Executive directors awarded themselves considerably more than inflation-linked increases in pay during 2015‚ even as they called on workers to be responsible in their wage demands.
PwC’s latest remuneration report‚ released on Thursday‚ showed that executive directors of the largest JSE-listed companies had awarded themselves increases in total guaranteed pay of between 9% and 12%.
The report understates the full extent of the generosity enjoyed by executives‚ as it does not deal with variable pay‚ which can boost guaranteed pay between 30% and 200%‚ and which increased at much higher rates.
Business Day reported on Friday that the report highlights an absence of regulations to restrain runaway executive pay in South Africa‚ in contract to the big global economies.
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