 | 4 885 665 | – | – | |||||
| 36 870 | 05/06/2017 | 78.76 | 2 903 881 | 12 290 | ||||||
| – | 01/06/2018 | 52.39 | – | 32 773 | ||||||
| TSA | 2013 | 54 622 | 23.80 | 1 300 004 | 54 622 | 06/06/2016 | 59.63 | 3 257 110 | – | – |
| FSP | 2014 | 138 352 | 76.11 | 10 529 971 | 51 882 | 05/06/2017 | 78.76 | 4 086 226 | 17 294 | – |
| 26 979 | 01/06/2018 | 52.39 | 1 413 430 | 14 527 | ||||||
| 13 835 | 03/06/2019 | 93.72 | 1 296 616 | 13 835 | ||||||
| FSP | 41 368 | 01/06/2018 | 52.39 | 2 167 270 | 33 846 | – | ||||
| 2015 | 150 428 | 74.20 | 11 161 758 | – | 03/06/2019 | 93.72 | – | 45 129 | ||
| 25 573 | 01/07/2020 | 31.35 | 801 714 | 4 512 | ||||||
| TSA | 2015 | 50 143 | 74.20 | 3 720 611 | 25 072 |
06/06/2016 |
59.63 |
1 495 043 |
– | – |
| 25 071 | 05/06/2017 | 78.76 | 1 974 592 | |||||||
| FSP | 2016 | 197 066 | 56.64 | 11 161 818 | 98 533 | 03/06/2019 | 93.72 | 9 234 513 | – | – |
| 56 164 | 01/07/2020 | 31.35 | 1 760 741 | 2 956 | ||||||
| 39 413 | 01/06/2021 | 48.02 | 1 892 612 | |||||||
| TSA | 2016 | 65 689 | 56.64 | 3 720 625 | 32 845 | 05/06/2017 | 78.76 | 2 586 872 | – | – |
| 32 844 | 01/06/2018 | 52.39 | 1 720 697 | |||||||
| FSP | 2017 | 161 366 | 74.83 | 12 075 018 | 56 479 | 01/07/2020 | 31.35 | 1 770 617 | 24 204 | 32 273 |
| 48 410 | 01/06/2021 | 48.02 | 2 324 648 | |||||||
| TSA | 2017 | 53 789 | 4 025 031 | 53 789 | 01/07/2020 | 31.35 | 1 686 285 | – | – | |
| FSP | 2018 | 220 912 | 56.30 | 12 437 346 | 110 456 | 01/06/2021 | 48.02 | 5 304 097 | – | 110 456 |
| FSP | 2019 | 196 596 | 80.85 | 15 894 787 | – | – | – | – | – | 196 596 |
| Total | 1 452 829 | 89 926 977 | 912 138 | 52 562 629 | 201 366 | 339 325 | ||||
| S Taukobong | ||||||||||
| FSP | 2018 | 79 930 | 56.30 | 4 500 059 | 39 965 | 23/06/2021 | 45.04 | 1 800 024 | – | 39 965 |
| TSA | 2018 | 106 573 | 56.30 | 6 000 060 | 106 573 | 23/06/2021 | 45.04 | 4 800 048 | – | – |
| FSP | 2019 | 53 899 | 80.85 | 4 357 734 | – | – | – | – | – | 53 899 |
| TSA | 2020 | 637 007 | 19.78 | 12 599 998 | – | – | – | – | – | 637 007 |
| FSP | 2021 | 125 758 | 40.39 | 5 079 366 | – | – | – | – | – | 125 758 |
| FSP* | 2021 | 278 552 | 43.08 | 12 000 020 | – | – | – | – | – | 278 552 |
| Total | 1 281 719 | 44 537 237 | 146 538 | 6 600 072 | – | 1 135 181 | ||||
| DJ Reyneke | ||||||||||
| FSP | 2014 | 28 415 | 76.11 | 2 162 666 | 10 656 | 05/06/2017 | 78.76 | 839 267 | 3 552 | – |
| 5 541 | 01/06/2018 | 52.39 | 290 293 | 2 984 | ||||||
| 2 842 | 03/06/2019 | 93.72 | 266 352 | 2 840 | ||||||
| FSP | 2015 | 44 353 | 74.20 | 3 290 993 | 12 197 | 01/06/2018 | 52.39 | 639 001 | 9 980 | – |
| – | 03/06/2019 | 93.72 | – | 13 306 | ||||||
| 7 540 | 01/07/2020 | 31.35 | 236 379 | 1 330 | ||||||
| FSP | 2016 | 21 276 | 57.03 | 1 213 370 | 10 638 | 03/06/2019 | 93.72 | 996 993 | – | – |
| 6 064 | 01/07/2020 | 31.35 | 190 106 | 319 | ||||||
| 4 255 | 01/06/2021 | 48.02 | 204 325 | – | ||||||
| FSP | 2017 | 17 693 | 74.83 | 1 323 967 | 6 193 | 01/07/2020 | 31.35 | 194 151 | 2 654 | 3 538 |
| 5 308 | 01/06/2021 | 48.02 | 254 890 | |||||||
| FSP | 2018 | 24 221 | 56.30 | 1 363 642 | 12 111 | 01/06/2021 | 48.02 | 581 570 | – | 12 110 |
| FSP | 2019 | 14 900 | 80.85 | 1 204 665 | – | – | – | – | – | 14 900 |
| TSA | 2020 | 345 893 | 32.38 | 11 200 015 | – | – | – | – | – | 345 893 |
| FSP | 2021 | 108 146 | 40.39 | 4 368 017 | – | – | – | – | – | 108 146 |
| Total | 604 897 | 26 127 335 | 83 345 | 4 693 327 | 36 965 | 484 587 | ||||
| NM Lekota | ||||||||||
| FSP | 2016 | 21 042 | 57.03 | 1 200 025 | 10 521 | 03/12/2020 | 31.48 | 331 201 | – | – |
| 5 998 | 03/12/2020 | 31.48 | 188 817 | 315 | ||||||
| 4 208 | 01/06/2021 | 48.02 | 202 068 | – | ||||||
| FSP | 2017 | 33 997 | 74.83 | 2 543 996 | 11 900 |
03/12/2020 |
31.48 |
374 612 |
5 099 |
6 799 |
| 10 199 | 01/06/2021 | 48.02 | 489 756 | – | ||||||
| TSA | 2017 | 33 997 | 74.83 | 2 543 996 | 33 997 | 01/07/2020 | 31.35 | 1 065 806 | – | – |
| FSP | 2018 | 46 542 | 56.30 | 2 620 315 | 23 271 | 01/06/2021 | 48.02 | 1 117 473 | – | 23 271 |
| FSP | 2019 | 46 583 | 80.85 | 3 766 236 | – | – | – | – | – | 46 583 |
| TSA | 2020 | 380 816 | 19.78 | 7 532 540 | – | – | – | – | – | 380 816 |
| FSP | 2021 | 76 230 | 40.39 | 3 078 930 | – | – | – | – | – | 76 230 |
| Total | 639 207 | 23 286 037 | 100 094 | 3 769 734 | 5 414 | 533 699 | ||||
| PJ Bogoshi | ||||||||||
| FSP | 2018 | 62 611 | 56.30 | 3 524 999 | 31 306 | 28/06/2021 | 44.27 | 1 385 917 | – | 31 305 |
| FSP | 2019 | 63 364 | 80.85 | 5 122 979 | – | – | – | – | – | 63 364 |
| TSA | 2020 | 517 998 | 19.78 | 10 246 000 | – | – | – | – | – | 517 998 |
| FSP | 2021 | 101 312 | 40.39 | 4 091 992 | – | – | – | – | – | 101 312 |
| FSP* | 2021 | 189 972 | 43.08 | 8 183 994 | – | – | – | – | – | 189 972 |
| Total | 935 257 | 31 169 965 | 31 306 | 1 385 917 | – | 903 951 | ||||
| AC Beukes | ||||||||||
| FSP | 2014 | 21 926 | 76.11 | 1 668 788 | ||||||
| 8 222 | 05/06/2017 | 78.76 | 647 565 | 2 741 | – | |||||
| 4 276 | 01/06/2018 | 52.39 | 224 020 | 2 302 | ||||||
| 2 193 | 03/06/2019 | 93.72 | 205 528 | 2 192 | ||||||
| FSP | 2015 | 12 500 | 74.20 | 927 500 | 3 438 | 01/06/2018 | 52.39 | 180 117 | 2 812 | – |
| – | 03/06/2019 | 93.72 | – | 3 750 | ||||||
| 2 125 | 01/07/2020 | 31.35 | 66 619 | 375 | ||||||
| FSP | 2018 | 24 636 | 56.30 | 1 387 007 | 12 318 | 01/06/2021 | 48.02 | 591 510 | – | 12 318 |
| TSA | 2018 | 20 819 | 56.30 | 1 172 110 | 20 819 | 01/06/2021 | 48.02 | 999 728 | – | – |
| FSP | 2019 | 36 275 | 80.85 | 2 932 834 | – | – | – | – | – | 36 275 |
| TSA | 2020 | 505 561 | 19.78 | 9 999 997 | – | – | – | – | – | 505 561 |
| FSP | 2021 | 99 344 | 40.39 | 4 012 504 | – | – | – | – | – | 99 344 |
| Total | 721 061 | 22 100 739 | 53 391 | 2 915 087 | 14 172 | 653 498 | ||||
| LTS Maloba | ||||||||||
| FSP | 2018 | 22 085 | 56.30 | 1 243 386 | 11 043 | 07/06/2021 | 48.01 | 530 174 | – | 11 042 |
| FSP | 2019 | 46 356 | 80.85 | 3 747 883 | – | – | – | – | – | 46 356 |
| TSA | 2020 | 404 449 | 19.78 | 8 000 001 | – | – | – | – | – | 404 449 |
| FSP | 2021 | 79 475 | 40.39 | 3 209 995 | – | – | – | – | – | 79 475 |
| Total | 552 365 | 16 201 265 | 11 043 | 44 354 | 530 174 | – | 541 322 | |||
| LM Siyo | ||||||||||
| FSP | 2019 | 37 106 | 80.85 | 3 000 020 | – | – | – | – | – | 37 106 |
| TSA | 2020 | 404 449 | 19.78 | 8 000 001 | – | – | – | – | – | 404 449 |
| FSP | 2021 | 80 218 | 40.39 | 3 240 005 | – | – | – | – | – | 80 218 |
| FSP* | 2021 | 90 833 | 43.08 | 3 913 086 | – | – | – | – | – | 90 833 |
| Total | 612 606 | 18 153 112 | – | – | – | 612 606 | ||||
| * | Restraint agreement |
The Group benefits from Non-executive Directors who attend meetings and actively contribute to the success of our business. Non-executive Directors receive an all-inclusive annual retainer fee for attendance at Board meetings and an annual retainer fee based on the Committees they serve.
Telkom’s memorandum of incorporation states that shareholders must approve these fees at the AGM. The current fees were approved at the AGM on 25 August 2021.
| Non-executive Directors’ fees (rand per annum) | FY2020 | FY2021 | FY2022 |
|---|---|---|---|
| Annual retainer | |||
| Chairperson of the Board | 1 446 635 | 1 591 299 | 2 060 000 |
| Non-executive Director of the Board | 424 000 | 424 000 | 470 000 |
| International Board Member | 584 908 | 584 908 | 735 000 |
| Annual Committee meeting retainer | |||
| Audit Committee Chairperson | 384 250 | 384 250 | 410 000 |
| Audit Committee Member | 201 400 | 201 400 | 215 000 |
| Remuneration Committee Chairperson | 231 080 | 231 080 | 250 000 |
| Remuneration Committee Member | 138 788 | 138 788 | 150 000 |
| Nominations Committee Chairperson | 153 699 | 153 699 | – |
| Nominations Committee Member | 104 091 | 104 091 | 110 000 |
| Investment and Transactions Committee Chairperson | 213 132 | 224 317 | 250 000 |
| Investment and Transactions Committee Member | 138 860 | 138 860 | 150 000 |
| Risk Committee Chairperson | 224 932 | 224 932 | 250 000 |
| Risk Committee Member | 134 832 | 134 832 | 150 000 |
| Social and Ethics Committee Chairperson | 231 080 | 231 080 | 250 000 |
| Social and Ethics Committee Member | 138 860 | 138 860 | 150 000 |
All fees are paid in proportion to the period in which office is held. Directors’ emoluments are set out in the annual financial statements in note 39, which is available online at https://www.telkom.co.za/ir/financial/financial-results-2022.shtml.