THE pay packages awarded to SA’s CEOs are always bound to be defended by their companies, with Whitey Basson’s R100m ($7.3m) at Shoprite being a case in point.Yes, it is quoted in dollars also. Basson’s pay has to be compared with the pay of international retail CEOs. For instance, consider that Carol Meyrowitz at TJX in the US was paid $28m and that the average top executives in the global retail sector received $14m in 2015.And bear in mind that Shoprite has created thousands of jobs over the years and that it has enriched its shareholders handsomely. This makes R100m small change. It is especially so in light of Shoprite’s market cap of R110bn, which has allowed the government to rake in billions of rand in taxes.Then again, one has to ask if receiving a R100m package is not ultimately a Pyrrhic victory for the CEO. How can it be tolerated when most people are mired in poverty? How does Basson swallow his cake when around him poverty-induced unrest is tearing the country apart? I...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.