LETTER: Stop corporate greed
Shareholders (and their directors) who sign off on executive pay continue to perpetuate inequality in SA
Corporate SA has no shame. At the recent results announcement of First Rand, SA’s largest bank by market capitalisation, it became clear that the pursuit of wealth is becoming ever more ruthless. The combined incomes of the group’s CEO, his deputy, the CFO and the CEOs of the brands within the group, topped the R277m mark — more than a quarter of a billion rand in just one year.
No doubt they have met their targets, have experience, expertise and require incentives to keep them at the bank, but this just doesn’t sit well. In a country where 55% of the population lives in poverty, with 21% (12-million) experiencing extreme food poverty, surely this shouldn’t be acceptable?..
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