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SA to tackle ‘injustice’ of excessive executive pay

Finalising legislative changes that aim at narrowing the earnings gap between company executives and the lowest-paid workers.
Image: Waldo Swiegers/Bloomberg

South Africa is finalising legislative changes that aim at narrowing the earnings gap between company executives and the lowest-paid workers, according to Trade and Industry Minister Ebrahim Patel.

“A further amendment to company law is required to tackle the gross injustice of excessive pay,” Patel told lawmakers in his department’s budget vote speech on Tuesday. “A new bill that will be finalised within 60 days will require disclosure of wage differentials in companies, stronger governance on excessive director pay and enhanced transparency on ownership and financial records.”

South Africa is one of the world’s most unequal nations, a legacy of the system of racial discrimination that disadvantaged the Black majority and ended in 1994. Chief executives and top lawyers can make in excess of R20 million a year, while the official minimum wage is just over R20 an hour.

© 2021 Bloomberg

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Hey Patel!!!!

Go and find something constructive to do!!! TSK!!

Go now!!!

SA will just export more HNW individuals.
Patel must please explain how despite all of his meddling, he has managed to shrink employment and the economy.

Jip. Are they going to look at the responsibilities of the lowest earner as well? And the hours they work? And the degrees they studied for? And the value they add to the company?

So are minsters like Patel going to take a haircut?

Politicians’ pay is not ‘injustice’, it’s ‘democracy’. As you know, they’re not there to be poor.

The proposed changes sound pretty toothless, whichever side of the argument you take.

Does this mean they will REDUCE the salary of all politicians, National, Local and Provincial

Better include politicians (like Auntie Patel for example) payscale as well in this “excessive pay” comparison!

I often think that if 90% of parliamentarians and councillors (of ALL parties) were audited for the actual value of ANY civic contributions they made, the conclusion would be that the country would be better off WITHOUT their presence.

Most of this useless lot are just “pretending” they’re working, and are only in it for the perks and fat pension afterwards.

This could be the final reason for companies to relocate overseas and away from this hell hole ( werkers paradise)

Next shareholder dividends will be subject to some communist thinking and the destruction will be completed. Somehow the Patel’s and Ghordan’s manages to continue raking in huge salaries. All of this is simply a way to get the haves to cut their losses and relinquish their assets at below value. The final flawed thinking is that the new owners that got their hands on it at a politically engineered discount will somehow see it flourish as the original owners did. No, it will go the way of the Portuguese assets in Mozambique rendering the takers short lived utopia until the fuel that was in the tanks run out. Too bad democracy among foolish voters provides no means for the intellectuals to intervene.

Is there a competition amongst ANC cabinet ministers to see who can be the biggest idiot?

The concept of “executive” selection criteria is an issue that brings increasing post-impact grip on any afflicted (subjugated) “society”. The natural cycle of excess and reform appears to reach further for yet another unsustainable excess of dictatorial, elite grip.
This time it looks very much like it has already won in the “western” and “exemplary” dominions of the old money-power world as its unelected controllers clings with increasing money and increasing desperation to its former but rapidly diminishing hegemony. The volatility has nuclear capability.
Raw socialists tend to be unable to compete with or comprehend the creative, risk taking and/or lead-others talent, mentality and inherited genetics of those that attract and harness capitalist interest, support and promotion. They should also apply themselves to the embracing of such ability, such basic raw talent. They need to sway the capital money-power to be with sustainable benefit. Political ideology sustains better when the practicality of it all exists within the hearts and souls of the people and when intimidation and blind greed are shunned.

Quite difficult to beat Einstein here that brought us banned hot chicken not so long ago.

All this under the nose of the self enriched billionaire leader. Does not say much of the whole lot does it.

I am surprised grass grow where their shadows fall.

Maybe Patel should turn his attention to his fellow cabinet ministers and the ANC and stop the looting of tax payer monies

How do we expect communists to understand the laws of ‘supply and demand’? That is what drives executive’s pay – and long may it last.

End of comments.

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