Remuneration report
BACKGROUND STATEMENT
Remuneration Committee Chairperson's report
On behalf of the Remuneration Committee (the committee), I am pleased to present AfroCentric's 2020 remuneration report. This report supplements the information provided in the corporate governance report, and highlights the committee's focus areas for the year, outlines our policies and practices, and addresses the Group's performance and corresponding remuneration outcomes.
During 2020, the AfroCentric Group adopted a malus and clawback policy with the intention of aligning shareholder interests and the remuneration outcomes of employees, particularly executive management. This is aimed at strengthening accountability and allows the Group to reduce or recoup the incentive remuneration in defined circumstances.
The bargaining unit performance-based incentive scheme was successfully launched, which saw support services staff within the bargaining unit level participate in a variable pay incentive scheme for the first time. A total of R19 million was paid out under the new incentive scheme. These are great strides in managing remuneration fairly and responsibly as prescribed in King IV.
Additional developments during the course of the year include enhancing the employee benefit offering. The workplace banking initiative was launched in partnership with Nedbank, where employees receive preferential rates on various transactional and lending products. We further concluded the section 14 transfer of the pension fund to the Sanlam Umbrella Fund, ensuring retirement and risk benefits are maximised. The smart funder benefit solution was approved and launched, which assists employees with their children's school fees by structuring their salary packages.
The latter part of the year under review unfortunately presented us with extraordinary challenges, in the wake of the COVID-19 pandemic. AfroCentric proactively responded to this global challenge by employing a comprehensive COVID-19 response strategy.
To that end, the committee approved the following initiatives within its remit:
- A once off, Group-wide gratuity payment of R1 000 per employee, (excluding Executive Directors) during the month of April 2020. This was intended to help alleviate the adverse socio-economic impact the pandemic was anticipated to pose to employees. The cumulative value of the COVID-19 gratuity was R7 220 027,00 including the provision for pay as you earn tax
- To alleviate the current and future financial loss caused by COVID-19, the Group initiated processes to access the relief offered through the South African government's COVID Temporary Employment Relief Scheme (COVID TERS)
Operating context and performance highlights
Notwithstanding an uncertain operating environment, the AfroCentric Group 2020 financial results were satisfactory in the context of varying macroeconomic factors resulting in the achievement of an EBIT target of R740 million. In respect of other key performance areas, namely governance, transformation, strategic impact and culture, the Group's performance was mostly on par; all targets were met and exceeded regarding transformation. As a result, bonus payments were made to executives and senior management in respect of strategic and management incentives. The total management performance bonus pool approved for distribution by the committee was R57.6 million (2019: R71 million).
Further detail on the Group's overall performance is provided in our CFO's review.
Changes to the remuneration and related policies for the 2020 financial year
The committee reviewed the Group's remuneration policy and other related policies for the 2020 financial year. The changes effected and implemented during the 2020 financial year are listed below. We continued to review the Group's remuneration policy and no material changes were made during the year under review.
Remuneration element | Change | Reason or need for change | |
Policy principles | The Group's remuneration philosophy strives to attract, motivate and retain highperforming talent within the competitive market we conduct our business. To achieve an appropriate balance between affordability and market relevance, we aim to position cost to company (CTC) generally at the market median, and we recognise the need to reward above this point in some instances as a strategy to manage scarce and critical skills that are primary to our achievement of growth and long-term sustainability. | To ensure alignment and a better understanding of the Group's remuneration philosophy and strategy. This further ensures compliance to King IV. | |
Guaranteed pay management |
The introduction of grade-based pay scale and a salary increase matrix is applied to demonstrate the pay for performance principle. | To align the guaranteed pay model to our pay for performance (differentiation) philosophy and to manage pay anomalies within reasonable confines, after removing the non-pensionable allowance in 2019. |
Focus areas
The Remuneration Committee envisages the following focus areas in advancing the organisation’s value proposition:
2019 focus areas | 2020 focus areas | |
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The redesign of our short-term incentive (STI) models to ensure they are fit for purpose and responsive to the evolving business strategy. |
Shareholder engagement and voting
Shareholder voting results
Resolution | November 2018 |
November 2019 |
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Ordinary resolution on non-binding advisory vote on remuneration policy | 97.56% | 96.89% | ||
Ordinary resolution on non-binding advisory vote on implementation report | 97.34% | 96.89% | ||
Special resolution of Non-executive Directors’ fees | 99.39% | 99.47% | ||
Special resolution of general authority to repurchase shares | 99.90% | 99.96% |
The remuneration policy and implementation report were presented for shareholder voting at the AGM held on 8 November 2019. The policy was endorsed by 96.89% of our shareholders, and the implementation report received an in favour vote of 96.89%.
As required by the Companies Act and King IV, the following resolutions will be tabled for shareholder voting at the AGM, details of which can be found in the Notice of AGM.
In the event that either the remuneration policy or the implementation report, or both, are voted against by 25% or more, the Board will engage with shareholders to understand concerns raised. This engagement may be done by virtual meeting or in writing and will be implemented at a time after the release of the voting results. Where possible and prudent, objections are taken into consideration when formulating any amendments to the Company’s remuneration policy and implementation report in the following financial year. To that end, the newly implemented malus and clawback policy was implemented.
AppreciationI would like to thank my fellow Remuneration Committee members for their contribution and support. It is the view of the Remuneration Committee that the remuneration policy achieved its stated objective of attracting and retaining high-calibre talent within the organisation. I am satisfied that the Remuneration Committee responsibly and professionally discharged its obligations.
Thank you to our shareholders for your support and engagement in 2020. We look forward to further interaction on AfroCentric's remuneration policy.
Joe MadungandabaRemuneration Committee Chairperson
10 September 2020
REMUNERATION OVERSIGHT AND POLICIES
Remuneration governance
AfroCentric’s remuneration policy, structures and processes are set within a governance framework with designated levels of authority.
Shareholders | Board of Directors |
Group Remuneration Committee |
Group CEO and executives |
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Approve Non-executive Directors’ fees and non-binding approval of remuneration policy and implementation report |
Approval of remuneration policy Provide Group Remuneration Committee with specific mandates |
Recommends policy and monitors the implementation of remuneration policy |
Implementation, oversight, communication and formulation of recommended policies and remuneration supported by the Group CFO and Human Capital Executive |
While we apply a common remuneration structure across the Group, we differentiate its implementation according to the size and operating models of various entities within the Group.
Remuneration policy design principles
Our remuneration policy provides a framework for managing total remuneration within the Group, and supports the Group's employee value proposition.
Remuneration objectives
Talent motivation and engagement | Ensures strategic alignment with organisational and individual objectives, thus keeping employees engaged. |
Talent attraction and retention | Manages high-calibre talent for the achievement of strategic objectives. |
Leveraging the total reward offering and enhancing our employee value proposition | Balances financial and non-financial rewards for a holistic reward mix that is sustainable. |
Remuneration principles
Employees are at the core of our business since we require highly skilled, competent and experienced employees to drive our business growth. AfroCentric's remuneration policy is designed to reward employees for their performance and contribution towards value for our shareholders. The following principles govern Group-wide remuneration at all levels:
Pay for performance |
Pay for performance methodology, linking executive reward to business performance. This allows for differentiated increases based on the individual's contribution and performance. |
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Parity and equity |
Ensure external parity is maintained; market relevance; balanced internal equity; and pay adjustments are affordable for the organisation. |
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Talent attraction and retention |
Ensure a remuneration mix that will attract the best talent in the market and retain top talent in the organisation. |
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Performance incentives |
Align executives to shareholder interests by linking STI and long-term incentive (LTI) to performance indicators not limited to financial indicators |
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Fair and responsible pay |
Internal equity: Ensuring all our employees are appropriately and fairly rewarded for their contributions, irrespective of gender, race, age, ethnicity, religion or sexual orientation. |
Pay for performance
Executives’ remuneration is based on level of accountability, complexity and nature of the role which is sized relative to the organisation’s turnover, number of employees (including wage bill), market cap, assets and net after tax profitability benchmarked to the external market. The table below shows the relationship between the Group’s strategy, its pay for performance philosophy and requirements set out in King IV:
Strategic objective: Maximise shareholder value and returns | |
Strategic aspiration: Operating profit (EBIT) target as agreed with the Board from time to time | |
Pillars of the BSC supports the delivery of our strategic objectives | |
Strategic impact
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Financial (40% weighting) |
Governance (10% weighting) | |
Transformation (10% weighting) | |
Organisational culture (5% weighting) | |
Strategic impact (35% weighting) | |
Our deliverables, contained in our BSCs, are derived from and directly support the Group strategy. The Group BSC cascades to the various business units and is aligned to the individual performance objectives.
Remuneration arrangements for other employees
Recognising the need to remunerate executive management fairly and responsibly in the context of overall remuneration, we award higher increases to bargaining unit employees compared to executive levels. Increases in respect of the bargaining unit are negotiated annually with National Education, Health and Allied Workers' Union (NEHAWU), the recognised labour union, considering a variety of internal and external factors such as affordability, market conditions and benchmark information. PwC's Remchannel Salary Survey formed the basis for market benchmark information to facilitate the remuneration review.
For 2020, annual increases were deferred to the end of October 2020 in order to assess the Group's financial position.
Differences in remuneration policy for executives compared to other employees
There are differences in the remuneration policy's structure for Executive Directors, prescribed officers and other salaried employees, which are necessary to reflect the different levels of responsibility and market practices. The key difference is the increased emphasis on incentives or variable performance-related pay in senior roles. Lower maximum variable pay limits, as a percentage of guaranteed pay, apply for roles below executive level, driven by market benchmarks and the relative impact of the role.
Senior executives, general management and key strategic resources at senior management, middle management or specialist levels may participate in both STI and LTI schemes, where these plans are targeted at individuals who have the greatest responsibility for Group performance.
General staff are eligible to participate in a performance-based bonus scheme replacing the production incentive scheme which was not all inclusive.
Remuneration model
AfroCentric's remuneration model balances short-term and long-term financial and non-financial rewards to drive a high-performance culture. The key components of this model, including policy elements, are illustrated below:
Guaranteed pay
This comprises the benchmarked, market-related fixed component of AfroCentric's remuneration offering set to attract and retain qualified and experienced employees
Base payBenefits and allowances | |
Market-related salary reflecting individual contribution, roles and responsibilities | Market-related benefits including medical aid, retirement fund1 and insured benefits such as Group death and disability benefits, Nedbank workplace banking benefits |
Purpose To attract and retain qualified and experienced employees |
Purpose To retain employees and contribute to their overall wellbeing |
Mechanics
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Mechanics
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Maximum opportunity
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Maximum opportunity
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1 | Employees elect participation in either a pension fund or the NEHAWU Provident Fund, the latter being available to NEHAWU members only. |
Variable pay
Additional financial compensation in the form of STIs and LTIs aligned to the Group’s performance, strategy and value creation
STI schemeLTI scheme | |
Performance-based Group annual incentive schemes
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Share scheme designed to incentivise delivery of long-term strategic goals aligned with shareholder expectations |
Purpose
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Purpose To retain, motivate and reward executives and senior management or individuals who influence the long-term sustainability, value creation and strategic objectives of the Group on a basis which aligns their interests with those of the Group's shareholders |
Mechanics
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Mechanics
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Maximum opportunity
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Maximum opportunity
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Number of participants
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Number of participants
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2 | General management is defined as positions at grade levels E1 to E3 on the Paterson grading scale. |
3 | Senior management is defined as positions at grade levels D4 and D5 on the Paterson grading scale. |
4 | Management is defined as positions at grade levels D1 to D3 on the Paterson grading scale. |
STI schemes
The Group relies on various bonus schemes both designed to achieve its strategic objectives.
Individual performance below threshold results in a zero score, and the employee will not be eligible for consideration for an STI award.
Management strategic incentive scheme
The annual, strategic management incentive scheme is focused on the executive team and tier two managers, being those who report directly to the executives and employees selected for value contribution as well as scarce and critical skills. This applies to employees whose roles have a direct impact on the Group's strategic imperatives.
Strategic incentives are calculated as shown below; however, any payment is subject to the achievement of the Group performance scorecard, on a sliding scale basis.
On-target % X business multiplier X individual performance multiplier
ON-TARGET % | Group performance multiplier | Individual performance multiplier | ||||
Determined by employee's level/job grade |
Group performance measured against targets set annually in advance | Determined by employee's individual performance score | ||||
Level | On-target %of annual CTC | Financial target (EBIT) | Performance rating | IP multiplier | ||
Group CEO | 50% | Governance | Above stretch | 150% | ||
Group CFO | 45% | Transformation | Stretch | 125% | ||
Group executives | 40% | Strategic Company objectives |
On-target | 100% | ||
Below target | 50% | |||||
Missed targets | 0% | |||||
Group performance
As explained in the Group CFO's report, the Group achieved EBIT of R740 million. The performance conditions for the STI bonus were tested to determine if the minimum incentive trigger had been achieved.
Management performance bonus scheme
The management performance bonus scheme was introduced during the 2017 financial year at the Remuneration Committee's request. This scheme targets exceptional performance, through a reward of 100% of guaranteed monthly package and additional bonus payments as given in the rules.
Performance Based Bonus
The Performance based bonus scheme was introduced in 2019, with the Remuneration Committee's support. This scheme is aimed at non-management level employees and ensures an all-inclusive performance based total reward strategy for the Group, across all levels.
STIs on termination of employment
There is no automatic entitlement to annual STIs on termination, but it may be considered at the committee's discretion considering performance measures during the period. Any such payment will be pro-rated to service. The governing rules require active employment on the date of payment. No bonus will be payable in the case of misconduct or resignation, unless done under extenuating circumstances.
LTI scheme
AfroCentric's LTI scheme (the vesting share scheme) commenced in November 2017, following approval by the Board and shareholders at the AGM held on 8 November 2017.
The allocations for all participants are approved by the Remuneration Committee.
Vesting share scheme
Award mechanism | Linked to job grade and allocated by the committee. The committee has discretion within a range per job grade with a maximum number of shares set per grade. |
Bonus shares | Discretionary allocation by committee considering scarce skills, personal performance ratings, leadership and potential. |
Vesting | Five-year vesting based on anniversary of allocation: Year 3 – 1/3, year 4 – 1/3 and year 5 – 1/3. |
Participation | Individual participation is reviewed annually by the committee to ensure alignment to the strategic objectives of the Group and consideration is given to:
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Conditions | Share award is conditional to the retention period provided the employee is eligible. |
Performance conditions | Long-term individual performance. |
To maintain a high-performance culture and alignment with shareholders through value creation, the total reward mix for the Group CEO, Executive Directors, executives and senior management is geared towards a higher percentage of variable pay 'at risk' for achieving stretch goals.
The chart below represents the potential mix of guaranteed pay, STI and LTI for the Group CEO at below, on-target and stretch levels. The below target assumes no variable incentive payments.
Remuneration processes
Service contracts and notice periods
AfroCentric can summarily terminate executive employment for any reason recognised by law in the respective jurisdiction. It is policy that the Executive Directors and executives have employment agreements with the Group which may be terminated with a three-month notice period. Executive Directors may be required to work during the notice period but, if not, the full notice period may be provided with pay in lieu of notice (subject to mitigation where relevant).
Non-executive Directors' remuneration
The table below sets out the remuneration principles applied by the Group for the 2020 financial year for Non-executive Directors. These policies also apply for the 2020 financial year and form the underlying basis for the fees tabled for approval at the AGM held on 8 November 2020.
Chairman | Deputy Chairman | Directors and Lead Directors | Committee | |
Objective | A market-related fee to attract and retain experienced and diverse Non-executive Directors | Fees to reflect the additional responsibilities undertaken through membership of committees Committee chairpersons receive an additional amount |
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Fee principles |
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Payable | Main Board: quarterly Subsidiary board: monthly |
Per meeting fee payable monthly | ||
Implementation report
It is the view of the Remuneration Committee that the remuneration policy achieved its stated objective.
2020 guaranteed pay – base pay increase (%)
* | Middle management was awarded a 5.0% increase; senior and general management were awarded a 4.8% increase. |
Total remuneration outcomes
Single figure remuneration (R’000)
Guaranteed pay | Variable pay | |||||||||||||||||||
Base pay | Benefits and allowances | STI | LTI | Total remuneration |
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2020 | Restated 2019 |
2020 | Restated 2019 |
2020 | Restated 2019 |
2020 | Restated 2019 |
2020 | Restated 2019 |
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Executive directors | ||||||||||||||||||||
A Banderker1 | 4 781 364 | 1 148 9041 | 435 788 | 101 096 | 3 242 207 | 2 526 786 | 1 750 000 | 2 400 000 | 10 209 360 | 6 176 786 | ||||||||||
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W Britz | 3 975 310 | 3 828 863 | 394 235 | 360 935 | Waived fee | Waived fee | – | – | 4 369 545 | 4 189 798 | ||||||||||
H Boonzaaier | 3 061 646 | 2 956 130 | 276 436 | 244 144 | 1 755 613 | 1 684 924 | 1 750 000 | 1 000 000 | 6 843 695 | 5 885 198 | ||||||||||
S Mmakau2 | 3 347 678 | 2 046 861 | 323 939 | 195 981 | 1 479 066 | 2 505 7542 | 875 000 | – | 6 025 683 | 4 748 597 | ||||||||||
TOTAL | 15 165 998 | 9 980 758 | 1 430 398 | 902 156 | 6 476 886 | 6 717 464 | 5 025 000 | 2 756 000 | 27 448 283 | 21 000 379 |
1 | A Banderker joined 1 April 2019 figures are prorated. |
2 | S Mmakau: 2019 STI includes sign on retention bonus |
STI performance outcomes
Financial performance indicators are measured against audited annual financial results and are net of STI accruals. Non-financial performance KPIs are based on formal performance evaluation conducted by the Group CEO for executives and by the Remuneration Committee and Board Chairman for the Group Chief Executive.
Performance below threshold attracts no STI payments, where threshold for financial targets is 100% of target.
Non-financial individual performance is assessed against suitable KPIs and is rated on a sliding scale where a score of 2.75 represents threshold performance, 3 on-target performance, 4 excellent performance and 5 stretch performance.
R51.5 million was paid out on the management performance bonus scheme aligned to individual performance scores.
Management strategic incentive scheme
Business multiplier | Outcome | Comments | ||
Weighting – 40% | Finance (EBIT) | 3 out of 5 | Target met | EBIT of R740million achieved relative to target of R744 million (on-target) |
Weighting – 10% | Governance | 3 out of 5 | Met target | The risk management processes continue to evolve with more relevant aspects being monitored earlier in the process. The internal audit findings have reduced significantly |
Weighting – 10% | Transformation | 5 out of 5 | Excellent performance | AHL maintains its level 1 BBBEE rating, Pharmacy Direct maintains Level 1 BBBEE rating and other subsidiary entities improve ratings from prior year |
Weighting – 5% | Culture | 2 out of 5 | Target partially met | We have achieved more than 50% of our culture goals and the business culture assessment score has remained largely the same as the previous assessment score |
Weighting – 35% | Strategic impact
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3 out of 5 | Met target | While the Group achieved its targets of enhanced leadership culture, value chain optimisation and in lowering the cost of healthcare, targets set in respect of strategic projects were partially met |
LTI performance outcomes
The Remuneration Committee reviewed participation in the scheme again to ensure alignment to strategic objectives of the Group and consideration was given to individual long-term performance (measured over three years), scarce and critical skills required, strategic importance of the role and the individual's talent measured in a nine box matrix.
The vesting share scheme was implemented in 2017, and the first 4 410 000 shares were awarded to participants in terms of the registered rules. The vesting period is three years, with the first third of shares awarded in 2017 vesting in 2020. An additional 5 730 000 shares were awarded by the Remuneration Committee to participants in 2019/2020 financial year.
Date vesting | ||||||||||||
Date awarded | Number of shares awarded |
Grant value (R) |
Tranche 1 33.33% |
Tranche 2 33.33% |
Tranche 3 33.33% |
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Hannes Boonzaaier | November 2017 | 200 000 | 1 208 000 | 402 667 | 402 667 | 402 667 | ||||||
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November 2018 | 200 000 | 1 000 000 | 335 333 | 335 333 | 335 333 | |||||||
November 2019 | 500 000 | 1 750 000 | 583 333 | 583 333 | 583 333 | |||||||
Ahmed Banderker | April 2019 | 500 000 | 2 400 000 | 800 000 | 800 000 | 800 000 | ||||||
November 2019 | 500 000 | 1 750 000 | 583 333 | 583 333 | 583 333 |
Individual remuneration outcomes
Ahmed Banderker (Group CEO)
2020 (R) |
Restated* 2019 (R) |
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Salary | 4 781 364 | 1 148 904** | ||
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Medical aid | 44 968 | 10 786 | ||
Retirement benefits | 314 260 | 76 000 | ||
Other employee benefits | 76 560 | 14 310 | ||
Total guaranteed pay | 5 217 153 | 1 250 000* | ||
Increase in guaranteed pay | 4.3% | – | ||
STI | 3 242 207 | 2 526 786 | ||
Number of shares awarded | 500 000 | 500 000 | ||
Value of awarded shares | 1 750 000 | 2 400 000 | ||
Total variable pay | 4 992 207 | 4 926 786 | ||
TOTAL REMUNERATION | 10 209 360 | 6 176 786 |
* | A Banderker's remuneration was restated to incorporate a retention bonus in the STI, LTI which was included after the reporting period and aligning other benefits with pro rated Total Guaranteed package. |
** | A Banderker's 2019 remuneration is prorated for three months; he joined in April 2019. |
Hannes Boonzaaier (Group CFO)
2020 (R) |
Restated* 2019 (R) |
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Salary | 3 061 646 | 2 956 130 | ||
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Medical aid | 49 444 | 47 192 | ||
Retirement benefits | 182 492 | 158 094 | ||
Other employee benefits | 44 500 | 38 858 | ||
Total guaranteed pay | 3 338 082 | 3 200 274 | ||
Increase in guaranteed pay | 4.31% | 4.5% | ||
STI | 1 755 613 | 1 684 924 | ||
Number of shares awarded** | 500 000 | 200 000 | ||
Value of awarded shares | 1 750 000 | 1 000 000 | ||
Total variable pay | 3 505 613 | 2 684 924 | ||
TOTAL REMUNERATION | 6 843 695 | 5 885 198 |
* | 2019 LTI restated to align with prevailing share price at grant. |
** | One-third of the awarded shares will vest in 2020. |
Willem Britz (prescribed officer)
2020 (R) |
Restated* 2019 (R) |
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Salary | 3 975 310 | 3 828 863 | ||
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Medical aid | 128 272 | 114 800 | ||
Retirement benefits | 213 862 | 206 880 | ||
Other employee benefits | 52 101 | 39 256 | ||
Total guaranteed pay | 4 369 545 | 4 189 798 | ||
Increase in guaranteed pay | 4.3% | 4.5% | ||
STI** | – | – | ||
Total variable pay | – | – | ||
TOTAL REMUNERATION | 4 369 545 | 4 189 798 |
* | 2019 Total Guaranteed pay restated to align with actual income for the reporting period. |
** | STI waived due to shareholding. No LTIP allocation. |
Sello Mmakau (prescribed officer)
2020 (R) |
Restated* 2019 (R) |
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Salary | 3 347 678 | 2 046 861 | ||
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Medical aid | 55 680 | 30 678 | ||
Retirement benefits | 215 708 | 139 110 | ||
Other employee benefits | 52 551 | 26 193 | ||
Total guaranteed pay | 3 671 617 | 2 242 843 | ||
Increase in guaranteed pay | 4.3% | 4.5% | ||
STI | 1 479 066 | 2 505 754* | ||
Number of shares awarded | 250 000 | – | ||
Value of awarded shares | 875 000 | – | ||
Total variable pay | 2 354 066 | – | ||
TOTAL REMUNERATION | 6 025 683 | 4 748 597 |
* | 2019 STI includes Sign-on Retention Bonus. |
Non-executive Directors' 2020 remuneration
The following table sets out the fees for the period 1 January 2020 to 31 December 2020 approved by means of majority vote during the AGM:
Current 2020 (R) |
Proposed 2021 (R) |
Recommended increas (%) |
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Main Board (annualised retainer fee) | ||||||
Chairman | 1 329 240 | 1 375 763 | 3.5 | |||
Deputy Chairman | 997 713 | 1 032 633 | 3.5 | |||
Member | 248 188 | 256 875 | 3.5 | |||
Subsidiary board (per meeting) | ||||||
Chairman | 22 572 | 23 362 | 3.5 | |||
Member | 16 615 | 17 197 | 3.5 | |||
Audit and Risk Committee (per meeting) | ||||||
Chairperson | 30 096 | 31 149 | 3.5 | |||
Member | 22 154 | 22 929 | 3.5 | |||
Remuneration Committee (per meeting) | ||||||
Chairperson | 22 572 | 23 362 | 3.5 | |||
Member | 16 615 | 17 197 | 3.5 | |||
Nomination Committee (per meeting) | ||||||
Chairperson | 22 572 | 23 362 | 3.5 | |||
Member | 16 615 | 17 197 | 3.5 | |||
Social and Ethics Committee (per meeting) | ||||||
Chairperson | 22 572 | 23 362 | 3.5 | |||
Member | 16 615 | 17 197 | 3.5 | |||
Investment Committee (per meeting) | ||||||
Chairperson | 22 572 | 23 362 | 3.5 | |||
Member | 16 615 | 17 197 | 3.5 | |||
ICT Steering Committee (per meeting) | ||||||
Chairperson* | 22 572 | |||||
Member | 16 615 | 17 197 | 3.5 |
* | The Chairperson is currently an Executive Director and does not receive fees. |
Payments made to Non-executive Directors
The following fees were paid in respect of the AfroCentric Board:
Name of director | Board fees |
Audit and Risk Committee |
Investment Committee |
Remu- neration Committee |
Nomi- nations Committee |
Social and Ethics Committee |
ICT Steerco |
Total current year 2019 – 2020 |
Restated Total previous year 2018 – 2019 |
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ATM Mokgokong (Chairman) | 1 300 620 | – | – | – | 66 744 | – | – | 1 367 364 | 1 272 300 | |||||||||
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MJ Madungandaba | 1 119 920 | – | 88 344 | 110 916 | 49 130 | – | – | 1 368 310 | 1 162 433 | |||||||||
ND Munisi | 242 844 | – | 97 545 | – | – | 88 344 | – | 428 733 | 355 650 | |||||||||
SE Mmakau | – | – | – | – | – | – | – | – | 221 500 | |||||||||
IM Kirk | 59 375 | – | – | – | – | – | – | 59 375 | 230 250 | |||||||||
LL Dhlamini | 180 797 | 145 296 | – | – | – | – | – | 326 093 | 396 650 | |||||||||
A Banderker | – | – | – | – | – | – | – | – | 263 575 | |||||||||
HG Motau | 84 444 | 79 500 | 47 700 | – | – | – | – | 211 644 | 377 350 | |||||||||
JB Fernandes | 242 844 | 137 050 | 97 545 | – | – | 22 572 | – | 500 011 | 185 033 | |||||||||
SA Zinn | 180 797 | 22 154 | – | 48 415 | – | 48 415 | – | 299 781 | 212 788 | |||||||||
R Wa-Mundalamo | – | – | – | 65 030 | – | – | – | 65 030 | 61 800 | |||||||||
G Allen | 183 469 | – | – | – | – | – | – | 183 469 | – | |||||||||
A le Roux | 20 682 | 22 154 | – | – | – | – | – | 42 836 | – | |||||||||
M Chauke | 20 682 | – | – | – | – | – | – | 20 682 | – | |||||||||
T Alsworth-Elvey | 341 698 | – | – | – | – | – | – | 341 698 | – | |||||||||
Total | 3 978 172 | 406 154 | 331 134 | 224 361 | 115 874 | 159 331 | – | 5 215 026 | 4 759 275 |
Termination of office payments
No termination of payments were made for ACT directors during the year under review.
Statement regarding compliance with remuneration policy
The committee satisfied itself that the remuneration policy as detailed in the report was complied with, and there were no substantial deviations from the policy during the year.
Advisory vote on the implementation report
The implementation report as it appears above is subject to an advisory vote by shareholders at the 2020 AGM. Accordingly, shareholders are requested to cast an advisory vote on the remuneration policy's implementation for 2020.
Approval of the remuneration report by the Board
The remuneration report was approved by the Board on 10 September 2020.