MTN Group has pushed back against a media report it says misrepresented how its South African chief executive was compensated, calling the headline misleading and requesting a public correction.
The telecom operator said it was dismayed by an article published by MyBroadband on April 29 stating that MTN South Africa Chief Executive Officer Ferdi Moolman was paid R18 million for two months of work. MTN said the characterisation was inaccurate and the figure did not reflect earnings from two months on the job.
The company said the R18 million figure represents Moolman’s total remuneration, not simply his salary, and that most of it accrued over three years. MTN requested that MyBroadband correct the headline without delay.
More than R14 million of the reported amount relates to long-term incentives, or the value of shares allocated to executives as part of their remuneration. Those incentives vested in December 2025 and reflect performance achievement measured against targets set at the time of a December 2022 award.
MTN said the long-term incentive payout also reflects gains tied to the appreciation of the MTN Group share price over the three-year period.
The company said Moolman’s actual earnings for the two months he served as MTN South Africa CEO amounted to R1.93 million, including benefits, alongside a short-term incentive award. The value of his long-term incentive was R14.1 million.
MTN’s 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.
Moolman was appointed CEO of MTN South Africa effective November 1, 2025, having previously served as MTN Group Chief Risk Officer since April 2021.
The dispute over Moolman’s pay comes as MTN faces broader shareholder scrutiny over executive remuneration. Only 59.2% of votes were cast in favour of executive remuneration at last year’s annual general meeting, the lowest level of support among companies in Georgeson’s annual general meeting review for 2025, making MTN the only telecoms or information technology company in the Johannesburg Stock Exchange’s Top 40 to feature in the review. The remuneration implementation report is scheduled to return to shareholders at the next annual general meeting on May 29, 2026.
