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According to a new report released by PwC, CEOs of the largest publicly traded companies in South Africa earned a total pay of 24.9 million rand on average last year.
"The average salary of CEOs is 24.9 million rand. For financial managers, the average is 15.1 million rands and for the executive directors of 8.7 million rupees, "says the 10th edition of PwC executive directors: Pay Practices and Trends . reviews compensation trends, gender balance, and corporate compensation reporting requirements for 2017.
24.9 million rand refers to "total guaranteed packages" for the top 10 companies listed on the Johannesburg Stock Exchange, which, according to the report, accounted for 60% of the capital invested, totaling 8.7% trillion rand.
In 2016, the top 10 CEOs grew by 1.3% compared to the figure of 24.6 million rand. The average salary of the top 10 CFOs grew by almost 10% while the average salary of the top 10 CEOs increased by 12.8% until 2016.
Compensation of the 342 CEOs of the companies registered with the JSE varied considerably. Total median CEO compensation for JSE-listed groups was 5.2 million rand.
READ MORE: South Africa pay attention to the pay gap
Compensation of a CEO of a publicly traded company the industrial sector stood between 7.5 million and 7.4 million rand.
A CFO of a publicly traded small-cap company in the services sector could hope to earn between 1.7 and 3 million rand.
The report did not mention corporations.
Representation of the sexes
The report finds that only 2.2% of CEOs of companies listed on the JSE were women
This number increases to about 10% when the CEOs of all SA companies are included, including those not listed on the local stock exchange.
Meanwhile, the percentage of women in management positions in SA companies has stagnated, rising only slightly from 26% in 2004 to 28% in 2017.
In a press release to coincide with the report, PwC said not yet clear how the recent exposure of financial misconduct to some large companies SA would affect executive compensation.
Shares in the Steinhoff global distribution chain, for example, have fallen more than 95% since December, when CEO Markus Jooste suddenly resigned after accounting irregularities were reported in his financial statements.
placed in curatorship in March.
"The question that must be answered is: what effect will the violation of fiduciary or misconduct obligations have on executive compensation, and whether companies should recover the incentives paid or devolved to the guilty leaders in the event of business bankruptcy, "In light of the current climate and recent business bankruptcies, companies must determine whether they have appropriate measures to hold managers accountable, if any, and recover, if necessary , their variable compensation. "- End 24
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