EACH of the seven highest-paid CEOs in JSE-listed companies earned more than 300 times what the average South African did last year, according to a report by impact investing specialist Mergence Investment Managers.The growing pay divide is one of the main factors in the worst mining strike in South Africa’s history and the report entrenches the notion that South African CEOs are being paid according to western world standards, but the salaries of their workers remain stuck in the third world.And the trend is getting worse — the gap has increased from just under 120 times in 2009 to more than 140 times in 2013.Retailer Shoprite was found to have the highest gap between total CEO compensation and the average wage per employee of 725 times.It joins three other JSE-listed companies with a gap of more than 200 times — food products company AVI, Aquarius Platinum and miner Anglo American.The research, which used a broad cross-section of data from company reports, World Bank statistics an...
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.