Vodacom execs rake in massive share options bonuses

In a regulatory filing to the JSE this week, Vodacom disclosed a raft of share options awarded to its executives valued more than R90 million. This is part of its corporate incentive scheme and are forfeitable and a portion subject to performance conditions being met over the next three years.

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The CEO of Vodacom Group, Shameel Joosub, was naturally awarded the most share options, valued at about R44 million at the current share price. The options will vest in three years provided they are not forfeited (i.e. he remains at the company) and performance conditions are met, although we are not sure what these performance metrics are.

Many of Vodacom’s senior executives have also been awarded large sums in share options:

  • Group CFO Raisibe Morathi received 68 786 shares, of which 50% are subject to performance conditions. The shares are currently valued at around R9 million.
  • Vodacom South Africa MD Balesh Sharma received 55 220 shares, 50% of which is subject to performance conditions. The shares are currently valued at around R7.2 million.
  • CO of Vodacom Business William Mzimba received 43 526 shares, of which 50% is subject to performance conditions. The shares are currently valued at around R5.7 million.
  • CO of the South African consumer business unit Jorge Mendes was awarded 42 098 shares, also with 50% subject to performance. The shares are currently valued at around R5.5 million.
  • Vodacom SA CO of commercial operations Errol van Graan got 29 331 shares (50% subject to performance). The shares are currently valued at around R3.8 million.
  • Vodacom SA CO for financial services Mariam Cassim was awarded 28 814 shares, of which 50% is subject to performance conditions. The shares are currently valued at around R3.8 million.
  • IT Director Beverly Ngwenya received 21 858 Vodacom shares, of which 50% is subject to performance conditions. The shares are currently valued at around R2.9 million.
  • Vodacom SA FD Sitho Mdlalose received 21 859 shares, with 50% subject to performance. The shares are currently valued at around R2.9 million.
  • Vodacom South Africa human resources director Njabulo Mashigo received 17 884 shares, of which 50% is subject to performance conditions. The shares are currently valued at around R2.3 million.
  • Vodacom SA external affairs director Takalani Netshitenzhe got 14 139 Vodacom shares, of which 50% is subject to performance conditions. The shares are currently valued at around R1.8 million.
  • Group company secretary Sandi Linford received 9 783 shares worth R1.3 million.
  • Company secretary Karen Robinson got 3 916 shares worth R512 000.