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.