Remuneration Committee report

The Remuneration Committee assists the Board in ensuring that group remuneration and recruitment is aligned with the overall business strategy, with the aim of enabling us to attract and retain personnel who will create long-term value for all stakeholders.

It ensures that executive remuneration is linked in part to individual performance, the group’s performance, market conditions and benchmarks. The committee considers and makes recommendations to the Board on remuneration packages and policies in this regard. It is therefore authorised by the Board to seek any information required from any employee and may further obtain external legal and/or other independent professional advice if deemed necessary.

The committee meets three times during the year and attendance is set out here. Special meetings are convened as required. The Executive Chairman, CEO, CFO and Executive Head of human resources are invited to attend every meeting. Executive Directors who attend committee meetings by invitation are barred from deliberations in respect of their own or each other’s remuneration.

The committee is chaired by independent Non-executive Director, Vusi Twala, and further comprises independent Non-executive Director, Neo Mokhesi, and Non-executive Directors, Lucas Tseki and Ashley Ally.

The fees for Non-executive Directors are set out in the table below:

Directors' fees

Type of fee (per annum) FY15 fee per meeting attendance
R
FY16 fee per meeting attendance R
Board
Board member 27 000 28 350
Audit and Risk Committee
Chairman 36 000 37 800
Member 16 000 16 800
Remuneration Committee
Chairman 4 000 25 200
Member 13 000 13 650
Social, Ethics and Transformation Committee
Chairman 24 000 25 200
Member 13 000 13 650
Investment Committee
Chairman 24 000 25 200
Member 13 000 13 650

Vusi Twala
Remuneration Committee Chairman

13 June 2016