Executive Directors Practices and remuneration trends report 2023

The report deals with the prevalent practices and trends observed in executive remuneration. The report also provides an overview of remuneration paid to executive directors at the Johannesburg Stock Exchange (JSE) Top 200 companies between 1 March 2022 to 28 February 2023.


Three people discussing the new Executive directors report.


This report includes:

1. An overview of remuneration paid to executive directors

2. A statistical analysis of the profiles of these executive directors

3. Key considerations for remuneration committees

  • Define long-term success and value creation.
  • Balance incentivisation and alignment (pay for performance vs. shareholder interests).
  • Consider symmetry (financial and non-financial measures).
  • Avoid duplication of measures (avoid incentivising twice for the same performance).
  • Link pay opportunities to performance conditions. 
  • Take time to scrutinise principles and strategy before approving measures.
  • Monitor decisions relating to pay on an ongoing basis.

4. Shareholders - remuneration voting trends

Overall, for the JSE Top 200 companies, shareholder voting outcomes have been reasonably consistent over the four-year period (2019–2022), with remuneration policies receiving slightly more support from shareholders compared to implementation reports. About 10–15% of companies in the Top 200 (depending on the year) received a ‘no’ vote on both policy and implementation.

5. Stakeholder capitalism - rethinking reward (including ESG as an incentive measure)

In the South African context, 72% of companies in the JSE Top 100 feature ESG measures in their short-term incentive plans, and 38% in their long-term incentive plans.

6. Wider workforce - redefining reward

Our survey results from African countries indicate that only 27% of the workforce are able to pay their monthly financial commitments and still have money left for savings and luxuries. Twenty-five percent (25%) of respondents have two jobs, which is in stark contrast to the 16% of global respondents.

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Jacques Eybers

Jacques Eybers

Partner, PwC South Africa

Tel: +27 (0) 11 287 0506 / +27 (0) 83 325 2122

Karen Crous

Karen Crous

Reward Lead: Governance, Tax & Legal, PwC South Africa

Tel: +27 (0) 11 797 4616