The Telkom Group has published its integrated report for the year ended 31 March 2024, revealing the remuneration of its senior staff, including CEO Serame Taukobong.
Taukobong received more than R12.4 million in remuneration in 2023/24, notably higher than in 2022/23.
This was primarily due to higher short-term incentive (STI) pay during the period. The Telkom Group CEO’s remuneration for 2023/24 comprised the following amounts:
- Salary — R9.45 million
- Benefits — R12,293
- Short-term incentives — R2.97 million
- Long-term incentives — R0
Taukobong’s salary remained unchanged over the 2022/23 financial year. However, he received no STI remuneration during that period and R1.6 million in pay from long-term incentives (LTI).
He received no remuneration from LTIs, which directly relate to vested shares, in 2023/24.
“No forfeitable shares were allocated to any permanent employees due to affordability and the prohibited/closed period regarding the potential sale of our masts and towers business,” said Telkom.
The company’s affordability challenges were evident in its capital expenditure for the period, which declined by 17.1% from R7.4 billion to R6.1 billion.
Taukobong said the company had taken a measured approach to capital expenditure during the financial year, which helped free up cash flow.
“Better-than-expected positive free cash flow of R424 million was driven by improved operational performance and our measured approach towards capital expenditure (capex) this year,” he said.
“The decrease aligns with our strategy and the cyclical nature of capital expenses.”
The CEO noted that the macroeconomic environment was characterised by low growth, high inflation, and geopolitical tensions during the reporting period.
He added that Telkom tried to ensure its services met customers’ need for value.
“This year was challenging for global and domestic economies, and the consumer was significantly impacted,” said Taukobong.
“With the rising cost of living, inflationary pressures, and high interest rates, we had to ensure that our products and services met the customer’s need for value.
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