What CEOs and other executives earn in South Africa

A recent report by financial services company, PwC, revealed the pay of executives of companies listed on the Johannesburg Stock Exchange (JSE).

The report noted that as at 30 April 2015 there were 355 active JSE-listed companies with a combined market capitalisation of R11.926 trillion.

It found that the median total guaranteed pay (TGP) among CEOs in 2014 was R4.13 million.

Chief Executive Officers

CEO – All of JSE 2013 2014 %
Upper Quartile  R6.624m R7.135m 7.7%
R3.943m R4.130m 4.8%
Lower Quartile  R3.002m R3.064m 2.1%

Chief Financial Officers

CFO – All of JSE 2013 2014 %
Upper Quartile  R3.843m R4.190 9.0%
R3.422m R3.656m 6.8%
Lower Quartile R1.901m R1.968m 3.5%

Executive directors

Exective directors – All of JSE 2013 2014 %
Upper Quartile  R3.416m R3.703m 8.4%
R2.429m R2.5730m 5.9%
Lower Quartile  R1.911m R2.011m 5.2%

The average inflation in SA for 2014, was 6.1%.

The report found that six CEOs on the JSE, earned above R25 million in 2014, while 13 earned between R20-R25 million, and just under 120 received a TGP of between R5-R10 million.

Basic resources

Basic resources include mining (8.8%), forestry (7.5%), and industrial metals and mining (2.7%).

PwC said that only six basic resources companies are listed among the large cap companies on the JSE. The median TGP for CEOs of large-cap basic resource companies is R21.6 million, and the median TGP for executive directors is R15.1 million.

Basic Resources CEO CFO EC
Large cap
R21.67m R11.189m R15.112m
Medium cap
R7.332m R5.018m R3.390m
Small cap
R1.533m R1.530m R1.828m

Financial services

There are 90 financial services companies listed on the JSE. Their aggregate market capitalisation is R2.8 billion, PwC said.

Most of the split is between banks (89.8%), financial services (22.8%), and services companies (21%).

Financial Services CEO CFO EC
Large cap
R7.006m R4.292m R3.882m
Medium cap
R3.483m R2.129m R2.401m
Small cap
R2.100m R1.533m R1.530m


There are 99 companies in this sector listed on the JSE, 36% of which are located in the personal goods sector, while 25.5% are in the food sector, and 14.5% are in the technology sector.

Additional industrial sectors include chemical, household, healthcare equipment, oil and gas, and manufacturing.

The median TGP for large-cap CEOs at industrial organisations showed a modest increase – R13.9 million –  after a substantial decline in 2012 of R10 million.

Industrials CEO CFO EC
Large cap
R13.924m R6.419m R4.357m
Medium cap
R5.741m R3.632m R3.901m
Small cap
R3.345m R2.002m R2.007m


There are 54 companies listed in the services sector on the JSE, among which five
subsectors dominate including healthcare, media, retail, telecommunications, travel and leisure.

Services CEO CFO EC
Large cap
R7.287m R3.590m R3.001m
Medium cap
R4.601m R3.844m R2.567m
Small cap
R3.534m R1.997m R2.167m

As at 30 April 2015 there were 1,180 executive directors at JSE-listed companies, an increase of 3.1% on the previous year, PwC said.

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What CEOs and other executives earn in South Africa