Top salaries are out of hand worldwide and China’s solution is effective, but scary
Finally, someone has a solution to the problem of excessive executive remuneration. Sadly, it’s a little more robust than residents of democracies such as South Africa are probably prepared to consider. Nevertheless, we should try to overcome our squeamishness and consider what, if any, elements of the solution could be adopted.
It’s something of a relief that this is not just a South African problem — it’s become one because it is first and foremost a US and UK problem. South African remuneration is taking its lead from the Anglo-American world, a tactic that provides it with plausible deniability and enables it to pump up local remuneration levels by referring to a global market for corporate talent.
It’s a bit worrying that Xi’s approach is beginning to seem a reasonable response to an out-of-control situation Now the CCDI is targeting “hedonism” and “high-end lifestyles”, with Xi particularly worried about the financial sector, which, he has long argued, is failing to serve the broader economy. According to the Financial Times, since February more than a dozen executives have been investigated or penalised as the CCDI began a fresh drive to “resolutely” fight misconduct in the sector and “eradicate executives’ ‘wrongful pursuit’ of becoming financial elites”.
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