LETTER: Bosses loot business sector
Woolworths CEO Ian Moir is just one of many who have received exorbitant remuneration amid a decline in profitability
I read with intense disbelief your report on the Woolworths annual general meeting (“Surprisingly few pointed questions at Woolworths AGM”, November 28). I find it incredible that CEO Ian Moir received a total of R191m in remuneration over the past five years. The report noted a decline in profitability over the past three.
I’m reminded that Standard Bank CEO Sim Tshabalala received R50m in a year, as did Peter Moyo of Old Mutual before his departure, and Andre de Ruyter before he left Nampak. This seems to be a new standard for SA tycoons, who are looting the business sector in the most astonishing way. Here we have the Zondo commission spending months investigating the public sector and no-one has anything to say about the extortion taking place in the private sector...
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