LETTER: Private sector CEOs’ obscene pay sets bad example
We should not be surprised when we witness the corruption of executives in state organisations
Congratulations to Allan Seccombe for his article (“Bliksem! CEO pay is still going through the roof after more than doubling in a decade (https://www.businesslive.co.za/bd/opinion/columnists/2020-08-26-allan-seccombe-bliksem-ceo-pay-is-still-going-through-the-roof/)”, August 27). It is important for journalists to highlight the immorality of a system that creates such obscene inequality.
Since its inception the SA gold mining industry has been based on profit maximisation through the suppression of wages of unskilled (read black) labour. Control of the cost of black migrant labour was essential to enable the mines to make profits and attract overseas investment, mainly from London. This system of profit maximisation, unimpeded by notions of ethics and fairness, has endured, and the obscene remuneration of CEOs is a manifestation thereof...
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