Top execs receive obscene packages as staff struggle to make ends meet

Figures contained in the recently released annual financial reports lay bare how most South African JSE-listed companies are perpetuating income disparities by giving obscene remuneration packages to top managers while staff members are subjected to single-digit average annual salary increases.

- By Mpho Sibanyoni

Sunday World this week compared the salaries of Old Mutual, Standard Bank Group, Nedbank Group and MTN Group top management against the average increases of their staff.

Old Mutual's chief executive Iain Williamson saw his remuneration package galloping by 32% to R41.2-million per annum from R31.3-million a year. The financial services firm’s chief financial officer, Casper Troskie, was rewarded with an 27.3% increase to R22.4-million per annum from R17.6-million.

The company generated an annual 10% profit growth to R8.4-billion after tax from R7.6-billion in the previous year. This resulted in Old Mutual's 11 top managers getting R186-million remuneration packages in total for the 2024 financial year, while employees received an 8.9% increase.

Last week, Sunday World revealed that Standard Bank Group chief executive Sim Tshabalala saw his total remuneration package in 2024 rise by 7.1% to a cool R89-million from the R83-million he earned in 2023, while his staff members received a 3% increase.