B. Compensation
Fiscal year 2024
- For FY2024, total compensation paid to MIC S.A.'s directors was $1.3 million. Total compensation to MIC S.A.'s officers (including pension accruals) was $26 million.
- Director remuneration for FY2024 totaled $1,300,000 ($565K cash-based, $735K share-based). FY2023 director remuneration totaled $1,675,000.
- Individual director compensation disclosed: Maria Teresa Arnal $172.5K, Bruce Churchill $185K, Justine Dimovic $182.5K, Tomas Eliasson $205K, Blanca Trevino de Vega $182.5K. Several directors (Lombardini, Niel, Durand) declined or were not applicable for remuneration.
- Former directors: Pernille Erenbjerg $260K (until May 2024), Aude Durand $212.5K (until Sept 2024), Thomas Reynaud $160K (until Sept 2024).
- Share-based compensation calculated using average Millicom closing share price on Nasdaq for three months ending April 30, 2024 (US$18.56 per share).
- Aggregate Group Leadership Team (GLT) compensation in 2024 was $25 million. GLT received 136,464 grant units of shares ($2 million) and 90,809 stock appreciation rights. The Company set aside $1 million for pension obligations.
- CEO: Marcelo Benitez (appointed June 1, 2024). No individual CEO compensation breakdown disclosed; only aggregate GLT figure provided.
- Compensation philosophy: competitive base salary at peer median, STI based on Service Revenue/EBITDA/EFCF (75%) and individual performance (25%), LTI comprising SARs (60%), RSUs (30%), and Performance Shares with ESG target (10%).
Key figures
- Director compensation 2024 total
- $1,300,000Filing reports in thousands of USD; amount already converted to units
- Director compensation 2023 total
- $1,675,000Filing reports in thousands of USD; amount already converted to units
- Officers compensation 2024 aggregate
- $26,000,000$26 million per filing
- GLT compensation 2024 aggregate
- $25,000,000$25 million per filing
- GLT share grants 2024
- $2,000,000$2 million in 136,464 grant units
- GLT pension 2024
- $1,000,000$1 million set aside for pension obligations