You are currently viewing our desktop site, do you want to visit our Mobile web app instead?
 Registered users can save articles to their personal articles list. Login here or sign up here

How much MultiChoice bosses are paid

Executive chairman Imtiaz Patel receives almost R21.4m in base salary.

MultiChoice Group executive chairman Imtiaz Patel received almost R21.4 million in base salary, bonuses, pension and short-term incentives in the 2019 financial year, the media group’s 2019 annual report shows.

Patel was paid $648 000 in base salary.

CEO Calvo Mawela received R10.6 million, of which R5.6 million was in base salary, while chief financial officer Tim Jacobs received R8.4 million (including a sign-on bonus of R3.8 million).

Chief operating officer Brand de Villiers was paid a base salary of $517 000, while his total remuneration came to just over $1 million.

Patel made a profit of R14.6 million on Naspers share options. Mawela realised a profit of R2.5 million from this scheme, while De Villiers netted R4.9 million.

While MultiChoice was part of Naspers, prior to its listing earlier this year, senior employees participated in the Naspers share option schemes. Following the unbundling, the vesting dates for the Naspers option awards were accelerated.

Patel also entered into a restraint-of-trade agreement with MultiChoice, which applies for three years if he were to step down as executive chairman.

Non-executive directors Nolo Letele and Don Eriksson were also well remunerated for their work, taking home R11.5 million and R8.3 million respectively.

The annual report disclosed the number of shares directors held in the company at the end of March, too. By far the biggest shareholder was non-executive director Steve Pacak, who held 668 183 shares (directly and indirectly). These shares were worth R89.7 million at the time of writing. — (c) 2019 NewsCentral Media

This article was published with the permission of TechCentral. The original publication can be viewed here.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

AUTHOR PROFILE

COMMENTS   17

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

Better they grab the money now before Netflix gets to grips with their sport broadcasting. The future does not look too rosy for Multichoice.

I do not agree with your statement. Multichoice a leader in creating new African content, for the African continent unlike Netflix, which only focusses on American content.

Niel, in principle i agree but they have got the pricepoint so spectacularly wrong. I guess it depends how many people will pay 2 to 3 times more to watch local content.

How much was the ‘’I don’t take $hit from Afrikaners ‘’ like Steve Hofmeyer get?

As he’s not even mentioned here, I think he is just another ‘’small fish’’ in a big pond that is trying to attract some attention from his bosses with his ‘’unilateral censure’’ syndromes!

Why would Hofmeyer be mentioned in the director’s remuneration?

Because why!

I can see why they run so many repeats – got to pay these greedy people. A more arrogant company you won’t find

They have no fear – well connected to the ANC and Koos Bekker sucking up their backsides to keep them happy.
SA business, today.
Question I ask myself: how long will this last? Money dry up – people get wise – politics change – Not sure what will come first.

Prediction: Multichoice’s Premium Package subscribers will bail out after the RWC.

for $25 a month you can have a much wider choice. Kayosports.co.au. Give it a look.

In what world are non executive directors paid an average of ten million runt?

Answer: In SA, where everyone is sucking up to ANC and throwing money at their favoured cadres for the right to conduct business.
I wonder if ANC fully understand what Naspers’ move to EU will do to their goose laying the golden eggs?

I am just going to wait for Theo Both to emerge before I start making my popcorn. Hahahaha!

All we seem to do in SA is moan. If you went to Varsity spending big money to get one or more degrees, gain experience and end up as company leaders with the responsibility then good luck although I will agree remuneration a bit to high. So if you missed the boat like I did though but make sure your kids, grandchildren get the education that will give themselves a better chance to be one of them.

Agree with the repeats and the time it takes to get a series that has ended some time back eg Jamestown, Hard Sun etc other wise no complaints.

After the RWC I will still be a Premium member.

WJS

Retired.

With these sort of salaries and bonuses etc you dont have to wonder why labour, with the encouragement from politicians, rise up in anger. I have no problem with executives receiving excellent remuneration but these figures, like in many other companies and organisations, are obscene ! Like to know how much time the non exec spends on this company. Call me a Social Capitalist, but I subscribe to a good reward for management sustainable wage for lowest paid workers and subsidized education and health. NB: I DID NOT SAY NOT FREE ! Yes I am aware that execs can move overseas and earn huge Rand sums and that is fine if you dont want to stay in SA. However if you stay then spreading the wealth will help to relieve some of the aggro in the country to the benefit of all and will also increase the tax base. EG: A salary cap in each company, determined by the number of times the top salary can exceed of the lowest salary, may restore some balance. Cheers

Load All 17 Comments
End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

SHOP NEWSLETTERS TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: