MTN Group has pushed back against a report on its South African unit’s chief executive pay, saying a headline claiming he earned R18 million for two months of work misrepresents how executive compensation is structured.
The telecom operator said it was “dismayed” by an article published by MyBroadband on April 29, which stated that MTN South Africa CEO Ferdi Moolman was paid R18 million for a two-month period.
According to MTN, the figure reflects Moolman’s total remuneration, not salary, and includes earnings accrued over multiple years.
“The figure quoted represents MTN SA CEO Ferdi Moolman’s total remuneration – not simply salary paid – and most of it accrued over three years,” the company said, requesting that the publication correct its headline.
MTN said that more than R14 million of the reported amount relates to long-term incentives, or share-based awards tied to performance targets measured over a three-year period. These incentives vested in 2025 and reflect gains linked to the company’s share price performance.
“As your article says in paragraph five, the bulk of this remuneration consists of long-term incentives (LTIs),” the company said.
It added that its remuneration disclosures follow standard reporting requirements, with executive pay presented as a single figure in its annual integrated report, covering salary, bonuses and share-based incentives.
MTN said Moolman’s actual earnings for the two months he served as CEO of MTN South Africa amounted to R1.93 million, including benefits, alongside a short-term incentive award.
“The value of his LTI was R14.1 million,” the company said, noting that the payout reflects performance against key strategic targets over a three-year period.
