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AFROCENTRIC GROUP
96
GOVERNANCE
REMUNERATION
COMMITTEE REPORT
This Remuneration Committee Report primarily deals with the
remuneration of the Group’s Executive Directors, Non-
executive Directors and other executives, whilst high level
reference is made in relation to other employees.
REMUNERATION PHILOSOPHY,
STRATEGY AND POLICY
The Group’s remuneration philosophy is reviewed annually to
ensure alignment with developments in remuneration practice
and applicable legislation. It was revised after a number of key
considerations, including:
• the requirements as contained in the King IV Report on
Corporate Governance for South Africa 2016;
• consultations with specialist advisors in this field regarding
best practice;
• feedback from various stakeholders including shareholders;
• the need for strategic alignment across the Group;
• market research;
• various socioeconomic drivers;
• greater need for compliance with regards to remuneration
practices; and
• Group Strategy
Our Remuneration Policy provides a framework for managing total
remuneration within the Group, and also supports the Group’s
employee value proposition. The policy is Board approved.
INTRODUCTION
Fair and responsible remuneration practices in the Group are a shared responsibility between management, the Board and
shareholders as depicted below. The roles and responsibilities of the various stakeholders have been defined and encapsulated in,
for example, the terms of reference of the Group Remuneration Committee.
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FAIR AND
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REMUNERATION
Reward
design and
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Risk
assessment
Disclosure
Mandate
Board
composition
Engagement
plan
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