by Thinus Ferreira
MultiChoice CEO Calvo Mawela has had a total pay increase over the last financial year of 125% with the total remuneration of the pay-TV operator's boss that climbed from $708 000 in 2019 to $1.59 million (R27.53 million).
According to MultiChoice's latest consolidated annual report for the financial year until the end of March 2020 Calvo Mawela was paid an annual salary of $570 000, a pension of $67 000, benefits totalling $227 000, and short and medium-term incentive (STI) of 726 000. This STI includes a bonus payment.
Calvo Mawela, like MultiChoice executive chairperson Imtiaz Patel, are paid in dollar according to the MultiChoice Group's Dubai-based contracts that work according to Dubai's cost-of-living metrics.
Calvo Mawela's employment "transferred" to Dubai from South Africa since he has to look after MultiChoice South Africa as well as MultiChoice Africa business.
"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," MultiChoice said.
"With the move to Dubai, Calvo Mawela's remuneration was aligned with the policy as applicable in Dubai and is reflected in dollars."
Imtiaz Patel's total MultiChoice remuneration increased 6.16% from $1.46 million to $1.55 million.
Tim Jacobs, MultiChoice chief financial officer, saw his total remuneration increase 21% from R8.45 million to R10.22 million.
Advocate Kgomotso Moroka, chairperson of the remuneration committee, said that the global video entertainment industry was becoming more competitive, especially with the growth of global subscription video-on-demand streaming services.
"Therefore, it is critically important that we adopt principles that allow us to attract and proactively retain our top talent."
"In addition, given the growth potential for our business, we also need to ensure our reward practices are aligned with the delivery of desired results and value creation over time."
