Implementation report
It is the view of the Remuneration Committee that the remuneration policy achieved its stated objective.
2021 guaranteed pay – base pay increase (%)

* | Middle management was awarded a 3.3% increase; senior managers 3%, and general management was awarded a 2.5% increase. |
Total remuneration outcomes
Single figure remuneration (R'000)
Guaranteed pay | Variable pay | |||||||||
Base pay | Benefits and allowances |
STI | LTI | Total remuneration |
||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |
Executive directors | ||||||||||
A Banderker | 4 948 450 | 4 781 364 | 452 817 | 435 788 | 4 000 000 | 3 242 207 | – | 1 750 000 | 9 401 267 | 10 209 360 |
---|---|---|---|---|---|---|---|---|---|---|
W Britz | 4 142 382 | 3 975 310 | 380 481 | 394 235 | – | Waived fee | – | – | 4 522 862 | 4 369 545 |
H Boonzaaier | 3 404 936 | 3 061 646 | 314 452 | 276 436 | 2 083 405 | 1 755 613 | 1 460 000 | 1 750 000 | 7 262 792 | 6 843 695 |
S Mmakau | 3 464 020 | 3 347 678 | 337 507 | 323 939 | 1 449 711 | 1 479 066 | 1 095 000 | 875 000 | 6 346 239 | 6 025 683 |
TOTAL | 15 959 788 | 15 165 998 | 1 485 257 | 1 430 398 | 7 533 116 | 6 476 886 | 2 555 000 | 5 025 000 | 27 533 160 | 27 448 283 |
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 a formal performance evaluation conducted by the Group CEO for executives and by the Remuneration Committee and Board Chairperson for the Group CEO.
Performance below the threshold attracts no STI payments, where the threshold for financial targets is 100% of the 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.
R59.9 million was paid out on the management performance bonus scheme aligned with individual performance scores.
Management strategic incentive scheme
Business multiplier | Outcome | Comments | ||
Weighting – 40% | Finance (EBIT) | 3 out of 5 | Target met | EBIT of R794 million achieved, relative to the target of R806 million (on-target) |
Weighting – 10% | Governance | 3.8 out of 5 | Target partially exceeded | The risk management processes continue to evolve, with more relevant aspects being monitored earlier in the process. The internal audit findings have been reduced significantly |
Weighting – 10% | Transformation | 4 out of 5 | Target partially exceeded | ACT maintained its level 1 B-BBEE rating. Pharmacy Direct maintained its Level 1 B-BBEE rating, and other subsidiary entities improved ratings from the prior year |
Weighting – 5% | Culture | 3 out of 5 | Target 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
|
3 out of 5 | Target met | While the Group achieved its targets of enhanced leadership culture, value chain optimisation and 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 to ensure alignment with the strategic objectives of the Group and consideration was given to individual long-term performance (measured over three years), scarce and critical skills required, the 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 second third of shares awarded in 2017 vesting in 2021.
Vesting criteria | ||||||
Date awarded |
Number of shares awarded |
Grant value (R) |
Tranche 1 33.33% |
Tranche 2 33.33% |
Tranche 3 33.33% |
|
Hannes Boonzaaier | 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 | |
November 2020 | 400 000 | 1 460 000 | 486 666 | 486 666 | 486 666 | |
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 | |
Sello Mmakau | November 2019 | 250 000 | 875 000 | 291 666 | 291 666 | 291 666 |
November 2020 | 300 000 | 1 095 000 | 365 000 | 365 000 | 365 000 |
Individual remuneration outcomes
Ahmed Banderker (Group CEO)
2021 (R) |
2020 (R) |
|
Salary | 4 948 450 | 4 781 364 |
---|---|---|
Medical aid | 47 852 | 44 968 |
Retirement benefits | 325 093 | 314 260 |
Other employee benefits | 79 872 | 76 560 |
Total guaranteed pay | 5 401 267 | 5 217 153 |
Increase in guaranteed pay | 3.5% | 4.3% |
STI | 4 000 000 | 3 242 207 |
Number of shares awarded | – | 500 000 |
Value of awarded shares | – | 1 750 000 |
Total variable pay | 4 000 000 | 4 992 207 |
TOTAL REMUNERATION | 9 401 267 | 10 209 360 |
Total Remuneration

Hannes Boonzaaier (Group CFO)
2021 (R) |
2020 (R) |
|
Salary | 3 404 936 | 3 061 646 |
---|---|---|
Medical aid | 52 872 | 49 444 |
Retirement benefits | 209 988 | 182 492 |
Other employee benefits | 51 592 | 44 500 |
Total guaranteed pay | 3 719 388 | 3 338 082 |
Increase in guaranteed pay | 11.4% | 4.31% |
STI | 2 083 405 | 1 755 613 |
Number of shares awarded | 400 000 | 500 000 |
Value of awarded shares | 1 460 000 | 1 750 000 |
Total variable pay | 3 543 405 | 3 505 613 |
TOTAL REMUNERATION | 7 262 792 | 6 843 695 |
Total Remuneration

Willem Britz (prescribed officer)
2021 (R) |
2020 (R) |
|
Salary | 4 142 382 | 3 975 310 |
---|---|---|
Medical aid | 104 892 | 128 272 |
Retirement benefits | 221 234 | 213 862 |
Other employee benefits | 54 355 | 52 101 |
Total guaranteed pay | 4 522 862 | 4 369 525 |
Increase in guaranteed pay | 3.5% | 4.3% |
STI* | – | – |
Total variable pay | – | – |
TOTAL REMUNERATION | 4 522 862 | 4 369 525 |
* | STI waived due to shareholding. No LT plan allocation. |
Total Remuneration

Sello Mmakau (prescribed officer)
2021 (R) |
2020 (R) |
|
Salary | 3 464 020 | 3 347 678 |
---|---|---|
Medical aid | 59 540 | 55 680 |
Retirement benefits | 223 143 | 215 708 |
Other employee benefits | 54 824 | 52 551 |
Total guaranteed pay | 3 801 527 | 3 671 617 |
Increase in guaranteed pay | 3.5% | 4.3% |
STI | 1 449 711 | 1 479 066 |
Number of shares awarded | 300 000 | 250 000 |
Value of awarded shares | 1 095 000 | 875 000 |
Total variable pay | 2 544 711 | 2 354 066 |
TOTAL REMUNERATION | 6 346 239 | 6 025 683 |
Total Remuneration

Non-executive Directors' 2021 remuneration
Based on the PwC 2021 non-executive director remuneration report, AfroCentric concluded that the fees for the Chairperson of the Audit Committee, the lead independent and director fees are significantly below the median for companies of similar size. As a result and after careful consideration, the Remuneration Committee considered it prudent to steadily adjust the fees for the 2022 financial year. Accordingly, the directors' fees for 2022 were increased by bigger percentages than previous years to bring the fees closer to aligning with the median for similar size companies as reported in the PwC 2021 non-executive director remuneration report.
The following table sets out the fees for the period 1 January 2021 to 31 December 2021 approved by means of majority vote during the AGM:
Current 2021 (R) |
Proposed 2022 (R) |
Recommended increase (%) |
|
Main Board (annualised retainer fee) | |||
Chairman* | 1 445 849 | 1 445 849 | 0 |
Deputy Chairman* | 1 317 844 | 1 317 844 | 0 |
Lead Independent Director | 515 802 | 667 627 | 29.43 |
Member | 256 875 | 305 955 | 19.11 |
Audit and Risk Committee (per meeting) | |||
Chairperson | 155 745 | 255 903 | 64.31 |
Member | 114 645 | 131 662 | 14.84 |
Remuneration Committee (per meeting) | |||
Chairperson | 93 448 | 132 997 | 42.32 |
Member | 68 788 | 72 370 | 5.21 |
Nomination Committee (per meeting) | |||
Chairperson | 70 086 | 132 997 | 89.76 |
Member | 51 591 | 72 370 | 40.28 |
Social and Ethics Committee (per meeting) | |||
Chairperson | 93 448 | 123 372 | 32.02 |
Member | 71 668 | 71 668 | 0.00 |
Investment Committee (per meeting) | |||
Chairperson | 140 172 | 192 277 | 37.17% |
Member | 103 182 | 105 769 | 2.51 |
ICT Steering Committee (per meeting) |
|||
Member** | 51 591 | 70 513 | 36.68 |
* | The Chairman and the Deputy Chairman remuneration is all inclusive. |
** | 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 | Directors’ fees | Social and Ethics Committee | Medschseme Board | ADS Board | PD/Curasana Board | Remuneration Committee |
Dr Anna Mokgokong | 1 555 377 | – | – | – | – | – |
Joe Madungandaba | 1 167 449 | – | 25 958 | 38 215 | 78 782 | 98 558 |
Bruno Fernandes | 252 526 | 22 572 | – | – | – | – |
Gary Allen | 290 411 | – | – | – | – | 19 777 |
Jurie Strydom | 192 775 | – | – | – | – | – |
Prof Shirley Zinn | 361 765 | 96 875 | – | – | – | 103 965 |
Dr Nkateko Munisi | 250 360 | 91 078 | – | – | – | – |
Alice Le Roux | 302 022 | – | – | – | – | – |
Mmaboshadi Chauke | 252 526 | – | – | – | – | – |
4 625 211 | 210 525 | 25 958 | 38 215 | 78 782 | 222 300 | |
Ronald Mundalamo | – | – | – | – | – | 67 042 |
Total | 4 625 211 | 210 525 | 25 958 | 38 215 | 78 782 | 289 342 |
Name of director | Nomination Committee | Internal Control Review Panel | Pharma Audit and Risk Committee | Audit and Risk Committee | Investment Committee | Total Fees |
Dr Anna Mokgokong | 52 824 | – | – | – | – | 1 608 201 |
---|---|---|---|---|---|---|
Joe Madungandaba | 38 884 | – | – | – | 105 648 | 1 553 494 |
Bruno Fernandes | – | 22 929 | 46 724 | 182 682 | 67 624 | 595 057 |
Gary Allen | – | – | – | 26 368 | 19 777 | 356 333 |
Jurie Strydom | – | – | – | – | – | 192 775 |
Prof Shirley Zinn | – | – | – | 25 477 | – | 588 082 |
Dr Nkateko Munisi | – | – | – | – | 67 042 | 408 480 |
Alice Le Roux | – | – | – | 154 645 | – | 456 667 |
Mmaboshadi Chauke | – | – | – | 134 474 | – | 387 000 |
91 708 | 22 929 | 46 724 | 523 646 | 260 091 | 6 146 089 | |
Ronald Mundalamo | – | – | – | – | – | 67 042 |
Total | 91 708 | 22 929 | 46 724 | 523 646 | 260 091 | 6 213 131 |
Termination of office payments
No termination of payments were made for ACT directors during the year under review.
Statement regarding compliance with the 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 2021 AGM. Accordingly, shareholders are requested to cast an advisory vote on the remuneration policy's implementation for 2021.
Approval of the remuneration report by the Board
The Board approved the remuneration report on 13 September 2021.