MTN Nigeria’s CEO, Karl Toriola, has defended the remuneration of the company’s Board of Directors despite the tough economic climate. During the Annual General Meeting (AGM) held in Lagos, a shareholder, Olushola Makindipe, questioned the directors’ fees. He suggested they did not align with the current economic challenges.
Toriola explained that although MTN Nigeria faces difficulties due to inflation and naira devaluation, resulting in significant losses and an inability to declare dividends, the Board’s remuneration remains competitive and fair. He noted that the Chairman’s annual fee is set at N54,120,000 and each Non-Executive Director receives N36,285,000. These amounts are deemed necessary to attract and retain qualified individuals who provide essential corporate oversight and direction.
Toriola emphasized that the Board members dedicate substantial time and effort to the company’s governance, and their fees reflect the need to stay competitive in the industry. He reassured shareholders that while the company is mindful of the economic situation, maintaining a competent and motivated Board is crucial for navigating through these challenging times.
Source: Daily Trust