Monday, February 15, 2010
Alan Knott-Craig and a lesson in how not to get public sympathy
For all his great work, for the value he has added, and for the returns he has provided to shareholders, he has been rightly rewarded.
But there is a lesson from the latest 'debacle' that highlights the flaws in our current system
The weekend's press claimed that the former CE of Vodacom, Alan Knot-Craig, receives a (monthly) R1mil retainer from Vodacom. The allegation goes on to say that the retainer has been in place since March 2009, and that it will last 2 years.
Alan Knot-Craig was quick to respond. And I commend him in issuing a response, as opposed to the deathly silence the public is accustomed to from weighty politicians and powerful business leaders.
Alan Knott-Craig's response reads as follows:
"Whilst I cannot disclose my remuneration, my before tax monthly remuneration is significantly less than half (a) R1 million,"
What was the press thinking? How could they make such a salacious claim, suggesting that Alan Knott-Craig is over-compensated with a princely R1mil, per month?
Thankfully, Alan Knott-Craig, himself, put our minds to rest on the matter.
In a world where excess is being questioned, the thought of R400k per month (not R1mil) seems....well....very fair.
Thanks Alan for issuing the statement.
Thanks Alan for putting the public mind at rest
South Africa's unemployed and under-compensated feel much better now