Annexure B - Directors' remuneration

Directors’ remuneration

The remuneration paid to executive directors while in office of the Company during the year ended 30 June 2019 is analysed as follows:

Directors 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
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 15 858 947 709 18 857 36 371  
MJ Steyn² 3 420 258 270 5 276 6 644 15 868  
2019 Total 30 777 2 078 1 882 41 632 47 310 123 679  

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 2018, is analysed as follows:

Directors 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 7 376  
2018 Total 25 329 2 214 1 892 34 974 25 565 89 974  
1 Retired 28 February 2018.
2 Appointed 1 March 2018.

The remuneration paid to non-executive directors while in office of the Company during the year ended 30 June 2019 is analysed as follows:

Directors Directors’
fees
R’000
2019
As directors
of subsidiary
companies
and other
services
R’000
Total
emoluments
R’000
  2018
Total
R’000
 
DDB Band 306 306   718  
EK Diack 1 125 743 1 868   1 078  
AK Maditsi 686 686   613  
S Masinga 588 588   595  
RK Mokate 704 831 1 535   711  
CWN Molope³ 396 396   371  
NG Payne 1 478 1 126 2 604   2 224  
CWL Phalatse4 1 292 1 292   1 430  
T Slabbert 756 756   655  
NW Thomson 796 796   148  
Former directors         23  
2019 total 8 127 2 700 10 827   8 566  
2018 total 6 586 1 980 8 566    
3 Resigned 31 March 2019.
4 Resigned 29 April 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 rights are as follows:

  Replacement rights at
30 June 2018
  Replacement rights
exercised during the year
Replacement rights
lapsed during the year
Replacement rights at
30 June 2019
 
Directors Number Average
price
R
  Number Market  
price³
Number Market  
price³
Number Average
price
R
 
AW Dawe 133 066 267.27   102 299 260.29   –   30 767 290.48  
NT Madisa 67 783 285.60   30 766 290.49   –   37 017 281.55  
GC McMahon 61 250 271.44   41 250 263.01   –   20 000 288.84  
P Meijer 30 766 290.49   30 766 290.49   –    
MJ Steyn 37 500 261.96   26 250 252.26   –   11 250 284.60  
  330 365 273.36   231 331 267.89   –   99 034 286.14  
³ 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 2018
  SARs granted
during the year
SARs lapsed
during the year
SARs at
30 June 2019
 
Directors Number Average
price
R
  Number Average
price
R
Number Market  
price³
Number Average
price
R
 
MJ Steyn 80 000 152.68   –  80 000 152.68  

These SARs are exercisable over the period 1 July 2020 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

Directors 2019
R’000
    2018
R’000
 
AW Dawe 7 275     4 211  
NT Madisa 4 859     3 602  
GC McMahon 3 105     2 048  
HP Meijer 419     2 854  
LP Ralphs 16 337     8 786  
MJ Steyn 3 993     1 756  
  35 988     23 257  

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.

Directors Balance at
30 June 2018
Number
  New
awards
Number
Forfeited 
Number 
Shares 
awarded 
Number 
Closing
balance
30 June 2019
Number
 
AW Dawe 66 000   52 000 –  –  118 000  
GC McMahon 27 000   30 000 –  –  57 000  
LP Ralphs 286 280   120 000 –  –  406 280  
NT Madisa 50 000   40 000 –  –  90 000  
MJ Steyn   40 000 –  –  40 000  
HP Meijer 22 000   (15 456) (6 544)  
  451 280   282 000 (15 456) (6 544) 711 280