South Africa is known as one of the most unequal countries in the world when incomes to executive vs employee pay, where some chief executives can earn as much as 800 times the average salary of the people who work for them.
According to a PwC report in 2018, the pay ratio in South Africa – worker pay to CEO pay – was at 65:1 in 2018, up from 62:1 in 2017.
MultiChoice Group executive chairman Imtiaz Patel last year received almost US$1.5-million (about R21.4-million at the time of writing) in base salary, bonuses, pension and short-term incentives in the 2019 financial year, the media group’s 2019 annual report shows. This year, Imtiaz Patel will be taking home over R22 million in the 2019 financial year with other executives also raking in millions.
CEO Calvo Mawela received R10.6-million, of which R5.6-million was in base salary, this year he will get a pay cut, taking home R7.7 million under the company’s new public structure.
|Executive||Role||FY2018 Salary||FY 2019 Salary|
|Imtiaz Patel||Chair and executive director||R19 724 687||R22 151 470|
|Francis “Nolo” Letele||Non-executive director||R9 282 943||R8 488 294|
|Timothy Jacobs||CFO||R8.400 000||R7 917 709|
|Calvo Mawela||CEO||R9 795 537||R7 741 250|
|John Volkwyn||Non-executive director||R1 691 575||R3 059 127|
|Donald Eriksson||Independent non-executive director||R1 354 039||R1 786 742|
|Kgomotso Moroka||Independent non-executive director||R833 850||R1 401 053|
|Joseph Pacak||Lead independent non-executive director||R671 016||R1 242 975|
|Elias Masilela||Non-executive director||R795 000||R770 800|
|Louisa Stephens||Independent non-executive director||–||R733 750|
|Total||R44 148 647||R55 293 170|