Froneman’s pay package falls way short of those earned by other leading CEOs

LISTENING to the radio talk shows on Workers’ Day, just about all the callers together with the show host’s expressing their oh so narrow opinions, on the labour strike at the Sibanye-Stillwater mining group, which is the worl’'s leading producer of platinum, second largest primary producer of palladium and third largest producer of gold.

South Africa’s mining industry is a major contributor to the economy and more importantly a major employer of labour in the country.

The theme of the callers led by the narrow views of the presenters was the issue of the strikers demands for higher wage increases which falls short of their demands.

Indeed, a fair wage together with increases for workers is certainly justified, but the conversation over the radio waves was narrow, without consideration of all factors around the strike.

The constant argument was the disparity of the payment of R300 million to the CEO and the offer to labour unions’ demands.

So, let’s try to get some perspective of earnings of people who lead and create wealth and more importantly jobs – some of the world’s leading company’s CEOs’ earnings:

Amazon CEO Andy Jassy is reported to earn $212m (about R3.4 billion). Google CEO Sundar Pichai is reported to earn $280m. Elon Musk, $11bn. Bristol Myers

CEO Giovani Caforio, $20m. Neal Froneman, CEO of Sibanye-Stillwater, R300m. As CEO of the world’s leading mining company, Froneman falls way short of his peers who lead the world’s leading companies, yet employs over 30000 people in a country where the unemployment figures are a staggering 34% but unofficial numbers are estimated at around 50%.

The wage increase offered by the mining group falls short of R150, but at least these workers would get an increase in an environment that’s shedding jobs at an alarming rate.

But more importantly, which all are ignoring, the Zondo commission has exposed the outrageous looting by the leaders, the ministers, the

CEOs of SOEs of trillions of rand without creating any jobs, tax or other income to the country.

The R300mn fades into significance compared to what the ANC leaders have stolen.

At least Sibanye-Stillwater adds great value to the country besides employing more than 30000 people, providing a living to very much more than that number, income to the country in taxation,and not to forget the economy that it stimulates through local purchase of equipment that lends to sustainability of many smaller enterprises.

What value has the theft of the trillions looted by the ANC to the country? Zip!

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