JSE CEOs pocket bigger bonuses while women and black executives lag behind

Chief executives at the country’s largest listed companies enjoyed another lucrative year as bonus and long-term incentive payouts surged, even as women and black professionals remained severely under-represented in the upper ranks of corporate South Africa, according to PwC’s 2026 Directors Remuneration and Trends Report.

Median total remuneration for CEOs in the JSE Top 200 rose by 9% to R23.19-million during the year to February this year, while CFO pay increased by 7% to R13.49-million. The increases were driven overwhelmingly by performance-linked incentives rather than salaries.

The report found that short-term incentive payments jumped by 42% for CEOs and 39% for CFOs, while long-term incentive awards surged by 67% and 54% respectively, highlighting the growing role of bonuses in executive remuneration.

The strong growth in executive rewards comes as corporate South Africa continues to face scrutiny over transformation, diversity and income inequality.

Despite years of focus on diversity and inclusion, women account for just 10% of CEOs and 25% of CFOs among the JSE Top 200 companies analysed by PwC.

Racial representation is equally limited. African, coloured and Indian/Asian executives account for a combined 18% of CEOs and 28% of CFOs, leaving white executives occupying the most of the top corporate leadership positions.

PwC noted that female representation at CEO and CFO level showed little meaningful movement from the previous year, underscoring the slow pace of change at the top of listed companies.

The report also found a gender pay gap among top executives, with male CEOs earning a median guaranteed pay package 7% higher than female CEOs. Male CFOs earned a median 2% more than their female counterparts.

The sharpest increases were recorded in incentive remuneration. Median CEO bonuses increased to R9.22-million, while long-term incentive payouts climbed to R9.85-million, exceeding the median guaranteed salary of R8.81-million.

For CFOs, short-term incentives reached R5.45-million and long-term incentives R4.86-million, compared with the median guaranteed pay of R5.58-million.

“The increase has come mainly through incentives, particularly long-term incentives, rather than guaranteed pay,” Makhosazana Mabaso, a reward partner at PwC said.

According to the firm, stronger company performance and favourable vesting outcomes were the primary drivers behind the rise in executive rewards.

Despite growing scrutiny of executive compensation globally, shareholders largely supported remuneration proposals. Support for implementation reports rose to 89.6% from 83.8% a year earlier, while the proportion of companies facing majority opposition on remuneration implementation reports plunged to 0.6% from 5.4%.

No remuneration policies received more than 50% shareholder opposition.

Non-executive directors also benefited from higher pay. Median board fees rose by 7.7%, while chairperson fees increased by 6.5%.

The findings come as amendments to the Companies Act introduce stronger disclosure requirements around remuneration and shareholder accountability.

PwC said the new rules could place increased focus on pay transparency and wage-gap reporting.

While executive rewards continue to grow, the report suggests boardrooms remain far from representative of the country’s demographics, raising fresh questions about who is sharing in the benefits of corporate South Africa’s improved performance.