The recent history of the JSE is littered with stories of highly paid executives who wreaked untold damage on their companies.
dangerous word to bandy about. It risks being devalued to a level of pointlessness but, in the case of Elon Musk, it might just be appropriate.
One analyst suggested that without a 25% stake, Musk was a flight risk for Tesla shareholders. Nevertheless, the 25%-plus holding turned out to be not so important to Musk, as he sold a huge chunk of his shares in early 2022 to finance his purchase of Twitter and now owns just 13%. The recent re-vote, which saw 72% of now-well-informed shareholders backing the remuneration package, has no legal standing but is expected to influence the court when it hears Tesla’s appeal against the January invalidity ruling.The impact of Musk’s remuneration award will be felt far beyond corporate America.
The trajectory has not been as steep in South Africa, but evidence dating back to 2002, when executives of companies listed on the JSE first had to disclose their remuneration, indicates that local executives are taking a significantly growing share of the economic pie. This is particularly worrying when you consider the almost imperceptible growth of that pie over the past several years.
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