The proposed bill, which was published for public comment at the end of 2021, will require listed companies to disclose the ratio of the top-paid to the bottom-paid 5% of workers.
The country’s largest trade federation said that this new legislation is a necessity, pointing to Sibanye chief executive Neal Froneman who collected a R300 million salary this year. 2020 saw a significant spike in shareholders of listed companies voting against high executive pay at Annual General Meetings, particularly in the finance sector.
Business Leadership South Africa chief executive Busi Mavuso has warned against sections of the Draft Companies Amendment Bill, saying that it will impact South Africa’s attractiveness as a place to do business.
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