annexure b – directors' remuneration
for the year ended 30 June

 

Directors’ remuneration

The remuneration paid to executive directors while in office of the Company during the year ended 30 June 2018 is analysed as follows:

Director	Basic remuneration R’000	Retirement/ medical benefits R’000	Other benefits and costs R’000	Cash incentives R’000	Benefit arising from the exercise of replacement rights R’000	Total emoluments R’000
AW Dawe	4 843	257	82	7 010	–	12 192
NT Madisa	3 301	297	244	4 948	13 273	22 063
GC McMahon	1 851	240	182	3 024	–	5 297
HP Meijer¹	2 336	286	271	–	10 510	13 403
LP Ralphs	10 260	880	1 011	17 492	–	29 643
MJ Steyn²	2 738	254	102	2 500	1 782	7 375
2018 Total	25 329	2 214	1 891	34 974	25 565	89 973

Certain executive directors serve as non-executive directors of companies outside of the Group. Directors’ fees in this regard are paid to the Group.

For comparative purposes the remuneration paid to executive directors, while in office of the Company during the year ended 30 June 2017, is analysed as follows:

Director	Basic remuneration R’000	Retirement/ medical benefits R’000	Other benefits and costs R’000	Cash incentives R’000	Benefit arising from the exercise of replacement rights R’000	Total emoluments R’000
AW Dawe	4 487	263	76	3 347	–	8 173
NT Madisa	3 027	272	89	2 324	–	5 712
GC McMahon	1 672	218	154	1 409	4 005	7 458
HP Meijer¹	3 237	397	164	2 606	10 934	17 338
LP Ralphs	9 164	825	912	7 227	91 865	109 993
2017 Total	21 587	1 975	1 395	16 913	106 804	148 674

¹ Retired 28 February 2018

² Appointed as Group CFO 1 March 2018. Remuneration for 12 months

The remuneration paid to non-executive directors while in office of the Company during the year ended 30 June 2018 is analysed as follows:

Director	Directors’ fees R’000	2018 As directors of subsidiary companies and other services R’000	Total emoluments R’000			2017 Total R’000
DDB Band	718	–	718			551
EK Diack	570	508	1 078			1 583
B Joffe	23	–	23			4 203
AK Maditsi	613	–	613			535
S Masinga	595	–	595			582
RK Mokate	114	597	711			–
CWN Molope	371	–	371			–
NG Payne	1 349	875	2 224			2 169
CWL Phalatse	1 430	–	1 430			1 350
T Slabbert	655	–	655			562
NW Thomson	148	–	148			–
2018 total	6 586	1 980	8 566			11 535
2017 total	5 887	5 648	11 535			–

Prescribed officers

Due to the nature and structure of the Group and the number of executive directors on the board of the Company, the directors have concluded that there are no prescribed officers of the Company.

Directors’ long-term incentives

Details of the directors’ and officers’ outstanding replacement rights are as follows:

	Replacement rights at 30 June 2017				Replacement rights exercised during the year				Replacement rights lapsed during the year				Replacement rights at 30 June 2018
Directors	Number	Average price R			Number	Market price3			Number	Market price3			Number	Average price R
AW Dawe	133 066	267,27			–	–			–	–			133 066	267,27
NT Madisa	118 566	266,49			50 783	240,97			–	–			67 783	285,60
GC McMahon	61 250	271,44			–	–			–	–			61 250	271,44
P Meijer	115 566	269,29			42 783	247,16			42 017	276,31			30 766	290,49
MJ Steyn	45 000	260,09			7 500	250,73			–	–			37 500	261,96
	473 448	267,42			101 066	244,32			42 017	276,31			330 365	273,36
Former company secretary
CA Brighton	20 578	262,26			6 539	257,56			14 039	264,44			–	–
	494 026	267,21			107 605	245,72			56 056	273,34			330 365	273,36

Refer to note 27 of the financial statements for further details.

A share appreciation right (SAR) is a right awarded subject to the appreciation of the Company’s shares.

	SARs at 30 June 2017				SARs granted during the year				SARs lapsed during the year				SARs at 30 June 2018
Directors	Number	Average price R			Number	Average price R			Number	Market price3			Number	Average price R
MJ Steyn	40 000	146,61			40 000	158,75			–	–			80 000	152,68
Former company secretary
CA Brighton	14 000	146,61			–	–			14 000	146,61			–	–
	54 000	146,61			40 000	158,75			14 000	146,61			80 000	152,68

These SARs are exercisable over the period 1 July 2019 to 31 December 2024. A detailed register of SARs outstanding by tranche is available for inspection at the Company’s register office.

Share-based payment expense

	2018  R’000			2017  R’000
AW Dawe	4 211			3 687
NT Madisa	3 602			3 086
GC McMahon	2 048			1 834
HP Meijer	2 854			3 710
LP Ralphs	8 786			3 920
MJ Steyn	1 756			–
	23 257			16 237

Details of directors’ and officers’ outstanding conditional share plan (CSP)

A conditional award is a conditional right to a share, which is awarded subject to performance and vesting conditions.

Director	Balance at 2017 Number			New awards Number			Forfeited Number			Shares awarded Number			Closing balance 30 June 2018 Number
AW Dawe	28 000			38 000			–			–			66 000
GC McMahon	12 000			15 000			–			–			27 000
LP Ralphs	174 280			112 000			–			–			286 280
NT Madisa	20 000			30 000			–			–			50 000
HP Meijer	22 000			–			–			–			22 000
	256 280			195 000			–			–			451 280