NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 35

35. DIRECTORS’ REMUNERATION AND INTERESTS
 

Directors’ remuneration

The group remuneration philosophy and basis for determining performance bonuses is set out in the remuneration report on pages 128 to 134 in the integrated report. Other benefits determined below include share purchase trust loans, expatriate benefits, retention payments, redundancy and termination payments and any other non-pensionable allowances or fringe benefits.

The directors’ and prescribed officers’ remuneration for the year ended 30 September 2014 was as follows:

  Salary
R000		 Retirement
and
medical
contributions
R000		 Car
benefit
R000		 Other
benefits
R000		 Guaranteed
package
R000		 Bonus
R000		 Total
2014
R000		  
2014                
Executive directors                
Residents                
PJ Bulterman 4 801 772 231 78 5 882 3 241 9 123  
M Laubscher 5 480 1 210 256 82 7 028 5 585 12 613  
OI Shongwe (resigned 31 May 2014) 2 108 378 152 295 2 933   2 933  
CB Thomson 7 592 1 362 266 48 9 268 6 359 15 627  
DG Wilson 3 864 896 246 25 5 031 2 767 7 798  
DM Sewela (appointed 19 March 2014) 3 525 579 240 54 4 398 2 652 7 050  
Non-resident                
PJ Blackbeard 5 937 772 195 4 6 908 2 490 9 398  
Total executive directors
 33 307 5 969 1 586 586 41 448 23 094 64 542  
Prescribed officers                
Non-resident                
V Salzmann 4 162   172   4 334 1 337 5 671  
Total prescribed officers
 4 162   172   4 334 1 337 5 671  
Grand total
 37 469 5 969 1 758 586 45 782 24 431 70 213  

  Fees
R000		 Total
2014
R00		  
Non-executive directors      
Residents      
NP Dongwana 407 407  
SS Mkhabela 446 446  
B Ngonyama 447 447  
SS Ntsaluba 560 560  
DB Ntsebeza 1 822 1 822  
TH Nyasulu (resigned 29 April 2014) 137 137  
IO Shongwe (appointed 1 June 2014) 106 106  
Non-residents      
FNO Edozien (appointed 19 March 2014) 480 480  
AGK Hamilton 1 800 1 800  
A Landia (appointed 1 October 2013) 1 012 1 012  
SB Pfeiffer 1 474 1 474  
Total non-executive directors 8 691 8 691  
Total directors’ and prescribed officers’ remuneration   78 904  

  Salary
R000		 Retirement
and
medical
contributions
R000		 Car
benefit
R000		 Other
benefits
R000		 Guaranteed
package
R000		 Bonus
R000		 Total
2013
R000
2013              
Executive directors              
Residents              
PJ Bulterman 4 329 704 231 56 5 320 4 664 9 984
M Laubscher 5 077 1 105 249 68 6 499 6 067 12 566
OI Shongwe 2 923 528 228 23 3 702 3 292 6 994
CB Thomson 6 973 1 242 266 46 8 527 9 589 18 116
DG Wilson 3 511 794 246 24 4 575 3 961 8 536
Non-resident              
PJ Blackbeard 4 558 594 154 230 5 536 4 071 9 607
Total executive directors 27 371 4 967 1 374 447 34 159 31 644 65 803
Prescribed officers              
Residents              
DM Sewela 3 120 521 240 68 3 949 3 705 7 654
IG Stevens (retired 31 August 2013) 1 936 330 262 1 232 3 760 2 290 6 050
Non-resident              
V Salzmann 2 939 157 141 615 3 852 2 921 6 773
Total prescribed officers 7 995 1 008 643 1 915 11 561 8 916 20 477
Grand total 35 366 5 975 2 017 2 362 45 720 40 560 86 280

  Fees
R000		 Fees for
services to
subsidiaries/
other
services
R000		 Total
2013
R000
Non-executive directors      
Residents      
NP Dongwana 286   286
SS Mkhabela 414   414
B Ngonyama 380   380
SS Ntsaluba 519   519
DB Ntsebeza 1 798   1 798
TH Nyasulu 320   320
Non-residents      
AGK Hamilton 1 452   1 452
SB Pfeiffer 1 189   1 189
G Rodriguez de Castro Garcia de los Rios (retired 23 January 2013) 326 888 1 214
Total non-executive directors 6 684 888 7 572
Total directors’ and prescribed officers’ remuneration     93 852

  Salary
R000		 Retirement
and
medical
contributions
R000		 Car
benefit
R000		 Other
benefits
R000		 Guaranteed
package
R000		 Bonus
R000		 Total
2012
R000
2012              
Executive directors              
Residents              
PJ Bulterman 3 671 605 231 21 4 528 3 848 8 376
M Laubscher 4 640 935 248 6 5 829 5 335 11 164
OI Shongwe 2 656 493 228 4 3 381 2 707 6 088
CB Thomson 6 323 1 073 266 24 7 686 7 871 15 557
DG Wilson 3 164 717 246 10 4 137 3 277 7 414
Non-resident              
PJ Blackbeard 3 323 426 183 852 4 784 2 671 7 455
Total executive directors 23 777 4 249 1 402 917 30 345 25 709 56 054
Prescribed officers              
Residents              
DM Sewela 2 600 442 240 36 3 318 2 736 6 054
IG Stevens 1 945 332 286 4 2 567 2 027 4 594
Non-residents              
V Salzmann 2 722 170 115 606 3 613 1 867 5 480
Total prescribed officers 7 267 944 641 646 9 498 6 630 16 128
Grand total 31 044 5 193 2 043 1 563 39 843 32 339 72 182

  Fees
R000		 Fees for
services to
subsidiaries/
other
services
R000		 Total
2012
R000
Non-executive directors      
Residents      
SAM Baqwa (resigned 10 May 2012) 347   347
NP Dongwana (appointed 1 May 2012) 82   82
SS Mkhabela 389   389
B Ngonyama (appointed 1 May 2012) 112   112
MJN Njeke (resigned 29 February 2012) 217   217
SS Ntsaluba 481   481
DB Ntsebeza 1 779   1 779
TH Nyasulu 300   300
Non-residents      
AGK Hamilton 1 236   1 236
SB Pfeiffer 1 013   1 013
G Rodriguez de Castro Garcia de los Rios 753 763 1 516
Total non-executive directors 6 709 763 7 472
Total directors’ and prescribed officers’ remuneration     79 654

Interest of directors and prescribed officers of the company in share capital

The aggregate beneficial holdings as at 30 September 2014 of the directors and prescribed officers of the company and their immediate families (none of which has a holding in excess of 1%) in the issued ordinary shares of the company are detailed below. There have been no material changes in these shareholdings since that date.

  Number of shares at 30 September
  2014
Forfeitable		 2014
Direct		 2014
Indirect		 2013
Forfeitable		 2013
Direct		 2013
Indirect		 2012
Forfeitable		 2012
Direct		 2012
Indirect
Executive directors                  
PJ Blackbeard 75 740 114 167   126 733 38 334   148 900 38 334  
PJ Bulterman 75 740 76 877   126 733 29 617   148 900    
M Laubscher 93 270 41 667 105 124 163 873 41 667 45 441 196 900 47 441  
DM Sewela^ 59 410     38 850          
CB Thomson 150 170 331 044 103 311 033 196 671 103 404 700 108 804 103
DG Wilson 75 740 118 650   126 733 42 817   148 900 5 000  
Total executive directors 530 070 682 405 105 227 893 955 349 106 45 544 1 048 300 199 579 103
Non-executive directors                  
AGK Hamilton   1 850     1 850     1 850  
S Mkhabela   37 430     37 430     37 430  
HT Nyasulu   650     650     650  
DB Ntsebeza   41 960     41 960     41 960  
SB Pfeiffer   10 000     10 000     10 000  
OI Shongwe 39 070 68 350 570 102 103 26 817 570 122 550 2 100 570
Total non-executive directors 39 070 160 240 570 102 103 118 707 570 122 550 93 990 570
Prescribed officers                  
V Salzmann 10 000 4 380   14 280 100   14 280 100  
Total prescribed officers 10 000 4 380   14 280 100   14 280 100  
Grand total 579 140 847 025 105 797 1 010 338 467 913 46 114 1 185 130 293 669 673

^ DM Sewela’s forfeitable shares are cash-settled.

Interest of directors and prescribed officers of the company in share options, share appreciation rights and forfeitable shares

The interests of the executive directors and prescribed officers in shares of the company provided in the form of options, share appreciation rights and forfeitable shares are shown in the table below:

  Award
date		 Number
allocated
in
prior
years		 Number
allocated in
current
year		 Number
exercised
(options
and SAR)/
vested (FSP))
in current
year		 Closing
number		 Exercise
price		 Price on
exercise
date
(options
and SAR)/
vesting
price (FSP))		 Exercise or
exercisable
(options
and
SAR)/
vesting
date (FSP))
Executive directors                
PJ Blackbeard                
Share appreciation rights                
  2008 88 978   88 978   61.01 103.80 16 Jan 14
  2009 28 000   28 000   51.04 104.76 4 Feb 14
  2009 28 058   28 058   51.04 109.85 25 Mar 14
  2009 28 032     28 032 51.04   22 Nov 14
  2011 37 000     37 000 70.83   27 Feb 14
  2012 35 000     35 000 96.48   29 Mar 15
  2013 43 840     43 840 90.73   18 Mar 16
  2014   35 060   35 060 106.82   17 Mar 17
FSP – no performance conditions                
  2011 7 000   7 000   n/a   27 Feb 14
  2012 5 750     5 750 n/a   29 Mar 15
  2013 6 910     6 910 n/a   18 Mar 16
  2014   6 210   6 210 n/a   17 Mar 17
FSP – with performance conditions                
  2010 49 833   49 833   n/a 104.83 28 Jan 13
  2011 19 000   19 000   n/a 108.00 27 Feb 14
  2012 17 500     17 500 n/a   29 Mar 15
  2013 20 740     20 740 n/a   18 Mar 16
  2014   18 630   18 630 n/a   17 Mar 17
PJ Bulterman                
Share appreciation rights                
  2008 77 576   77 576   61.01 96.50 3 Dec 13
  2009 84 090     84 090 51.04   30 Nov 12
  2011 37 000   12 333 24 667 70.83 107.56 3 Mar 14
  2012 35 000     35 000 96.48   29 Mar 15
  2013 43 840     43 840 90.73   18 Mar 16
  2014   35 060   35 060 106.82   17 Mar 17
FSP – no performance conditions                
  2011 7 000   7 000   n/a 108.00 27 Feb 14
  2012 5 750     5 750 n/a   29 Mar 15
  2013 6 910     6 910 n/a   18 Mar 16
  2014   6 210   6 210 n/a   17 Mar 17
FSP – with performance conditions                
  2010 49 833   49 833   n/a 104.83 28 Jan 14
  2011 19 000   19 000   n/a 108.00 27 Feb 14
  2012 17 500     17 500 n/a   29 Mar 15
  2013 20 740     20 740 n/a   18 Mar 16
  2014   18 630   18 630 n/a   17 Mar 17
M Laubscher                
Share appreciation rights                
  2008 60 000   60 000   61.01 100.01 2 Jan 14
  2008 38 431   38 431   61.01 99.33 6 Jan 14
  2009 25 000   25 000   51.04   30 Nov 12
  2009 25 000   25 000   51.04 107.92 1 Dec 12
  2009 25 000   25 000   51.04 112.66 2 Dec 12
  2009 37 620     37 620 51.04   3 Dec 12
  2011 47 500     47 500 70.83   27 Feb 14
  2012 45 000     45 000 96.48   29 Mar 15
  2013 49 640     49 640 90.73   18 Mar 16
  2014   41 420   41 420 106.82   17 Mar 17
FSP – no performance conditions                
  2011 9 000   9 000   n/a   27 Feb 14
  2012 7 500     7 500 n/a   29 Mar 15
  2013 8 360     8 360 n/a   18 Mar 16
  2014   7 330   7 330 n/a   17 Mar 17
FSP – with performance conditions                
  2010 66 433   66 433   n/a 104.83 28 Jan 14
  2011 24 500   24 500   n/a 108.00 27 Feb 14
  2012 23 000     23 000 n/a   29 Mar 15
  2013 25 080     25 080     18 Mar 16
  2014   22 000   22 000 n/a   17 Mar 17
DM Sewela^                

Share appreciation rights

                
  2008 37 060   37 060   61.01 108.15 11 Feb 14
  2009 43 630   29 086 14 544 51.04 94.40 25 Nov 13
  2011 47 270     47 270 70.83   27 Feb 14
  2012 19 590     19 590 96.48   29 Mar 15
  2013 31 510     31 510 90.73   18 Mar 16
  2014   35 060   35 060 106.82   17 Mar 17
FSP – no performance conditions                
  2011 4 280   4 280   n/a 108.00 27 Feb 14
  2012 3 500     3 500 n/a   29 Mar 15
  2013 5 270     5 270 n/a   18 Mar 16
  2013   6 210   6 210 n/a   17 Mar 17
FSP – with performance conditions                
  2012 10 000     10 000 n/a   29 Mar 15
  2013 15 800     15 800 n/a   18 Mar 16
  2014   18 630   18 630 n/a   17 Mar 17
^ DM Sewela’s forfeitable shares are cash-settled.                
CB Thomson                
Share appreciation rights                
  2008 201 259   201 259   61.01 109.00 24 Jan 14
  2009 199 560     199 560 51.04   30 Nov 12
  2011 85 000     85 000 70.83   27 Feb 14
  2012 72 000     72 000 96.48   29 Mar 15
  2013 80 440     80 440 90.73   18 Mar 16
  2014   67 010   67 010 106.82   17 Mar 17
FSP – no performance conditions                
  2011 16 500   16 500   n/a 108.00 27 Feb 14
  2012 12 000     12 000 n/a   29 Mar 15
  2013 13 550     13 550 n/a   18 Mar 16
  2014   11 870   11 870 n/a   17 Mar 17
FSP – with performance conditions                
                 
  2010 147 833   147 833   n/a 104.83 28 Jan 14
  2011 44 000   44 000   n/a 108.00 27 Feb 14
  2012 36 500     36 500 n/a   29 Mar 15
  2013 40 650     40 650 n/a   18 Mar 16
  2013   35 600   35 600 n/a   17 Mar 17
DG Wilson                
Share appreciation rights                
  2008 48 000   48 000   61.01 104.00 20 Jan 14
  2008 40 978   40 978   61.01 108.15 11 Feb 14
  2009 91 010   26 000 65 010 51.04 112.66 27 Mar 14
  2011 37 000     37 000 70.83   27 Feb 14
  2012 35 000     35 000 96.48   29 Mar 15
  2013 43 840     43 840 90.73   18 Mar 16
  2014   35 060   35 060 106.82   17 Mar 17
FSP – no performance conditions                
  2011 7 000   7 000   n/a 108.00 27 Feb 14
  2012 5 750     5 750 n/a   29 Mar 15
  2013 6 910     6 910 n/a   18 Mar 16
  2014   6 210   6 210 n/a   17 Mar 17
FSP – with performance conditions                
  2010 49 833   49 833   n/a 104.83 28 Jan 14
  2011 19 000   19 000   n/a 108.00 27 Feb 14
  2012 17 500     17 500 n/a   29 Mar 15
  2013 20 740     20 740 n/a   18 Mar 16
  2014   18 630   18 630 n/a   17 Mar 17
Prescribed officer                
V Salzmann                
Share appreciation rights                
  2008 59 050   59 050   61.01 96.50 3 Dec 13
  2009 43 630     43 630 51.04   30 Nov 12
FSP – no performance conditions                
  2011 4 280   4 280   n/a 108.00 27 Feb 14
  2012 2 500     2 500 n/a   29 Mar 15
FSP – with performance conditions                
  2012 7 500     7 500 n/a   29 Mar 15
Non-executive director                
OI Shongwe                
Share appreciation rights                
  2008 62 176   62 176   61.01 94.78 2 Dec 13
  2009 69 920   46 612 23 308 51.04 94.78 2 Dec 13
  2011 30 000     30 000 70.83   27 Feb 14
  2012 26 000     26 000 96.48   29 Mar 15
  2013 31 510     31 510 90.73   18 Mar 16
FSP – no performance conditions                
  2011 6 000   6 000   n/a 108.00 27 Feb 14
  2012 4 500     4 500 n/a   29 Mar 15
  2013 5 270     5 270 n/a   18 Mar 16
FSP – with performance conditions                
  2010 41 533   41 533   n/a 104.83 28 Jan 14
  2011 15 500   15 500   n/a 108.00 27 Feb 14
  2012 13 500     13 500 n/a   29 Mar 15
  2013 15 800     15 800 n/a   18 Mar 16

The value at commencement date of the SARs awarded on 18 March 2014 was R39.71 per share.

The value at commencement date of the forfeitable shares awarded on 18 March 2014 was R90.50 per share

NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 35