MOBILE group MTN has published its financial results for the year ended December 2020, revealing how much its top executives were paid.
Former MTN chief executive officer Rob Shuter, who resigned from the position in August 2020, was paid R73.8 million for the year, including a base salary of R18.15 million, and a bonus of R30.1 million.
His salary also included a R17.8 million payment under ‘other benefits’.
This category usually includes medical aid, expense allowances and contributions to the unemployment insurance fund, but for Shuter this also included a payment of cash-settled share-based incentives.
When Shuter was appointed in 2017, he was granted a cash-settled share-based payment incentive in lieu of unvested stocks or equity relinquished upon resignation from previous employment, MTN said.
The value of the incentive was determined based on the market value of 327,214 ordinary listed shares in MTN Group Limited.
Shuter was succeeded by his
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