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AfroCentric INTEGRATED ANNUAL REPORT 2016
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NON-EXECUTIVE DIRECTORS’
REMUNERATION
Fees paid to Non-executive Directors are market-related and
the Committee observes market norms and practices, and
the additional responsibilities placed on Directors by new
legislation and corporate governance principles.
The remuneration of Non-executive Directors is reviewed
annually and recommended by the Committee for approval
by shareholders at the AGM.
The Chairperson’s remuneration comprises a single
composite fee approved annually in advance, to compensate
for services as a Director of AfroCentric. This includes
services as a Director on multiple boards and committees.
COVER FEES FOR FY2016 AND PROPOSED
FEES FOR FY2017
The 2015 fees were presented to the members with a
recommendation of an 8.4% increase for the Chairperson
and a 4.6% increase for the Non-executive Directors. The
rationale for this suggestion was based on the PwC report
against the backdrop of the services sector (median quartile
for medium cap Company):
The Committee adopted the increase of 8.4% for the
Chairperson and 4.6% for the Non-executive Directors’ fees
using the rounding-off apparatus and this was approved by
the shareholders at the AGM held on 5 February 2016.
REMUNERATION COMMITTEE REPORT (continued)
Per meeting 2015
Per meeting 2016
(1 February 2015 –
31 January 2015)
Approved
(1 January 2016 –
31 December 2016)
Audit Committee
Per meeting
Chairperson
23 320
24 393
Members
16 960
17 740
Investment Committee
Per meeting
Chairperson
17 490
18 295
Members
12 826
13 416
Remuneration Committee
Per meeting
Chairperson
17 490
18 295
Members
12 826
13 416
Risk Committee
Per meeting
Chairperson
17 490
18 295
Members
12 826
13 416
Social and Ethics Committee
Per meeting
Chairperson
17 490
18 295
Members
12 826
13 416
Subsidiary Board
Per meeting
Chairperson
17 490
18 295
Members
12 826
13 416