Eskom directors’ fees increased from R5.3 million in 2022 to R26.1 million in 2026

Eskom increased its non-executive director fees from R5.274 million in 2022 to R26.082 million in 2026, a 395% increase in five years.

This increase was revealed in Eskom’s annual report and financial statements for the year ended 31 March 2026.

Eskom said that its remuneration policies for non-executive directors are implemented in line with the government’s guidelines for state-owned companies.

It explained that non-executive directors receive compensation in the form of a fixed monthly retainer fee and per-meeting attendance fees.

Eskom added that these fees are capped in accordance with the shareholder-approved annual meeting calendar.

What stood out over the past few years was that the remuneration for non-executive directors on the Eskom board increased rapidly.

In the 2022 financial year, under former Eskom chairman Professor Malegapuru William Makgoba, board fees were R5.274.

However, after Mteto Nyati took over as chairman, non-executive director fees increased rapidly.

Eskom’s board fees increased to R7.917 million in 2023, R12.185 million in 2024, and R22.396 million in 2025.

In the 2026 financial year, Eskom’s non-executive director board fees reached an all-time high of R26.082 million.

Nyati, as chairman, received the highest remuneration at R2.811 million, with most other directors getting paid between R1.453 million and R2.496 million.

The only directors who did not receive fees above R1 million were those who did not serve on the board for a full year.

The chart below shows the increases in payments to Eskom’s non-executive directors over the last five years.

Big fee increases came after Eskom chairman promised cost cuts

What was striking about the big non-executive director fee increases at Eskom is that they came after Nyati promised cost-cutting at the power utility.

During his keynote speech at the Biznews Conference on 10 March 2026, he said that Eskom’s focus was on energy affordability.

To achieve this, Eskom has set a mandate to reduce costs by R112 billion over the next five years.

“It is going to be painful for the next five years, but it is the road that we have to take if we want to deliver on our mission of powering South Africa,” he said.

Considering that Eskom is on a cost-cutting drive, a 395% increase in non-executive director fees in five years is surprising.

Organisation Undoing Tax Abuse (OUTA) CEO Wayne Duvenage criticised the high non-executive director fees at state-owned enterprises.

He said that board chairpersons of state institutions, who provide only oversight, not operational work, can earn up to R3 million per year.

This, he said, was preposterous, as it was similar to the salary of a CEO of a large company, which carries a much higher workload.

“Some board members are earning up to R20,000 a day. A full day’s fee gets paid out even for a brief three-hour meeting,” he said.

“On top of that, the board members claim stipends, travel expenses, and other perks. It’s being heavily abused.”

He added that there are also many cases where board members have conflicts of interest and where they benefit far beyond just their board fees.

“Their private companies start receiving bursary grants from the companies which they chair, they get flown overseas, or they’re given tablets and laptops,” Duvenage said.

“As a director, those are basic tools of the trade. You’re expected to bring your own equipment, not demand that the entity buy you a computer.”

Energy policy and investment specialist, Anton Eberhard, also raised concerns about the Eskom board fees and the high number of meetings.

“Something is not right. There are an insane number of Eskom board and committee meetings. It is off-kilter compared to large corporates,” he said.

Eskom non-executive director fees

Director	2026 Fees	2025 Fees
M Nyati	R2.811 million	R2.724 million
FBB Abdul Gany	R1.857 million	R2.352 million
AJ Barendse	R611,000	–
EK Chiloane	R495,000	–
LL Goqwana	R1.948 million	R1.775 million
SN Govind	R640,000	–
APZ Mafuleka	R1.395 million	R1.832 million
DC Matshoga	R553,000	–
L Mkhabela	R1.568 million	R1.832 million
TL Mthombeni	R2.496 million	R1.832 million
TP Nchocho	R640,000	–
B Ntshalintshali	R1.481 million	R1.775 million
JV Peach	R495,000	–
T Ramano	R1.453 million	R2.006 million
CR le Roux	R2.496 million	R2.237 million
BS Tshabalala	R582,000	–
CB Vilakazi	R2.237 million	R1.832 million
C Von Eck	R1.655 million	R2.199 million
TP Zondi-Mthembu	R669,000	–
Total	R26.082 million	R22.396 million