What South Africa’s Top SOE Executives Earn in 2025: A Deep Dive into Public Sector Pay

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In a time of economic pressure, the salaries of South Africa’s top state-owned enterprise (SOE) executives have come under the spotlight. Thanks to a detailed parliamentary response by Mineral and Petroleum Resources Minister Gwede Mantashe, South Africans now have a clearer picture of what these public officials are earning — and the numbers are significant.

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SOE Executives’ Earnings: An Overview

According to Mantashe’s disclosures, most SOE CEOs operating under his department earn between R2.4 million and R6.1 million per year, excluding performance bonuses. The Central Energy Fund (CEF) tops the list, while smaller or less financially active entities like Alexkor occupy the lower end.

The Highest-Paid SOE Executive in 2025

Ishmael Poolo, the CEO of the Central Energy Fund (CEF), is the highest-paid executive among the disclosed SOEs. Poolo’s total annual remuneration package is R6,147,526.77, along with a performance bonus of R2,839,005.15 for the 2023–2024 financial year.

While the CEF Group reported a net loss of R522.1 million, the entity itself still managed a net profit of R126.7 million, a fact used to justify Poolo’s high bonus.

PetroSA and SFF: Heavy Losses, High Salaries

The second-highest earner is from PetroSA, where former CEO Xolile Sizani received R5,808,930.04 annually before his suspension. His replacement, Sesakho Magadla, who now also heads the Strategic Fuel Fund (SFF), earns R5,768,294.77, plus a R2,376,425.74 bonus.

This comes even as PetroSA posted a net loss of R2.2 billion — a stark contrast to its originally budgeted net profit of R2.6 billion. Likewise, the SFF recorded a net loss of R313 million, mainly attributed to a R2 billion repayment to National Treasury as part of a fuel levy relief offset.

Other Top SOE Salaries Revealed

Several other executives earn packages above R4 million annually:

Tshepo Mokoka (Interim CEO of the Petroleum Agency South Africa):
- Salary: R5,092,487
- Bonus: R485,530.58
- The agency reported a modest R6.6 million net profit
Mosa Mabuza (CEO, Council for Geoscience):
- Total: R4,704,434.52
- Bonuses: R467,808.61 (2023–24) and R405,733.65 (2024–25)
Dr Molefi Motuku (CEO, Mintek):
- Salary: R4,582,495
- Bonuses: R180,077 (2023–24) and R371,168 (2024–25)
Lemogang Pitsoe (CEO, AEMFC):
- Salary: R4,449,217.44
- No bonuses awarded

Lower-End Executive Salaries

Not all SOE executives earn massive salaries. At the lower end:

Cecil Khoza (CEO, South African Diamond and Precious Metals Regulator):
- Total: R2,834,828, including a R101,763 bonus
David Mamphitha (CEO, Mine Health and Safety Council):
- Total: R2,756,532.60
- Bonus: R220,324.81
Nosiphiwo Mzamo (CEO, State Diamond Trader):
- Total: R2,438,522, with significant contributions toward provident fund and medical aid
Lemogang Pitsoe, also listed as CEO of Alexkor SOC Limited, earns just R933,926.51 per year, far below the Department of Public Service and Administration (DPSA) guidelines.

A Matter of Public Accountability

Despite the eye-watering salaries and bonuses, Minister Mantashe confirmed that all packages — except for Alexkor’s — align with the DPSA remuneration guidelines.

Fair Pay or Misaligned Incentives?

The annual compensation of South Africa’s top SOE executives ranges significantly, but the general trend shows multi-million-rand packages, regardless of performance outcomes. While alignment with DPSA guidelines offers some reassurance, the growing financial losses at several entities call into question whether executive bonuses are being awarded in the public’s best interest.

As more information becomes available and pressure mounts, South Africans can expect more debates around public sector remuneration, transparency, and the performance of state-owned enterprises in the years ahead.