The CEO and CFO collectively paid over R91.9 million in tax.
Vodacom, one of Africa’s largest telecommunications, digital technology, and financial services companies, has revealed that it spent over R8.5 million in the financial year 2026 to protect two of its high-profile executives.
The telecommunications company operating in SA, DRC, Egypt, Lesotho, Mozambique, and Tanzania released its integrated report for the year ended 31 March 2026 earlier in the week, revealing how much the company made, spent and paid its employees.
Vodacom, partly owned by Vodafone, revealed that its group CEO, Shameel Joosub, and CFO, Raisibe Morathi, incurred more than R8.5 million in security arrangements and cellphone benefits, while their combined remuneration totalled just over R200 million for the period.
Joosub was appointed CEO in 2012; prior to this position, he served as the CEO of Vodafone Spain and had been with the Vodacom and Vodafone group since March 1994.
According to the group’s remuneration report for the period, Joosub received more than R137 million in remuneration before tax, an increase from over R78 million in 2025.
The results revealed that Vodacom spent R7.7 million in 2026 for Joosub’s security arrangements and cellphone benefits, up from R7.3 million in 2025.
“Security arrangements provided due to the risk profile of the role and cellphone benefit,” said the group.
Morathi was appointed group CFO in 2020. Prior to joining Vodacom, she served as the CFO of the Nedbank Group since September 2009.
For the period, she received a remuneration of more than R68.8 million before tax, an increase from R32.4 million from the previous year. Just like Joosub, Morathi’s total remuneration was boosted by an increase in Conditional Share Plan (CSP) and other Long-Term Incentive (LTI) schemes.
CSP is a common LTI scheme used to reward executives and senior management. Under a CSP, executives are granted rights to company shares, but these shares vest only after a set period and contingent on meeting specific performance criteria.
“LTI awards allocated in June 2023 vesting in June 2026. 5 Dividends are the total of cash receipts during the financial,” said the group.
CEO and CFO’s tax
The report revealed that the CEO paid at least over R61 million in tax, as his remuneration went down to R75.5 million post-tax.
While the CFO paid at least R30.9 million in tax, as her remuneration went down to R37.8 million post tax.
“Post-tax values are indicative using a 45% taxation rate applied to the gross amount,” said Vodacom.
Companies spending millions of rands on executives does not come as a surprise, especially for someone like Joosub, who has been at the company for 14 years.
Both he and Morathi spend their time travelling to other countries where Vodacom operates, not just attending meetings at the Midrand-based headquarters.
R167bn made
The millions spent on Joosub and Morathi come at a time when the kidnapping of executives and their families is common in South Africa. Given the information the two executives have access to, it is safe to assume they fall in the category of people who can be targeted for kidnapping.
According to Vodacom’s financial results, the group generated total revenue of R167.7 billion, with financial services revenue reaching R16.8 billion, and added 26 million new customers across the group, bringing the total customer base to 237.3 million in the markets it operates.
“Looking ahead, from a macroeconomic perspective, uncertainty is expected to persist; however, the fundamentals of the group remain strong, as do our risk management processes,” said Joosub.
“The Group’s resilience through a challenging macroeconomic period between financial year 2022 and financial year 2025 bears testament to these qualities.
“As energy costs continue to rise and diesel supply remains uncertain, we have mitigation measures in place and are actively managing these risks to minimise any potential disruptions.”