There are many in similar situations - high performers, put forward for pay rises by their managers who have been waiting years to hear something. The DXC process, by which you are only notified if you are successful. doesn't help.
Smith is (probably) telling the truth in that he approves multiple pay rises every week. It's probably literally a few, leaving hundreds of others unapproved.
Pay rises DO exist within DXC but you have to be a consistently high performing flight risk in a growth area whom they REALLY want to keep.