Today's Labour News

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earningsBusinessLive reports that CEOs of JSE-listed large-cap basic resources companies are the highest paid among their peers, despite spectacular share price declines among stocks in this sector over the past decade.  

A PwC report revealed on Thursday that the CEOs of those companies received a median total guaranteed pay of R23m in 2016, with those in the upper quartile bagging R33.4m.  This contrasted with CEOs of mid-cap and small-cap basic resources companies, who received median pay of R8m and R1.7m, respectively.  The difference could be explained partly by the fact that large basic resources companies were generally dual listed and so the CEOs were paid in foreign currency.  Still, the JSE’s mining index is down more than 24% over five years and more than 43% over 10 years.  PwC partner Gerald Seegers noted that shareholders and other stakeholders have argued for more stringent regulations on executive pay, citing the weak link between pay and performance and the need for greater transparency in the way remuneration is determined.

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