Vodacom has announced that Group CEO, Shameel Joosub, has heeded the call by South Africa President Cyril Ramaphosa and will donate a third of his salary for the next three months to the country’s Solidarity Fund.
The fund enables individuals and organisations to contribute to the detection and prevention of Covid-19, to provide care for those that need medical care and to support those whose lives have been disrupted by the health crisis.
(TOP: Shameel Joosub, CEO, Vodacom Group. Image: MyBroadband).
Commenting on his decision, Shameel said: “On Thursday, South Africa’s President, Cyril Ramaphosa, set an incredible example by announcing that he would be taking a one-third pay cut for the next three months and that his entire cabinet will do the same. I, too, will heed the President’s call by donating a third of my salary for the next three months to the Solidarity Fund and call on other CEOs to follow suit. Not only is it the right thing to do but it will, in a small way, help towards South Africa’s recovery from the pandemic.”
According to BusinessTech, the Vodacom Group CEO’s total pay package recorded a decrease of 24 per cent in 2019 compared to the previous, taking home a final pre-tax paycheque of R38.3 million($2.09 million), down from R50.3 million (about $2.67 million) in 2018.
Howver, Joosub’s basic salary increased to R11.28 million ($597,840) from R10.5 million ($556,500) before, but saw a smaller payout from both short-term (STI) and long-term incentives (LTI), which were 21 per cent and 46 per cent lower than the previous year, respectively.
In addition to contributing part of its Group CEO’s salary to the Solidarity Fund, Vodacom also announced a donation of 20,000 Samsung smartphones plus 100 terabytes of data and 10 million voice call minutes to the National Department of Health to support efforts aimed to combat the spread of Coronavirus (COVID-19) in South Africa. The devices, data and voice bundles will be used by frontline health workers to collect and transmit data in real time for resource planning purposes as the government accelerates its COVID-19 testing campaign.
The telco also announced that it will spend over R500 million ($27 million) over a two-month period to boost network capacity and increase network resilience during the lockdown period and to help cope with any possible load shedding. This would include accelerating the installation of smart energy management solutions and supplementary network capacity.