South African CEO Pay Climbs 9% to R23.2 Million

Total remuneration for top executives at JSE-listed firms rose in the financial year ending 28 February 2026.

Updated on Oct. 15, 2026 in Public Companies

South African CEO Pay Climbs 9% to R23.2 Million

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Should shareholders more aggressively challenge executive pay packages in large corporations?

CEO remuneration across South Africa's 200 largest listed companies increased by 9% to a median of R23.2-million for the year ending 28 February 2026. This growth was largely propelled by performance-based bonuses and share awards as firms also increasingly integrated executive security perks.

Why it matters

The rise in pay reflects stronger company performance and the favourable vesting of incentive awards. As remuneration packages grow, companies are also adapting to a new regulatory environment that empowers shareholders to exercise greater influence over executive pay policies.

Median long-term incentives for CEOs grew by 67%, while CFOs earned a median total of R13.5-million. Shareholders rejected only 0.6% of implementation reports, indicating broad support for current executive pay programmes.

The players

PwC

This professional services network conducts regular research and provides insights into executive remuneration trends for JSE-listed companies.

The details

Remuneration increases for CEOs were driven by a 42% rise in annual bonuses and a 67% boost in long-term incentives, reaching medians of R9.2-million and R9.8-million respectively. Beyond cash and shares, firms are increasingly covering costs for executive safety, such as armoured vehicles and cyber protection, to address growing personal security concerns.

28 February 2026 marked the end of the reporting period for the remuneration data.
22 May 2026 was the date amendments to the Companies Act took effect.

Market Landscape

The competitive landscape for executive talent in South Africa remains tied to complex incentive structures that mirror global corporate governance trends. With the implementation of the Companies Act amendments, firms are transitioning toward a more rigorous era of shareholder oversight and transparent remuneration disclosure.

While executive compensation directly affects corporate overheads, shareholders now have more legal power to influence pay policies through binding votes. This shift may lead to more conservative remuneration strategies as companies seek to maintain the 99.4% support levels seen for director fees.

The takeaway

Shareholders should closely examine future executive remuneration reports to determine if the new binding vote legislation results in more restrained pay growth. Investors may also monitor how the rising cost of security perks impacts company profitability in future reporting cycles.

What happens next

The next cycle of shareholder voting on executive pay is expected to demonstrate the practical application of the new binding vote requirements introduced on 22 May 2026.