BTC, whose revenue grew by 4% to P1.49 billion in the year ended 31 March 2025, had planned to introduce a P80,000 annual retainer fee for the directors, while the chair of the board would have pocketed P100,000.
The retainer fee would be paid quarterly in advance. At the Annual General Meeting held on the 23rd of September, 81.88% of total shares voted against the resolution.
Although BTC had announced the move on its annual report and the subsequent AGM proxy, it did not provide any reasons for why it had introduced the retainer fee.
The move also comes at an interesting time, as the telco announced intentions to consolidate its EXCO structure, which will likely see numerous Head of Department roles becoming redundant.
It is not the first time that BTC's compensation structure has been a source of conversation. Former managing director Anthony Masunga also pocketed millions of pula while the company's performance continued to deteriorate.
Masunga abruptly resigned from his role in August 2024.
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| Masunga remuneration vs BTC revenue |
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| Masunga remuneration vs BTC PBT |
Meanwhile, still at the AGM, directors Ranjith Priyalal De Silva and Bafana Molomo, and chair Mokgethi Magapa, who were due for re-election, withdrew their nominations and retired from the board.
The rest of the resolutions were passed, including the appointment of new CEO Jürgen Peschel, and Kgotso Bannalotlhe to the board of directors.