MultiChoice chief executive Calvo Mawela’s total remuneration was $649 000 (R11.3 million) in 2020, up by 3% compared with last year’s R10.6 million, according to the pay-TV’s operator’s annual report released today.
Executive chairman Imtiaz Patel was paid $620 000 (R10.7 million) and CFO Tim Jacobs received R7.5 million.
These amounts include base salary, pension, benefits, and short-term incentives.
Patel and Mawela are paid in dollars, which is aligned with the MultiChoice Group Dubai-based contracts and considers Dubai’s cost of living and typical expatriate benefits for Dubai.
The company said to focus significant time on the MultiChoice Rest of Africa business, Calvo Mawela’s employment transferred from South Africa to Dubai.
“Being based in Dubai enables Calvo to be closer to the MultiChoice Africa management team and to have more accessible travel into the Rest of Africa and with the added focus on returning the Rest of Africa business to profitability,” the pay-tv operator disclosed.
“With the move to Dubai, Calvo’s remuneration was aligned with the policy as applicable in Dubai and is reflected in dollars.”