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Executive salaries: Who should get a say on pay?
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Executive salaries: Who should get a say on pay? (Paperback)

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Synopsis

Can regulation lead to transformation? In 2006, Crotty and Bonorchis published a study of executive pay across 50 of South Africa's largest and most influential listed companies. In their study, titled Executive Pay in South Africa - Who Gets What and Why, the authors revealed that in 2005, on average, the chief executives of these companies got paid more than R15 million a year, more than 700 times the minimum wage in certain industries. The authors predicted that without government intervention, executive packages would continue to sky-rocket. In Executive Salaries: Who Should Get a Say On Pay? the chief executive pay-packages of the companies studied in 2006 are re-examined. Unfortunately, the predictions made in 2006 have come true: despite affirmative action measures and changes to corporate governance requirements, executive salaries have continued to increase dramatically. South Africa's widening income inequality and its history of racism, poverty and social unrest demand that something be done to reverse this trend. Social cohesion cannot be achieved when inequality remains rampant. But what will it take for companies to rein in excessive executive salaries?

Who must be given a say on pay in order to ensure that the directors responsible for setting pay take into account more than just the interests of executives? Should shareholders, employees, the tax man or the remaining 99% of society have a say on what the 1% are being paid? Or is change only possible if a more fundamental shift in attitudes is achieved? This book addresses these pressing issues and considers possible mechanisms to rein in excessive executive pay. From modifying corporate governance standards and the tax code to properly enforcing current labour legislation, there are numerous avenues that may ameliorate the wage gap. Legislative amendments aimed at encouraging activist shareholders and empowering the workforce could put South Africa on the road to recovery. Without these interventions, South Africa will continue on a path of instability and unrest, while the rich get richer and the poor become poorer.

BusinessFinance & accountingBusinessFinance & accountingAccountingFinancial accountingBusinessFinance & accountingAccountingFinancial reporting, financial statementsLawLaws of Specific jurisdictionsEmployment & labour law Publisher: Jacana Media (Pty) Ltd Publication Date: 01/03/2014 ISBN-13: 9781431410125  Details: Type: Paperback Format: Books
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Kaylan Massie was born and raised in Canada but moved to SA in 2011. She received an Honours degree in Economics from Queen's University and a Law degree from the University of British Columbia. During her university studies she received numerous academic awards and scholarships. After graduating from law school and completing her articles at one of the leading corporate law firms in Canada, Kaylan qualified as a Barrister and Solicitor in 2009 after which she began practicing litigation, labour and employment law, representing clients before courts, the labour relations board and labour arbitrators. In 2011 she enrolled in postgraduate studies at the University of Cape Town. She graduated with distinction with a Master's degree in Labour Law in 2012. Debbie Collier is currently Associate Professor in the Department of Commercial Law, Faculty of Law at the University of Cape Town (UCT) and is an associate of the Institute of Development and Labour Law. After receiving her BA LLB from Rhodes University, Debbie completed pupillage and later articles and practiced as an attorney in the Eastern Cape specialising primarily in employment law matters. In 2001, Debbie joined the UCT Law Faculty as an assistant lecturer and IT co-ordinator and was subsequently awarded her LLM and PhD at UCT. Debbie's core teaching responsibilities, and primary field of research, is in employment law and development, with a focus on workplace discrimination and the law.

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