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REMUNERATION REPORT
(CONTINUED)
DIRECTORS’ REMUNERATION
EXECUTIVE DIRECTORS
The executive directors are currently regarded as the only prescribed officers of the Group.
Shareholding and other fees
No shares were held in the Company in the current year. No fees for services as director, consulting or other fees were paid in the current or prior
year. No profit-sharing agreements are in place.
AG Hall
Remuneration
2016
2015
R’000
R’000
Salary
3 608
3 134
Contributions to defined contribution plan
644
680
Gross remuneration
4 253
3 814
Short-term incentives
Based on the current year’s performance, AG Hall qualifies for a short-term incentive in the amount of R2 300 000. Full provision has been
made for this amount in the current year although payment will only be effected in September 2016. An incentive of R1 713 650 was paid in
September 2015, relating to the prior year’s performance, which was fully provided for at 30 June 2015.
Long-term incentives
Details of share options granted in Adcock Ingram are as follows:
Offer date
Offer
price
R
Balance at the
beginning
of the year
Issued/
Forfeited/
Exercised
during the year
Balance
at the end
of the year
Equity
17/06/2014
52,20
175 000
–
175 000
26/08/2015
41,94
–
175 000
175 000
175 000
175 000
350 000
Phantom
04/01/2010
51,12
76 744
(76 744)
–
03/01/2011
62,29
72 429
–
72 429
03/01/2012
60,15
79 507
–
79 507
01/05/2012
60,70
78 786
–
78 786
02/01/2013
53,52
96 057
–
96 057
403 523
(76 744)
326 779
Details of options exercised are as follows:
Offer date
Offer
price
R
Exercise
price
R
Number
of
options
Gain realised
on exercising
of options(1)
R
2016
Phantom
04/01/2010 51,12
52,60
76 744
113 581
2015
01/10/2008
34,78
57,40
33 572
759 399
Phantom
02/01/2009
33,38
57,40
34 980
840 200
68 552
1 599 599
The following charges were expensed in the statement of comprehensive income during the year under review, in terms IFRS 2
(2)
:
2016
2015
R’000
R’000
Total
1 052
452
(2)
The value of options granted is the annual expense in accordance with IFRS 2, and is presented for information purposes only, as it is not regarded as constituting remuneration, given
that the value is neither received by nor accrued to the director.
OUR GOVERNANCE
(continued)
64 |
Integrated Report 2016