JSE’s top execs to follow othe

JSE’s top execs to follow others in donating a portion of their salaries

Senior businesspeople continue rallying to President Ramaphosa’s call to contribute to SA’s COVID-19 relief efforts.

JSE’s top execs to follow othe

The board of directors and the group CEO of the Johannesburg Stock Exchange (JSE) have pledged at least 30% of their emoluments and salaries to the Solidarity Fund for the next three months. Members of the JSE Executive will also be making contributions.

This was announced on Friday 17 April as the exchange completed the second day of its two-day #Trade4Soldarity campaign.

The campaign, which saw all the fees earned from trades by the JSE and market participants on Wednesday 15 April and Thursday 16 April donated to the fund, was launched in response to President Cyril Ramaphosa’s appeal to the country last month to donate to the Solidarity Fund.

Example of our nationhood and generosity

JSE board chairman Nonkululeko Nyembezi said: “The response by our capital markets participants to work together to support us in this venture at this critical time in our history is yet another example of the spirit of nationhood and generosity that exists in this country. This pandemic has further highlighted the stark inequalities and deep levels of poverty in our society.”

Nyembezi urged directors and executives in other listed companies to heed the President’s call to support the Solidarity Fund where possible.

“This is truly a ‘Thuma Mina’ moment,” he said. “We will need to draw deep on both the generosity of those who can afford to give what they can, and the profound patriotism that binds us all as South Africans, if we are to first overcome the existential threat of COVID-19 and then successfully rebuild our nation and its economy.”

Many executives and board members step forward

A wide range of senior businesspeople and corporate executives have stepped forward to help the fund in recent weeks.

Clicks Group confirmed last week that its three executive directors would donate a third of their salaries to the Solidarity Fund for the next three months. Similarly, the chairman of the board and other non-executive directors will be donating a third of their directors’ fees over the same period.

Sibanye-Stillwater and Remgro also announced a salary cut for executive management in an effort to contribute to South Africa’s efforts to ease the economic impact of Covid-19 on the poor. They will forego a third of their pay, which will be paid over to the Solidarity Fund.