South Africa’s CEOs are giving away cash in a way that has never happened before
At no time in South Africa’s history has company CEOs and other business bigwigs – and politicians - shown as much solidarity (by way of action rather than words) with their compatriots as is currently the case.
Last week, President Cyril Ramaphosa announced that he and his deputy, ministers and deputy ministers would forego a third of their salaries to contribute towards the Solidarity Fund.
Some of the country’s CEOs who are donating up to a third of their salaries to the Fund include:
Shameel Joosub, CEO - Vodacom Group
Alan Pullinger, CEO - FirstRand Group
Mike Brown, CEO – Nedbank
EOH top executives
- Douw Steyn (the billionaire businessman announced a donation of R320 million on Tuesday)
The Money Show’s Bruce Whitfield interviewed Laurence Grubb, MD at Khokhela Remuneration Advisors.
They spoke about how, one after another, South Africa’s CEOs are coming to the Solidarity Fund party.
It would be great if executives of other companies would do the same… if they can reduce the loss of jobs, it would be fantastic… I hope more people follow suit.— Laurence Grubb, MD - Khokhela Remuneration Advisors
After lockdown, it’s not like Covid-19 will be gone, and we go back to normal…— Laurence Grubb, MD - Khokhela Remuneration Advisors
Many have taken a 100% pay cut…— Laurence Grubb, MD - Khokhela Remuneration Advisors
When people start protesting because they’re starving… We’re not too far from that happening in South Africa…— Laurence Grubb, MD - Khokhela Remuneration Advisors
For more detail, listen to the interview in the audio below.
This article first appeared on CapeTalk : South Africa’s CEOs are giving away cash in a way that has never happened before