The bumper Christmas tabloid version of the Sunday Times carried a short survey of the country’s mega rich. Wealth is now measured in the billions and there were plenty of billionaires who didn’t appear on the Sunday Times list because the only reliable measurement is valuation of shares in a company quoted on the JSE Securities Exchange. So if you made your mega bucks out of a private company, inherited it or earned it through gun or drug running then you don’t appear on the list.
Part of the list was devoted to the massive annual emoluments of directors of some of our leading companies. These days grossing R10-million a year marks you as an underachiever, although Tito Mboweni, our chubby Governor of the Reserve Bank, struggles by on a mere R2,7-million a year. I imagine his expense account covers much of the lavish entertaining he’s known for, not to mention his huge monthly SMS bill. The big earners generally command a salary of around R8-million, plus a large bonus if the company performs and whatever profits their share options produce. Obviously good performance enhances both the bonus and the company share price, although the company’s financial success is, paradoxically, not an essential ingredient when it comes to director’s pay.
Neil Lazarus and Benji Liebmann managed to award themselves R11,1-million each as a reward for the stress of presiding over the demise of Corpcapital. So just because the company folds it doesn’t necessarily mean the directors have to suffer. As a staunch supporter of the capitalist system I have absolutely no problem with any of this. Sure, the capitalist system has flaws, such as occasionally rewarding complete bozos for doing absolutely nothing, but it still beats communism, socialism and most other isms hands down. Life isn’t supposed to be fair and if you think we are all born equal and are all capable of greatness then ask yourself why you’re not heading a large SA multi-national and earning R30-million a year. The best get to the top and they may tread on a few faces on the way, but that’s the way it is. In the world of business, determination, success and excellence are rewarded and that’s the way things should be.
What a pity the same can’t be said of journalism. However good you are you know that, unless you break free of the shackles of journalism and move up into management, you will always remain poor. The freelance word rate probably didn’t go up at the beginning of the year, which means that it has remained the same for at least fifteen years and probably longer. If you want a 10 percent increase as a freelance writer the solution is very simple; write 10 percent more copy at the same word rate. Even if you stand head and shoulders above the common herd, the Jacko Maree of journalism, you can still expect to earn the same rate as someone who has just left Rhodes. There will be no benefits from share price increases coming your way, no performance bonuses and no deep in the money options you can cash in and spend on a third holiday home. You might, if you’re lucky, win a journalistic award and boost your earnings by another ten grand.
So, given this gloomy state of affairs, is it any wonder that so many journos are on the scrounge, willing to write virtually anything in return for a freebie or a long term test car. Is it any wonder that general standards of journalism are so poor? How could it be otherwise when there is absolutely nothing to aim for?