The incomes of top management in South Africa's largest corporations are showing growth, with a significant portion of this increase being driven not by guaranteed pay, but by bonuses and long-term rewards.
According to the latest PwC report on director remuneration and trends, CEOs in the 200 largest listed companies on the JSE received a median total remuneration of R23.2 million for the last financial year, equivalent to approximately R1.93 million per month. This figure increased by 9% compared to the previous year.
The PwC report analyzed the compensation of executives in these companies for the financial year ending February 2026. It showed that the median results of long-term incentives for CEOs grew by 67%, while short-term incentives increased by 42%.
In comparison, the median total guaranteed compensation for CEOs only increased by 6%, reaching R8.814 million. Chief Financial Officers (CFOs) also recorded an income increase: median total remuneration rose by 7% to R13.489 million. Their long-term incentives increased by 54%, and short-term incentives by 39%; meanwhile, the median total guaranteed compensation for CFOs increased by only 1%, amounting to R5.580 million.
PwC explains the higher remuneration figures through improved company performance and favorable accrual of incentive payments. Mahosazana Mabaso, a PwC Partner in Remuneration, noted: 'The main story is not just that executive pay has risen, but what it is causing. The growth occurred mainly through incentives, especially long-term ones, rather than through guaranteed pay.'
Mabaso also emphasized that 'the primary task for boards of directors now is to ensure remuneration is linked to performance and sustainable value creation, while balancing the expectations of executives, employees, and shareholders.'
According to PwC, the rise in executive compensation coincided with increased shareholder support for company remuneration reports. Support for remuneration implementation reports rose from 83.8% in 2025 to 89.6% in 2026. Furthermore, the share of reports facing opposition from more than half of shareholders decreased from 5.4% to 0.6%.
In 2026, no remuneration policy decision faced opposition from over 50%, compared to 1.2% in 2025. Nevertheless, some compensation decisions remain controversial. PwC highlighted close scrutiny of large one-off sign-on payments that lack performance-related conditions, as well as large grants for long-term incentives that are insufficiently justified.
Approximately 9.6% of remuneration policy decisions and 9.8% of implementation reports received shareholder support in the range of 50% to 75%. These findings come against the backdrop of changes in South Africa's corporate governance system. Amendments to the Companies Act regarding remuneration came into effect on May 22, 2026, strengthening requirements for payment transparency and accountability to shareholders.
Leila Ebrahimi, a PwC Partner in Remuneration, stated that greater transparency can help companies make more informed remuneration decisions. She added: 'Higher quality compensation data allows organizations to identify patterns, uncover potential gaps, and make more informed remuneration decisions.'
Despite the substantial amounts, women continue to hold underrepresented numbers of leadership positions in South Africa's largest listed companies. Women account for 10% of CEOs and 25% of CFOs in the JSE Top 200 companies analyzed in the report. The data also shows differences in guaranteed remuneration between men and women. The median gap in total guaranteed pay between male and female CEOs was 7% in 2026, while male CFOs received a median total guaranteed pay 2% higher than their female counterparts.
Board member remuneration also increased during the reporting period. Median fees for non-executive board members increased by 7.7%, and chair fees by 6.5%. Median proposed annual fees were R1.754 million for chairs, R1.509 million for deputy chairs, R1.193 million for lead independent directors, and R518,000 for board members.
