The CEOs of state-owned ICT companies in South Africa earn substantial salaries, with one making as much as President Cyril Ramaphosa in 2021.
The companies analysed include Broadband Infraco, the Independent Communications Authority of South Africa , Sentech, the South African Broadcasting Corporation , and the State Information Technology Agency . At the end of March 2021, the SABC reported a net loss of R530 million, with revenue declining 12% year-on-year to R4.97 billion.
Sentech’s CEO, Mlami Booi, saw the biggest salary hike of the companies compared. He received a pay bump of R1,065,000 to R4,674,000 from R3,609,000.
This is madness, how are these CEO's Salaries determined. If a Private Sector company showed millions of rands loss, would the CEO get an increase? No, he will be fired by the Shareholders!