This would have avoided overwhelming millions of black people, who were paid pittances, with astronomical figures for directors' salaries.
"We should have created disclosure milestones or adopted a phasing in approach unless we don't really care about the existing huge income disparities," Maduke Ndlovu, a past president of the BMF, said.
But Ndlovu said it was not surprising the JSE Securities Exchange had failed to temper the disclosure requirements with provisions for local reaction because it was "not demographically representative of the country".
"There are not nearly enough black people who are delighting in the fruits of the free enterprise system. Consequently these revelations on fees and salaries are not likely to raise their aspirations and confidence in the system." - Frank Nxuma ****************
African air traffic set for boom as flights to US dip Audrey d'Angelo October 15 2001 at 06:49AM Cape Town - Africa, and South Africa in particular, has suddenly become one of the most desirable airline markets in the world. Yet international airlines regarded it as a marginal destination just a month ago.
They are now expecting tour operators to send clients to South Africa and its neighbours, as Europeans no longer want to holiday in Florida and California following the September 11 attacks in the US.
Virgin Atlantic, Iberian, Lufthansa, Cathay Pacific and KLM are among the airlines increasing the number of services to this country, helping to ease a shortage of seats caused by the withdrawal of Alitalia, Sabena, Austrian Airlines and possibly Swissair, if it collapses.
This week Mike Higgins, Virgin Atlantic's general manager for southern Africa, said the airline's plan to become a pan-African airline, with hubs in Johannesburg, Lagos and Nairobi, would go ahead. Codeshare partner Nationwide and other African airlines would act as feeders, he sa ***************
Billiton in for lessons in globalisation
October 05 2001 at 07:26AM The usual outcries against trade unions began with the announcement yesterday by the National Union of Metalworkers of SA (Numsa) of a solidarity strike against the Billiton metals and minerals conglomerate.
What, it is asked, has a dispute in Maputo to do with Richards Bay or Witbank?
The dispute in Mozambique is primarily about wages and conditions, and these issues were settled in South Africa in August. Then, Numsa and the employers, including Billiton, agreed on an average 9 percent pay rise.
But this solidarity strike contains all the ingredients necessary for a crash course in how globalisation is developing, both for business and unions.
Billiton, as this column has noted in the past, is a classic case of a nationally based company in a developing country transforming itself into a multinational conglomerate of the industrialised world.
It still amazes many local trade unionists that there was no massive outcry at the manner in which Gencor departed these shores to become Billiton. Especially since Gencor started corporate life as an Afrikaner affirmative action project.
In a reflection of the changed political circumstances of the time, Anglo American, the country's largest corporation, handed over General Mining, at preferential rates, to the Afrikaner establishment.
That was when the world economy was starting its long, post-war boom.
Anglo did the same in the changed political circumstances of more recent times and handed over Johnnic to the anti-racist, primarily black establishment.
But that came at a time when the world had already begun what the authoritative Economist magazine referred to in August this year as "the first global recession of the 21st century".
The boom years made Gencor wealthy, but apartheid kept much of that wealth locked within national boundaries. Then came the liberation from institutionalised racism - and the liberalisation of the local economy.
With the economy under the nominal stewardship of two beneficiaries of the previous system - finance minister Derek Keys and reserve bank governor Chris Stals - permission was given for $2,1 billion of apartheid era profit to flow to Europe to buy Billiton. Billiton has recently also made its move on Australia's BHP.
These moves have transformed various South African Gencor executives into British-based multinational executives. The most notorious case, from a union viewpoint, being Derek Keys himself.
He left his cabinet post to become chairman of Billiton
But Marc Gonsalves, once Gencor's main media contact in Johannesburg, has also undergone a similar transformation. He is now vice-president of investor relations and communication at BHP Billiton in London.
When this column once referred to Billiton as a South African company, Gonsalves was quick to respond, via e-mail, that it was not. It was a British-based multinational.
Trade unions, lacking the material resources of the large corporations, have generally been slow to catch up on this game of global transformation.
But, largely courtesy of internet communications, they are catching up fast.
There is also a growing awareness that in a globalised environment, international rules and regulations should apply. Especially since many of them already exist, although many trade unionists as well as the public are often unaware of them.
For example, how many people are aware that the United Nations has a Global Compact Initiative by which multinational companies commit themselves to promote trade union rights and other human rights?
As recently as December last year, Numsa, quoting its legal advisers, claimed that the conventions of the International Labour Organisation (ILO) were idealistic. To try to apply them to South Africa would make the union, "the laughing stock of the bosses and the legal community".
Yesterday, Numsa invoked those very conventions as news came through that 700 of the strikers at the Mozal plant in Maputo had been sacked. The union pointed out that the Mozambican government had ratified the ILO conventions, which include convention 98 on the inalienable right to strike.
"We have to strive for global laws and global equity," said Dumisa Ntuli, the spokesperson for Numsa.
"These companies are simply doing as they please, without even consulting governments."
That the South African government has also ratified, and is bound by, the ILO conventions is also acknowledged.
In fact, the Labour Relations Act and the constitution make it obligatory for South African labour law to be "in compliance with the public international law obligations" of the country.
But there is a particular edge to the Numsa campaign over Mozal, especially at the Hillside smelter at Richards Bay.
There, Numsa shop stewards reported yesterday that management was recruiting white artisans from the traditionally segregationist unions to "scab" on Mozal.
"Capital has never respected borders. Now we are starting to do the same," noted one angry Hillside worker.