MTN has explained that some of its executives receive a portion of their pay from a Dubai-based entity in US dollars if they have significant responsibilities outside their primary country.
Two more executives started receiving some of their pay in dollars in the 2023 financial year — MTN Nigeria CEO Karl Toriola, and senior VP for markets Ebenezer Asante. MTN’s integrated report for its 2023 financial year states that this is due to the pan-African nature of its business and the importance of having a competitive remuneration structure at senior levels.
“Our peer comparator analysis conducted in indicated that this remuneration principle is common among a number of companies with diverse geographic footprints.”MTN’s integrated annual report showed that Group CEO Ralph Mupita’s package included earnings of $913,000 in 2023.This is more than a fifth of his R80.4-million single-figure remuneration for 2023, including dividends and vested performance share plan shares.
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