The worse the country’s economy is doing due to damaging ANC policy, the more zealously government keeps generating policy which could destroy even the last remnants of the economy.
The current Companies Act Amendment Bill serves as a shining example.
The road for those who want to dare, work, build or invest is strewn with stones and thorns for the sake of a trade union-driven mentality of entitlement without performance.
The Bill entails a controversial requirement for large companies to disclose their executive compensation to shareholders for approval.
The disclosed information should include a comparison between the compensation of the highest paid officials and those in the company who earn the least. All in an effort to address the so-called “pay gap”.
Companies may also be compelled to request their registered shareholders to provide information on who manages their shares portfolios.
One of the supposed main objectives of the Bill is to make the process of determining executive compensation in large companies more transparent.
Concerning the “pay gap”, the requirement is that the remuneration of the top 5% of the highest paid persons in a company should be compared with the 5% who earn the least.
The loaded meaning of this speaks for itself: Mainly, workers are being exploited. Similarly, there is a disregard for the skills and value of respective employees.
The Amendment Bill clearly opens the door for even greater government interference in the ownership of companies as the Companies Tribunal will have the power to enforce BBBEE with much greater urgency.
It is done with no regard for the consequences thereof – regardless of whether the country will lose expertise, whether investors will be deterred or whether it will push the economy over the edge of ruin.
It is astonishing that despite the dire state of the economy and the availability of expert advice, the ANC is still allowing ideology and the grip of trade unions to destroy the country.
The only way to save South Africa is to get rid of the current ruling party at the polls in 2024 and to replace it with a coalition of which the FF Plus is a member.
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