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TimesLIVE
7 days ago
- Politics
- TimesLIVE
Are we brave enough to finish what 1956 began for the women's movement?
Nearly 70 years after the historic march on Pretoria, South African women have made remarkable gains in education and achievement. Yet they remain underrepresented in leadership, face persistent violence and are too often excluded from the spaces where critical decisions are made. South Africa again paused for Women's Day this past weekend. There were speeches and televised tributes to the heroines of 1956, the women who marched on Pretoria and declared: 'Wathint' Abafazi, Wathint' Imbokodo!' (You strike a woman, you strike a rock). Their courage laid the foundation for our democratic freedom. However, nearly 70 years later, we must ask a difficult question. Do South African women truly have as much to celebrate as we claim, or have we grown so accustomed to ceremony that we mistake it for progress? Consider this contradiction. South African women lead in education. About 13.1% of women aged 25 to 64 hold tertiary qualifications, compared with 12.3% of men (Stats SA). A landmark study after the 2008 matric cohort found that females were 56% more likely to complete an undergraduate qualification and 66% more likely to earn a bachelor's degree than their male peers. Fewer women have a voice in shaping the laws, budgets and policies that govern the nation, despite constituting more than half the population. This is more than a gap in representation; it is a profound waste of talent and potential Yet when ambition meets power, the story changes. Only four of the JSE Top 40 companies are led by female CEOs, and women hold only 23% of executive roles, a proportion that is declining (Just Share report). According to the Labour Research Service 'studies suggest companies with more women in executive positions or as CEOs tend to outperform their peers in terms of profitability, market share and overall shareholder returns'. Excluding women from leadership is not only unjust, but also bad for business. Political representation has also regressed. After the 2024 elections, women held only 43% of seats in the National Assembly (Gender Links), down from 46% in 2020. At the Cabinet level, women account for about 43.8% of ministerial positions, a decline from the gender parity briefly achieved in 2019 (World Bank Gender Data). Fewer women have a voice in shaping the laws, budgets and policies that govern the nation, despite constituting more than half the population. This is more than a gap in representation; it is a profound waste of talent and potential. Women outperform men in education, yet they remain underrepresented in leadership and influence. The result is not only the betrayal of individual ambition but a loss for the entire nation. Alongside the inequalities lies a crisis that statistics cannot fully capture. South Africa remains one of the most dangerous places in the world to be a woman. Between July and September 2024, 957 women were murdered, 1,567 survived attempted murder, 14,366 suffered assault GBH, and more than 10,000 rapes were reported to police. When the SA Police Service released its official crime statistics for the fourth quarter of 2024/25, data on gender-based violence (GBV), including murder and assault of women and children, was omitted entirely (IOL). The message, whether intended or not, is that it has become normal. If women's pain is not even counted, how can it ever be solved? What does that omission say about us as a nation? As a survivor of (GBV), I have seen first-hand how laws mean little without enforcement. Paper promises do not protect women; action does. GBV must be tracked and addressed with the same urgency as murder or robbery, not hidden from view. Too often, silence around this violence is normalised. A woman who has been beaten is asked: 'What did you do to deserve it?' Such questions shift blame away from perpetrators and keep women trapped in cycles of fear and shame. Progress is not only limited by systemic barriers, sometimes, it is also shaped by how we as women treat one another. I have been fortunate to have incredible female mentors who opened doors and amplified my voice. Yet I have also felt the sting of being excluded or undermined by other women. It is not easy to admit, but these moments are real. Competition, fear and the belief there is room for only a few women at the top can quietly erode solidarity. True progress is never a solitary climb. It happens when one hand reaches back to pull another woman forward, knowing power shared is power multiplied. If equality is truly our goal, we must challenge the patterns and choose to rise together, creating a culture where every woman's success opens the door for the next. Women must have equal access to capital, fair pay and relief from the invisible burden of unpaid care work that limits their freedom. Representation must finally reflect reality. Women are 51% of South Africa, and our boardrooms and legislatures should reflect that fact. The women of 1956 marched because they had had enough of being ignored. They were not celebrating their power; they were claiming it. Nearly 70 years later, we must decide whether we are content with speeches and hashtags or whether we are prepared to demand something more meaningful. We owe more than tributes and luncheons to the next generation. Somewhere in this country, a young girl is standing at the edge of her future, full of promise yet uncertain of the world that awaits her. Our responsibility is to ensure her intelligence leads to real opportunity, that her voice carries into every room where decisions are made and her safety is never negotiable. Before we celebrate, we should pause and ask ourselves: Do we treat women as true equals in every space we occupy? Do we continue to see women through outdated notions of weakness, or do we recognise them first and foremost as equal human beings? Do we speak out against the sexism and violence that continue to shape daily life, or do we stay silent? Do we teach boys and girls a girl is a child first, before being seen through the lens of gender, and a woman's role is not confined to the kitchen or the maternity ward? Are we willing to accept a country where half the population continues to wait for its turn to lead? The march on Pretoria was a turning point, but the work they began remains unfinished. The greatest tribute we can pay those women is not only through speeches or ceremonies, but by building a South Africa where power, opportunity and safety belong to everyone. That is the freedom they dreamed of. It is the freedom we owe to the next generation. • Chodeva is a strategic communications and entrepreneurship specialist with more than 25 years of cross-industry experience. She is passionate about advancing equality in leadership.
IOL News
23-06-2025
- Business
- IOL News
JSE Top 40 companies lag in gender pay gap disclosures
Johannesburg Stock Exchange JSE Only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data, a new briefing by Just Share reveals. Image: Gianluigi Guercia / AFP Only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data, a new briefing by Just Share reveals. Companies that disclosed gender pay were: Anglo American (UK only); Anglo American Platinum; British American Tobacco; Clicks; Discovery; Gold Fields; Impala Holdings; Investec plc, Investec ltd, MTN, Nepi Rockcastle and Vodacom. Despite making up 46% of South Africa's economically active population, women earn on average 30% less than men, and South Africa's largest listed companies appear to be doing little to change that. Just Share said even among these, transparency is inconsistent and often limited to international operations where disclosure is mandatory. Fourteen companies offer only vague commitments to 'fair pay', while 13 fail to mention gender pay at all. International compliance While the JSE's Sustainability Disclosure Guidance acknowledges the importance of this issue, recommending that companies report the "ratio of the total annual remuneration of women to men, and by race group, for each employee category, by significant location of operations", disclosure is currently not enforced. This guidance aligns with international reporting standards and reflects growing investor expectations around transparency and accountability. By contrast, several international jurisdictions, including Australia and the UK in which several JSE-listed companies operate, have established legislative frameworks to enhance gender pay transparency. In the United Kingdom, the Equality Act 2010 (Gender Pay Gap Information Regulations 2017) mandates that employers with 250 or more employees must annually publish their mean and median gender pay gaps. Employers are also required to report gender distributions across pay quartiles and disclose disparities in bonus payments. Similarly, Australia's Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Act 2023 requires employers to report both average and median remuneration differences between men and women. Additionally, organisations must outline the specific measures they have implemented to address and reduce these disparities. However, for JSE Top 40 companies with a presence in the EU, the forthcoming EU Pay Transparency Directive will introduce comprehensive requirements including gender pay gap analysis and disclosures, mandatory audits, and employee access to pay data. Member states must transpose this directive into national legislation by June 2026. Pay equity as a critical lever "Pay equity is a critical lever for addressing the deep-rooted inequalities that continue to shape South Africa's labour market and broader society. While there has been notable progress in women's economic and political participation, formal employment, and educational attainment, the gender pay gap remains a persistent and systemic issue," Just Share said. Just Share said not only is the gender pay gap a significant barrier to achieving gender equity, but evidence shows that it persists despite growing recognition that a comprehensive approach to pay equity can enhance employee engagement and strengthen overall human capital management. Fair and transparent pay practices also signal an inclusive workplace culture, help close diversity gaps, and enhance long-term organisational competitiveness. To meaningfully address the gender pay gap, Just Share said organisations must begin by measuring and disclosing it. Transparency is the first step toward accountability and reform. However, public disclosure of gender pay data in South Africa is voluntary. The Companies Amendment Act of 2024 mandates the disclosure of vertical wage gaps, the pay gap between a company's highest- and lowest-paid employees, but not gender-based wage disparities. "This leaves a glaring accountability gap, particularly as several JSE-listed companies already comply with mandatory gender pay reporting in jurisdictions like the UK and Australia, yet choose not to do so in South Africa. This omission contributes to the inconsistent and non-comparable nature of pay equity data across companies," it said. Just Share recommends: Employers have a responsibility to proactively identify and address gender -based pay disparities within their organisations. Conducting regular internal gender pay gap analyses should not be viewed as a strategic imperative that supports inclusive, sustainable business growth. The Companies Amendment Act should be further revised under the duty to prepare a remuneration report to require the disclosure of gender pay gaps, aligning with global best practices. Institutional investors should publicly endorse best-practice on pay transparency, and include gender pay gap disclosure as a priority engagement topic with investee companies. BUSINESS REPORT Visit:
The South African
15-06-2025
- Business
- The South African
Woolworths CEO's salary highlights shocking staff pay gap
Woolworths CEO Roy Bagattini has come under renewed scrutiny after selling 700 000 shares in the company over three days, netting more than R38.4 million – an amount over 410 times more than what Woolworths' lowest-paid employee earns in an entire year . The lowest-paid full-time worker at Woolworths earns R93 600 per year, according to data from shareholder advocacy group Just Share . In comparison, Bagattini earned R38 million in just three days . Bagattini's share sale : 10 June : R23.17 million 11 June : R6.15 million 12 June : R9.12 million Total : R38 438 665 : Entry-level Woolworths employee annual wage: That means Bagattini earned in one hour what the average entry-level employee would need almost two years to make – assuming a 40-hour workweek. This is not the first time Bagattini's earnings have drawn attention. In the 2023 financial year, he received R122 million in total remuneration – 1 308 times more than the company's lowest-paid staff. Though that dropped to R65.3 million in 2024, criticism has remained strong, especially amid South Africa's worsening cost-of-living crisis. 'It is crucial to recognise the contribution of the extreme vertical wage gaps which characterise these companies to the country's overall high levels of inequality,' said Kwanele Ngogela, senior inequality analyst at Just Share . At the company's 2024 Annual General Meeting, more than a third of Woolworths shareholders voted against its remuneration policy – the second year in a row the retailer failed to achieve the 75% approval threshold needed to pass its pay structure unopposed. Bagattini's R38 million cash-out has further amplified calls for executive pay reform, with critics arguing that the company's pay structure is out of step with the economic reality of most South Africans. Although Woolworths says the sale was part of a portfolio rebalancing strategy, the optics of a CEO pocketing millions while lower-level employees earn less than R8 000 a month have drawn ire from labour groups, civil society organisations, and shareholders alike. At the time of publication, Woolworths had not issued a public response to the backlash over Bagattini's share sale or the widening income gap it represents. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
13-06-2025
- Business
- The South African
Woolworths CEO Roy Bagattini nets R38 million amid pay controversy
Woolworths CEO Roy Bagattini has sold 700 000 shares in the company in a series of transactions that netted him over R38.4 million, according to a SENS announcement released by South African retail giant. The transactions took place over three consecutive days: 10 June: 419 966 shares sold for R23.17 million 419 966 shares sold for 11 June: 111 664 shares sold for R6.15 million 111 664 shares sold for 12 June: 168 370 shares sold for R9.12 million The company stated that the share sales formed part of a portfolio rebalancing strategy, with Bagattini engaging in on-market sales. Bagattini, who took the helm at Woolworths in February 2020 after serving as President of the Americas at Levi Strauss & Co., has become a prominent figure in the ongoing national debate about executive pay and income inequality in South Africa. The CEO's latest share sale comes as Woolworths continues to face growing criticism over its remuneration policies, especially at a time when many South Africans are grappling with rising living costs and stagnant wages. According to shareholder advocacy group Just Share , Bagattini received R122 million in total compensation in 2023, making his pay 1 308 times higher than Woolworths' lowest-paid employee, who earns R93 600 annually. In 2024, Bagattini's remuneration was cut to R65.3 million, a 47.7% decline, largely due to challenges facing the company's apparel operations in South Africa, New Zealand, and Australia. However, this figure still sparked backlash at the group's 2024 Annual General Meeting, where over a third of shareholders voted against the group's remuneration policy. This was the second consecutive year that Woolworths failed to meet the 75% approval threshold required to pass its pay policy unopposed. While the vote was non-binding, it signaled deep concern among investors about excessive executive compensation, particularly in a company battling retail headwinds. 'It is crucial to recognise the contribution of the extreme vertical wage gaps which characterise these companies to the country's overall high levels of inequality,' said Kwanele Ngogela, senior inequality analyst at Just Share. Although the CEO's share sale represents only a portion of his total wealth, the amount exceeds what many Woolworths employees may earn in a lifetime, adding fuel to an already heated national conversation. At the time of publishing, Woolworths had not issued a statement responding to public concern regarding the transaction or the broader debate about executive pay. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Daily Maverick
04-06-2025
- Business
- Daily Maverick
Just Share accuses Standard Bank of evasion in climate reporting, calls for comprehensive accountability
Three years after a near-unanimous shareholder vote for greater climate accountability, Standard Bank is being accused of missing the mark on climate targets. At Standard Bank's 2022 annual general meeting, shareholders overwhelmingly voted in favour of a climate resolution calling for greater transparency and emission reduction commitments. Co-filed by Aeon Investment Management and shareholder activism organisation Just Share, the advisory resolution passed, backed by 99.74% of shareholders. It laid out the following roadmap: 31 March 2023: Report progress on calculating greenhouse gas (GHG) emissions from oil and gas exposure. 31 March 2024: Disclose a baseline of these emissions. 31 March 2025: Publish short-, medium- and long-term reduction targets aligned with the Paris Agreement. Now Just Share is accusing Standard Bank of delivering an 'incomplete picture' of its fossil fuel involvement by adjusting the metric tools by which it holds itself accountable. What you should know about the Paris Agreement, the APS and financial institutions Click on each block in the infographic for a pop-up explanation. Changing the metric or the mission? According to Standard Bank, it has ticked the baseline disclosure box. The bank's 2024 Climate Related Financial Disclosures Report states that its baseline disclosure has been 'completed for oil and gas'. What the bank has actually disclosed, Just Share argues, covers just 19% of its total oil and gas exposure and only 82% of on-balance sheet upstream oil and gas loans. 'It has not provided a timeline for setting targets for mid and downstream exposure,' said Karishma Bhoolia, a senior climate risk analyst at Just Share. 'This incomplete picture of Standard Bank's oil and gas exposure allows the bank to downplay the significant impact that its involvement in midstream projects such as the East African Crude Oil Pipeline will have on its oil and gas exposure and financed emissions.' Oil and gas value chain explained Upstream: Exploration and extraction of oil and gas Midstream: Transportation and storage thereof Downstream: Refining oil and gas and selling it to customers Moving the goalposts Standard Bank's 2022 Climate Policy committed the bank to reducing upstream oil and gas exposure by 5% by 2030. This target is nowhere to be found in the bank's 2025 Climate Policy. Now Standard Bank commits to ensuring that oil and gas lending remains under 3% of its total loans and advances by 2030. According to Just Share, this new figure is both weaker and more ambiguous. The updated policy is based around physical intensity metrics (a measure of emissions per barrel of oil) without accompanying absolute targets or timelines, a report by Just Share states. 'The targets are weaker than those contained in the bank's 2022 Climate Policy and allow the bank to significantly increase its exposure to oil and gas,' Boohlia said. Boitumelo Sethlatswe, the head of sustainability at Standard Bank, said that their updated targets and disclosures balanced climate ambition with the realities of sub-Saharan Africa's development needs. 'We have set robust, measurable targets that directly address our material oil and gas financed emissions,' he said. 'These include a 10% reduction in physical intensity for upstream oil and gas, limiting upstream exposure to 3% of total loans, and ensuring we finance at least three times more renewable energy than non-renewable power.' These targets are grounded in the International Energy Agency's (IEA) Announced Pledges Scenario (APS), which is compatible with the Paris Agreement's objectives, Sethlatswe said. What is a baseline emission? An article by global consulting firm McKinsey describes baseline emissions as a 'footprint', meaning a measure of emissions recorded during a specific period, like a year. This measure is then taken as a starting point against which to measure change. From Paris to pledges The bank appears to have reoriented its climate ambition away from the Paris Agreement. In its 2024 Climate Related Financial Disclosures Report, the bank states that it is 'committed to the goals of the Paris Agreement'. While the 2022 policy referenced targets aligned with the Paris Agreement, the updated 2025 version uses the IEA's Announced Pledges Scenario (APS) as a pathway, which is a model that assumes countries will meet their net zero targets, probably leading to a 1.7℃ temperature rise by 2100. While the IEA's Net Zero by 2050 scenario (which aligns with 1.5℃ ) is mentioned, the only reference to the Paris Agreement in the 2025 Climate Policy is to its principle of 'common but differentiated responsibilities'. No explanation is offered for the change. Standard Bank maintains that its current actions deliver on the requirements of the 2022 shareholder resolution. The East African Crude Oil Pipeline elephant One of the blind spots in Standard Bank's climate reporting, according to Just Share, is midstream oil and gas, which includes its potential financing of the East African Crude Oil Pipeline (EACOP). Just Share says that the 2030 limit the bank touts applies only to upstream investments and that there is no restriction on midstream and downstream exposure. 'EACOP funding is a midstream oil and gas asset,' Boohlia explained. 'The 2030 limit has no impact on this funding. Thus, Standard Bank could continue to fund EACOP and other projects like it without limit.' Standard Bank's oil and gas portfolio accounts for nearly 80% of its operational emissions, according to Sethlatswe. 'We continue to work on improving data availability for midstream and downstream activities, which will inform future target setting,' he said. How does Standard Bank stack up? An assessment of South Africa's 13 largest banks by non-profit group Bank Green paints a bleak picture. Not one received a 'great' rating when it came to climate responsibility. According to the group's findings, one third of the banks assessed failed to provide transparency regarding lending to the fossil fuels and renewable energy sectors, and only five out of the 13 reported any financed emissions. Transparency, continuous improvement, and supporting a just energy transition remained a commitment to Standard Bank, Sethlatswe said. Investor pressure mounting As a shareholder itself, Just Share says it will continue to hold Standard Bank accountable. It recommends that investors hold Standard Bank accountable to update its 2025 Climate Policy to: Include emission reduction targets aligned with the Paris 1.5℃ pathway. Provide a strategy of how these targets will be met. Set targets across the full oil and gas value chain. 'Banks can either exacerbate the climate emergency or play a constructive role in urgently reducing greenhouse gas emissions and financing the transition to a low-carbon, inclusive economy,' Boohlia said. DM
