Remuneration report

Director and senior management remuneration

Executive directors’ remuneration for the year ended 31 March  

  Basic     Short-term   Long-term   2014  
  remuneration   Benefits   incentives   incentives   Total  
  (R’000)  (R’000)  (R’000)  (R’000)  (R’000) 
Paid by subsidiaries            
MN von Aulock   4 798   1 033   5 313   3 048   14 192  
RB Huddy   2 500   574   2 175   329   5 578  
  7 298   1 607   7 488   3 377   19 770  
           
  Basic     Short-term   Long-term   2013  
  remuneration   Benefits   incentives   incentives   total  
  (R’000)  (R’000)  (R’000)  (R’000)  (R’000) 
Paid by subsidiaries            
MN von Aulock   4 509   967   5 550   2 591   13 617  
RB Huddy   2 250   517   1 946   4 024   8 737  
  6 759   1 484   7 496   6 615   22 354  

 

Non-executive directors

Non-executive directors receive fees for services on board and board committees. Non-executive directors do not receive short-term incentives and do not participate in any long-term incentive scheme, with the exception of Mr JA Mabuza whose existing share appreciation rights vest over the shorter of the vesting period or his restraint of trade ending on
30 September 2014.

Any increases will be motivated to the shareholders at the company’s AGM and reflect the market dynamics and the increasingly heavy demands being made on the individuals. Proposed non-executive directors’ fees, for shareholder approval, appear in the table below:

  Actual 2013   Proposed 2014  
  R’000   R’000  
Chairman of the board   800   855  
Chairman of the audit and risk and social and ethics committees   460   490  
Chairman of the remuneration committee   350   375  
Non-executive director and member of a board committee   290   310  
Non-executive director   230   245  

 

Non-executive directors’ remuneration for the year ended 31 March  

  Directors’   Other     2014   Directors’   Other   2013  
  fees   benefits     Total   fees   benefits   Total  
Fees and services   (R’000)  (R’000)    (R’000)  (R’000)  (R’000)  (R’000) 
Paid by subsidiaries              
JA Copelyn   762   –     762   712   –   712  
JA Mabuza   –   21 526(5) 21 526   –   8 500   8 500  
MJA Golding   219   –     219   204   –   204  
JM Khan(1)  –   –     –   204   –   204  
EAG Mackay(2)  275   –     275   255   –   255  
JS Wilson(3)  111   –     111   –   –   –  
VE Mphande   219   –     219   204   –   204  
A van der Veen(4)  –   –     –   204   –   204  
MI Wyman   219   –     219   204   –   204  
RG Tomlinson   438   –     438   407   –   407  
JG Ngcobo   275   –     275   255   –   255  
Y Shaik   331   –     331   306   –   306  
  2 849   21 526     24 375   2 955   8 500   11 455  
(1) Resigned 31 March 2013
(2) Deceased 18 December 2013
(3)) Appointed 2 April 2013
(4) Resigned 8 November 2012
(5) Including the exercise of existing long-term incentive allocations. Refer to employment agreements .