By comparison, the median pay for chief financial officers was R3.34 million<\/strong>, and the median pay for executive directors was R3.32 million<\/strong>.<\/p>\n Super caps\u00a0<\/strong><\/p>\n Super caps represent the top 10 companies on the JSE. As of 28 February 2021, these companies accounted for 71% of the exchange’s total market capitalisation.<\/p>\n The salaries paid to executives at these salaries reflect their size and value, with some chief executives earning more than five times the JSE median.<\/p>\n An examination of fees paid across the JSE’s super caps shows that the average salary for chief executives was R24.1 million.<\/strong><\/p>\n The average pay for chief financial officers was R16.1 million<\/strong>, and the average pay for executive directors was R23 million<\/strong>.<\/p>\n Short-term incentives\u00a0<\/strong><\/p>\n Short-term incentives (STIs) are cash payments that are intended to remunerate executive directors for the achievement of annual business and personal goals.<\/p>\n In its analysis, PwC found that the Covid-19 pandemic created significant uncertainty and as a result impacted remuneration decisions. Compounding this uncertainty was a guidance note issued by the South African Reserve Bank which cautioned banks against paying bonuses to executives.<\/p>\n While some companies revised STIs in line with this uncertainty, other companies continued with payments, while some cancelled payments altogether.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/08\/PWC.png\")
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