ARM CEO pay rises 29% to R28.1 million as headline earnings increase

Dr Patrice Motsepe, founder and former chairman of African Rainbow Minerals.

Image: Karen Sandison | Independent Newspapers

African Rainbow Minerals chief executive Phillip Tobias’s total remuneration rose by 29% to R28.126 million in the year to June 2026, as the mining group’s headline earnings increased by 19% to R3.201 billion.

Tobias’s remuneration included a cash bonus of R11.134 million, almost five times the R2.295 million he received in the previous financial year. His basic salary rose from R8.825 million to R9.242 million, while his long-term incentives amounted to R6.623 million.

His total remuneration for the year was R28.126 million, compared with R21.780 million in the previous financial year. The comparison includes long-term incentives in both years, following ARM’s adjustment of the comparative disclosure to align it with the current-year presentation.

The increase in Tobias’s remuneration came in a year when ARM’s financial performance improved, largely because of higher dollar prices for platinum group metals. Headline earnings rose to R3.201 billion from R2.695 billion, while earnings per share increased to R16.60 from R13.79.

The group’s performance was mixed across its operations. ARM Platinum returned to profitability, reporting headline earnings of R1.345 billion after a R1.288 billion loss in the previous year. By contrast, headline earnings from ARM Ferrous fell by 42% to R2.028 billion, reflecting weaker contributions from its iron ore and manganese divisions.

Former executive chairman Patrice Motsepe received R28.532 million for the period to 15 February 2026, when he retired from the executive position and as an employee of ARM. He became non-executive chairman on 16 February.

Motsepe’s remuneration for his executive tenure included a basic salary of R6.702 million, a cash bonus of R9.022 million and long-term incentives of R12.798 million. His remuneration as non-executive chairman for the rest of the financial year is disclosed separately, making his total for the executive period different in scope from Tobias’s full-year figure.

Finance director Tsundzukani Mhlanga earned R18.920 million, including a basic salary of R6.226 million, a cash bonus of R6.969 million and long-term incentives of R5.133 million.

The three executive directors received total remuneration of R75.578 million. Across the wider group of executive directors and prescribed officers, total remuneration was R167.154 million, of which R91.576 million went to prescribed officers.

Among the prescribed officers, Michael Schmidt received the highest total remuneration, at R29.106 million. His package included a basic salary of R8.019 million, a cash bonus of R9.040 million and long-term incentives of R11.158 million.

Andre Joubert received R17.874 million, while Thando Mkatshana earned R16.977 million and JC Jansen received R13.677 million.

ARM says its short-term incentives are cash bonuses linked to performance measures and targets, while long-term incentives are share-based rewards intended to align management’s interests with those of shareholders. No bonuses were deferred and no sign-on awards were made to executive directors or prescribed officers in the year.

The long-term incentive figures include the pre-tax settlement value of conditional share awards under the company’s 2018 conditional share plan, recognised when performance was determined at vesting during the financial year. ARM’s disclosure treats some awards differently where they relate to operational cash incentives awarded in earlier years.