07 Dec 2009
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All about Executive Salaries in South Africa - what CEOs, Directors and Executive Directors earn on Mywage South Africa
There is a huge gap betwen the salaries of top executives, directors and CEOs, and the salaries of ordinary workers. In some cases, it can take a person 330 years to earn what a CEO earns in one year.
According to figures released in the Bargaining Indicators 2009 publication, brought out by the Labour Research Services, executive director salaries rose 11.6 percent on average, those of chief executive officers (CEOs) increased by on average 14 percent and nonexecutive directors saw their fees rise by 15 percent. The average low-wage worker saw an increase of 10.1 percent in 2008.
Author Michelle Taal, in her Directors' Fees Survey 2009, notes that in 2008 the average annual remuneration for an executive director was R6, 439, 000; chief executive officers received R10, 460, 000 and non-executive directors earned R522, 000. A low-wage worker would therefore have to work 16.5 years, 203 years and 330 years to earn what an average non-executive director, executive director and CEO respectively were paid in 2008.
The sample includes 71 companies listed on the Johannesburg Stock Exchange (JSE) from 14 sectors, as well as one state-owned enterprise, Denel. The data has been extracted from the most recently published annual report and accounts as of 1 June 2009 and includes year ends from the end of February 2008 to the end of December 2008.
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