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REMUNERATION REPORT
(CONTINUED)
REMUNERATION
TOP THREE EARNERS
The following resolution has been taken by the Board:
“The Companywill complywith the requirement of section 30(4) of the Companies Act to disclose remuneration of directors (non-executive and executive)
in its annual financial statements and in the manner set out in sections 30(4)(b) to (e) of the Companies Act and with King III to the extent that it requires
disclosure of the remuneration for the three most highly paid employees, who are not directors of the Company”.
In light of the individual remuneration information that is reported and the cost of revealing competitive information, the Board has resolved that
it will report on the remuneration of the three highest earning persons (excluding the executive directors), collectively, rather than individually.
Remuneration
2016
2015
R’000
R’000
Salary
7 907
7 606
Contributions to defined contribution plan
1 234
1 187
Gross remuneration
9 141
8 793
Short-term incentives
Based on the current year’s performance, the top three earners qualify for short-term incentives in the amount of R3 025 000. Full provision has
been made for this amount in the current year although payment will only be effected in September 2016. An incentive of R2 750 000 was paid
in September 2015, relating to the prior year’s performance, which was fully provided for at 30 June 2015.
KEY MANAGEMENT
Key management comprises the Executive Committee of the Group including the executive directors. As the executive directors’ details
have been disclosed separately, these are excluded from the figures below. The details show the apportioned annual remuneration of key
management, including the top three earners disclosed above, for the period the incumbents held the position during the year.
Remuneration
2016
2015
R’000
R’000
Salary
25 185
23 455
Contributions to defined contribution plan
3 830
3 689
Gross Remuneration
29 015
27 144
Short-term incentives
Based on the current year’s performance, key management qualifies for short-term incentives in the amount of R9 105 000. Full provision has
been made for this amount in the current year although payment will only be effected in September 2016. An incentive of R8 650 000 was paid
in September 2015, relating to the prior year’s performance, which was fully provided for at 30 June 2015.
OUR GOVERNANCE
(continued)
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Integrated Report 2016