Ten executive directors and two company secretaries of MTN Group and its major subsidiaries were awarded shares worth R56.5m, according to a JSE Sens report.
The shares, awarded in terms of the company's performance share plan, will vet in three years from the end of December 2012.
Mtn Ceo and president Sifiso Dabengwa was awarded 94 600 shares worth R16.8m, while MTN SA MD Karel Pienaar received 33 000 shares worth R5.8m.
Group Cfo Nazir Patel was awarded 48 500 shares worth R8.6m, while company secretary Bongi Mtshali received 6 400 shares worth R1.1m.
Three executives at the company's Nigerian operations were awarded shares which also vet in three years.
MTN closed down 0.34 percent at R176.99 on the JSE yesterday.