Top-Earning South African Bosses Outpace Banking CEOs, With Mining Executives Leading the Charge
- South Africa's top mining CEOs earn over three times more than the highest-paid banking CEOs, with BHP Billiton's Mike Henry leading at R249.5 million annually
- The mining sector significantly boosted the economy, contributing R425.6 billion to the GDP and creating over 7,500 jobs
- Despite economic challenges, substantial salaries have been seen in the mining industry
Source: Getty Images
The mining sector, which significantly bolstered the country's economy last year, has emerged as the predominant source of these substantial earnings.
In a striking revelation, some of South Africa's top-earning executives are drawing salaries surpassing the highest-paid banking CEOs by more than threefold.
Mining leading in CEO's salaries
According to a Business Tech report, the highest-earning CEOs in South Africa are all from the mining sector.
This industry contributed an impressive R425.6 billion to the country's GDP in the past financial year, representing 6.2% of the total GDP.
Additionally, the sector made substantial progress in job creation, adding more than 7,500 new jobs and increasing the workforce to 477,000.
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This comes amid an increase in total wages by 7% to R186.5 billion, despite the country's challenging economic landscape.
The compensation packages for the CEOs of the five largest mining companies listed on the Johannesburg Stock Exchange highlight the stark contrast in earnings between mining and banking executives.
Mike Henry, the CEO of BHP Billiton, led the pack with an impressive R249.5 million in 2023, which translates to a daily income of R684,650. His total remuneration includes a base salary, short-term incentives, cash bonuses, benefits, and long-term incentive plans.
This salary is 2.7 times higher than that of Nedbank CEO Mike Brown, who earned R92 million, and three times more than Standard Bank CEO Sim Tshabalala's R83 million.
Economic challenges and restructuring
Despite its financial successes, the mining industry faces considerable hurdles.
Several companies have announced restructuring plans in response to reduced electricity availability, freight delays and declining coal and metal prices.
Nevertheless, these challenges have not hindered the substantial remuneration packages for the industry's top executives.
As of 1 January 2024, Mike Fraser has taken over as CEO of Gold Fields, with Martin Preece continuing as Chief Operating Officer.
| # | Company | CEO | Total remuneration | Average per day |
| 1 | BHP Billiton | Mike Henry | $13.7 million (R249.5 million) | R684 650 |
| 2 | Glencore | Gary Nagle | $5.8 million (R105.7 million) | R289 589 |
| 3 | Anglo American | Duncan Wanblad | £3.6 million (R83.1 million) | R227 671 |
| 4 | South32 | Graham Kerr | AUS$6.1 million (R74.2 million) | R203 228 |
| 5 | Gold Fields | Martin Preece | $2.8 million (R51 million) | R139 726 |
Table: BusinessTech
Richemont appoints New CEO as Johann Rupert steps back
The luxury goods conglomerate Richemont, owner of Cartier, has appointed a new CEO. Founder and chairman Johann Rupert is stepping back from some of his responsibilities.
Nicolas Bos, the 51-year-old head of Richemont’s jewellery brand Van Cleef & Arpels, will assume the role on 1 June, the Swiss company announced.
According to Forbes' real-time tracking of billionaires, Johann Rupert and his family are currently the wealthiest in South Africa.
Mining safety officer's salary per month in South Africa (2024)
Previously, Briefly News reported that South Africa is one of the wealthiest countries in the world in terms of natural resources.
Mining in Mzansi started in the mid-19th century and remains one of the country's main economic activities.
The industry contributes about $349.42 billion to the country's GDP, and the main minerals include gold, diamonds, platinum and coal.
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Source: Briefly News
