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 9% to R23.19-million during the year to February 2026, while CFO pay increased 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 42% for CEOs and 39% for CFOs, while long-term incentive awards surged 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.
Transformation remains elusive
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 overwhelming majority of top corporate leadership positions.
PwC noted that female representation at both 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.
Bonus boom
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.
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“The increase has come mainly through incentives, particularly long-term incentives, rather than guaranteed pay,” said Makhosazana Mabaso, Reward Partner at PwC.
According to the firm, stronger company performance and favourable vesting outcomes were the primary drivers behind the rise in executive rewards.
Shareholders back higher pay
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 fell sharply to 0.6% from 5.4%.
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No remuneration policies received more than 50% shareholder opposition during the period under review.
Non-executive directors also benefited from higher pay. Median board fees rose 7.7%, while chairperson fees increased 6.5%.
Pressure for greater accountability
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.
- Median total remuneration for CEOs in the JSE Top 200 rose 9% to R23.19-million and for CFOs increased 7% to R13.49-million, driven mainly by performance-linked incentives.
- Short-term incentives increased by 42% for CEOs and 39% for CFOs, while long-term incentive awards rose 67% and 54% respectively.
- Women represent only 10% of CEOs and 25% of CFOs, with African, Coloured, and Indian/Asian executives accounting for 18% of CEOs and 28% of CFOs, indicating limited diversity at the top.
- Male CEOs earn a median guaranteed pay package 7% higher than female CEOs, and male CFOs earn 2% more than female CFOs.
- Shareholder support for executive remuneration proposals increased to 89.6% with non-executive director fees also rising by around 7% during the year.
