About 68 percent of South African business owners believed executives were too highly paid. Seventy-six percent of their international counterparts share this view, the researchers said.

The study, by Grant Thornton's International Business Report, was released on Monday.

Head of corporate finance Jeanette Hern said in South Africa 90 percent of respondents believed the positions of chief executive and chairperson should not be held by the same person.

In Brazil, Russia, India, and China, 88 percent of those surveyed felt these roles should be separated, compared to 80 percent globally.

About 85 percent of South Africans questioned believed shareholders should be consulted about remuneration policies for senior executives.

This was well ahead of the global response of 67 percent.

The results indicated the tough global economic conditions of recent years had affected investors, Hern said.

"They want to know how their money is being spent and whether executives' remuneration is in line with performance."

This hypothesis was supported by the fact that all Greek business owners surveyed since the country's economic collapse, believed remuneration should be tied to performance.

Only four percent of South African business leaders differed from this opinion.

"These businesses need to ensure that their policies are known, understood, and transparent, and that reward can be justified by performance," Hern said.