Annexure B: Directors' remuneration
as at 30 June
Directors' remuneration
The remuneration paid to executive directors while in office of the Company during the year ended 30 June 2020 is analysed as follows:
| Director | Basic remuneration¹ R'000 |
Retirement/ medical benefits R'000 |
Other benefits and costs R'000 |
Cash incentives2 R'000 |
Benefit arising from the exercise of replacement rights R'000 |
Total emoluments R'000 |
||||||
| AW Dawe³ | 2 340 | 110 | 241 | – | 16 232 | 18 923 | ||||||
| NT Madisa | 4 271 | 340 | 254 | – | 5 597 | 10 462 | ||||||
| GC McMahon | 2 899 | 321 | 211 | – | 1 626 | 5 057 | ||||||
| LP Ralphs | 11 153 | 946 | 904 | – | 23 621 | 36 624 | ||||||
| MJ Steyn | 3 817 | 258 | 228 | – | – | 4 303 | ||||||
| 2020 Total | 24 480 | 1 975 | 1 838 | – | 47 076 | 75 369 |
For comparative purposes the remuneration paid to executive directors, while in office of the Company during the year ended 30 June 2019, 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 | 5 219 | 261 | 489 | 7 775 | 24 499 | 38 243 | ||||||
| NT Madisa | 3 697 | 305 | 129 | 5 559 | 6 510 | 16 200 | ||||||
| GC McMahon | 2 583 | 307 | 285 | 4 165 | 9 657 | 16 997 | ||||||
| LP Ralphs | 11 087 | 947 | 709 | 18 857 | – | 31 600 | ||||||
| MJ Steyn | 3 420 | 258 | 270 | 5 276 | 6 644 | 15 868 | ||||||
| 2019 Total | 26 006 | 2 078 | 1 882 | 41 632 | 47 310 | 118 908 |
| ¹ | A 30% salary and fee sacrifice was agreed to for the fourth quarter. |
| ² | A provision for FY20 short-term incentives has been made, based on the performance testing outcome. The remuneration committee has deferred the decision to pay out incentives until November 2020. |
| ³ | Retired 28 November 2019. |
Certain executive directors serve as non-executive directors of companies outside of the Group. Directors' fees in this regard are paid to the Group.
The remuneration paid to non-executive directors while in office of the Company during the year ended 30 June 2020 is analysed as follows:
| 2020 | |||||||||
| Directors | Directors’ fees R’000 |
As directors of subsidiary companies and other services R’000 |
Total emoluments R’000 |
Total emoluments R’000 |
|||||
| EK Diack | 1 416 | 386 | 1 802 | 1 868 | |||||
| AK Maditse | 931 | – | 931 | 686 | |||||
| S Masinga | 863 | – | 863 | 588 | |||||
| BF Mohale1 | 1 135 | – | 1 135 | – | |||||
| RK Mokate | 715 | 812 | 1 527 | 1 535 | |||||
| NG Payne2 | 807 | 1 245 | 2 052 | 2 604 | |||||
| MD Ruck3 | 368 | – | 368 | – | |||||
| N Siyotula3 | 534 | – | 534 | – | |||||
| T Slabbert2 | 405 | – | 405 | 756 | |||||
| NW Thomson | 905 | – | 905 | 796 | |||||
| Former directors | 1 994 | ||||||||
| 2020 total | 8 079 | 2 443 | 10 522 | 10 827 | |||||
| 2019 total | 8 127 | 2 700 | 10 827 | – |
| ¹ | Appointed 1 July 2019. |
| ² | Retired 28 November 2019. |
| ³ | Appointed 25 October 2019. |
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 rights4 are as follows:
| Replacement rights at 30 June 2019 |
Replacement rights exercised during the year |
Replacement rights lapsed during the year |
Replacement rights at 30 June 2020 |
||||||||||||||
| Directors | Number | Average price R |
Number | Market price |
Number | Market price |
Number | Average price R |
|||||||||
| AW Dawe | 30 767 | 290.48 | 28 767 | 289.72 | 2 000 | 301.54 | – | – | |||||||||
| NT Madisa | 37 017 | 281.55 | 10 767 | 269.95 | – | – | 26 250 | 286.30 | |||||||||
| GC McMahon | 20 000 | 288.84 | – | – | – | – | 20 000 | 288.84 | |||||||||
| MJ Steyn | 11 250 | 284.60 | – | – | – | – | 11 250 | 284.60 | |||||||||
| 99 034 | 286.14 | 39 534 | 284.33 | 2 000 | 301.54 | 57 500 | 286.85 | ||||||||||
A SAR4 is a right awarded subject to the appreciation of the Company's shares.
| SAR at 30 June 2019 |
SAR granted during the year |
SAR lapsed during the year |
SAR at 30 June 2020 |
||||||||||||||
| Directors | Number | Average price R |
Number | Average price R |
Number | Market price |
Number | Average price R |
|||||||||
| MJ Steyn | 80 000 | 152.68 | – | – | – | – | 80 000 | 152.68 | |||||||||
These SARs are exercisable over the period 1 July 2021 to 31 December 2024. A detailed register of SARs outstanding by tranche is available for inspection at the Company's register office.
A grant in terms of the CSP4 is a right to a share, which is awarded subject to performance and vesting conditions.
| Director | Balance at 30 June 2019 Number |
New award Number |
Forfeited Number |
Shares vested Number | Accelerated vested shares vested Number |
Closing balance 30 June 2020 Number |
|||||||
| AW Dawe | 118 000 | – | (55 902) | (18 602) | (43 496) | – | |||||||
| NT Madisa | 90 000 | 75 000 | (2 284) | (13 287) | – | 149 429 | |||||||
| GC McMahon | 57 000 | 50 000 | (1 371) | (7 972) | – | 97 657 | |||||||
| LP Ralphs | 406 280 | 150 000 | (19 897) | (115 787) | – | 420 596 | |||||||
| MJ Steyn | 40 000 | 60 000 | – | – | 100 000 | ||||||||
| 711 280 | 335 000 | (79 454) | (155 648) | (43 496) | 767 682 |
Share-based payment expense
| 2020 R’000 |
2019 R’000 |
||||
| AW Dawe | 1 479 | 7 275 | |||
| NT Madisa | 2 373 | 4 859 | |||
| GC McMahon | 1 639 | 3 105 | |||
| LP Ralphs | 6 807 | 16 337 | |||
| MJ Steyn | 2 709 | 3 993 | |||
| Former director | – | 419 | |||
| 15 007 | 35 988 |
| 7 | Refer to note 29 of the financial statements for further details. |