Patel’s Pay Plan: a red herring?

Alexis de Tocqueville observed that Democracy and socialism have nothing in common but one word, equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude. In his budget vote speech in the National Assembly, Trade Industry and Competition Minister Ebrahim Patel said a new bill containing amendments to the Companies Act will be finalised within the next two months to tackle what he termed “the gross injustice of excessive pay". The legislation will also require disclosure of what executives earn. There is a three- pronged approach at this level, as the executive pay and worker representative on board must be seen in with increasing worker shareholding developments as all moving in a certain direction. Generally what overall message does all this convey about the 'ease of doing business' in SA?

Michael Avery hosted

Dr Mark Bussin Chairman, 21st Century Pay Solutions;

David Holland of Fractal Value Advisors and author of Beyond Earnings;

and

Etienne Vlok, Sactwu national industrial strategy coordinator, for a roundtable on executive pay.