These public officials can earn up to R42,400 per day
CEOs of South Africa's state-owned enterprises (SOEs) can earn up to R42,400 a day despite these companies not performing.
Some top executives at South Africa’s state-owned enterprises (SOEs) are taking home as much as R42,400 a day, around R15.5 million a year.
This amount is paid regardless of whether their organisations are performing or not.
These figures emerged during a recent parliamentary Q&A session, which sparked criticism from the Democratic Alliance (DA). The party argues that the system is unsustainable and lacks accountability.
According to the DA, more than R400 million is being spent each year on executive salaries across just 13 departments managing 117 entities.
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The party claims there is often no link between how well these SOEs perform and how much their executives are paid.
They have accused government departments of turning a blind eye to excessive executive spending, poor oversight, a lack of public accountability, and little transparency.
“The full cost is likely far higher. South Africa has nearly 700 SOEs, but only a small number have disclosed executive compensation figures in response to parliamentary inquiries,” the party said.
These are some of the highest-earning CEOs, according to BusinessTech:
Development Bank of South Africa: CEO earns R15.5 million annually, one of the highest-paid public officials.
Transnet: CEO earns R8.5 million despite operational issues and a R47 billion bailout in 2023.
PRASA (Passenger Rail Agency of South Africa): CEO earns R7.8 million annually amid corruption, mismanagement, and failed infrastructure.
Road Accident Fund (RAF): CEO earns R7.1 million while the fund is technically insolvent with billions in unpaid claims.
CSIR (Council for Scientific and Industrial Research): CEO received R6.92 million, including R2.3 million in bonuses, breaching DPSA guidelines.
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South African Airways (SAA): CEO earns R6 million while still relying on government support post-business rescue.
Air Traffic and Navigation Services: CEO earns R6.14 million despite financial constraints and no clear justification for the pay.
Central Energy Fund: CEO earns R6.15 million amid ongoing losses and underperformance.
Rand Water: CEO earns R5.4 million while the entity battles infrastructure failures and water outages in Gauteng.
PetroSA: CEO earns R5.8 million despite the entity operating at a loss and relying on state support. The DA is calling for an urgent review of such compensation.
Source: BusinessTech
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Image: AFP