JSE Top 200 executive pay rises driven by performance incentives

Median total remuneration for CEOs at South Africa’s JSE Top 200 companies rose 9% to R23.19 million for the period ending February 2026, according to PwC’s 19th Directors Remuneration and Trends report. CFO compensation also saw a 7% increase, reaching a median of R13.49 million.

These increases were primarily driven by performance-linked incentives rather than fixed salaries. Median short-term incentives (STI) rose by 42% for CEOs and 39% for CFOs, while long-term incentives (LTI) saw significant jumps of 67% and 54%, respectively. Total guaranteed pay (TGP) saw more moderate growth, increasing 6% for CEOs and 1% for CFOs.

Despite the rise in executive pay, the report highlights ongoing challenges regarding corporate transformation and diversity. Women represent only 10% of CEOs and 25% of CFOs within the JSE Top 200. Racial representation remains limited, with African, Coloured, and Indian/Asian executives accounting for a combined 18% of CEOs and 28% of CFOs. Additionally, a gender pay gap persists, with male CEOs earning a median guaranteed pay package 7% higher than female CEOs.