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South Africa to Tackle ‘Injustice’ of Excessive Executive Pay

Ebrahim Patel
Ebrahim PatelPhotographer: Waldo Swiegers/Bloomberg

South Africa is finalizing legislative changes that aim at narrowing the earnings gap between company executives and the lowest-paid workers, according to Trade and Industry Minister Ebrahim Patel.

“A further amendment to company law is required to tackle the gross injustice of excessive pay,” Patel told lawmakers in his department’s budget vote speech on Tuesday. “A new bill that will be finalized within 60 days will require disclosure of wage differentials in companies, stronger governance on excessive director pay and enhanced transparency on ownership and financial records.”