Full integrated annual report - African Bank - Investoreports

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70 Corporate governance continued Board meetings and attendance The board of directors of ABIL met seven times during the year and details of the directors’ attendance at the board meetings are refl ected in the table below: Members Non-executive directors November 2010 February 2011 April 2011 Integrated report 2011 | African Bank Investments Limited May 2011 Special Board August 2011 September 2011 ABIL Strategy August 2011 Mutle Mogase ✔ ✔ ✔ ✔ ✔ ✔ ✔ Nic Adams ✔ ✔ ✔ ✔ ✔ ✔ ✔ Sam Sithole ✔ ✗ ✔ ✔ ✔ ✔ ✔ Johnny Symmonds ✔ ✔ ✔ ✔ ✔ ✔ ✔ Jack Koolen Appointed on 15/03/11 ✔ ✔ ✗ ✔ ✔ Ntombi Langa- Royds Appointed on 15/03/11 ✔ ✔ ✗ ✔ ✗ Mojanku Gumbi Appointed on 01/03/11 ✔ ✔ ✗ ✔ ✔ Oshy Tugendhaft ✔ ✔ Resigned on 31/03/11 David Gibbon ✔ ✔ Resigned on 31/03/11 Mpho Nkeli ✔ Resigned on 25/01/11 Executive directors Gordon Schachat ✔ ✔ ✔ ✔ ✔ ✔ ✗ Leon Kirkinis ✔ ✔ ✔ ✔ ✔ ✔ ✔ Tami Sokutu ✔ ✔ ✗ ✗ ✔ ✔ ✔ Toni Fourie ✔ ✔ ✔ ✔ ✔ ✔ ✔ Nithia Nalliah ✔ ✔ ✔ ✔ ✔ ✔ ✔ Dave Woollam ✔ Resigned on 31/12/10
Remuneration report This is a condensed version of the remuneration report. For more detailed information please refer to our web-based remuneration report at: http://africanbank.investoreports.com/africanbank_ar_2011/remuneration/ and to the remuneration policy in the Notice to the AGM on page 111 of this report. Introduction This report seeks to provide stakeholders with insight into and an understanding of the remuneration philosophy and policies that are adopted and applied across the group. Remuneration comprises normal monthly salary, company contributions to retirement funds, bonuses and incentives paid to employees and executive directors and fees paid to non-executive directors. Human capital is the most important asset required in carrying out the group’s business in a differentiated way. The attraction and retention of appropriate skills is an area that requires continuous focus at the highest level of the organisation. In this regard, remuneration is one of the key drivers of aligning behaviour of human capital to the strategic intent of the group. Remuneration is determined and structured to compensate, attract and retain appropriately skilled staff whilst being aligned to the interests of the stakeholders. Remuneration governance The board has a sub-committee, the group remuneration and transformation committee (Remco), which comprises three independent non-executive directors, tasked with assisting the board in formulating and monitoring the implementation of the group’s transformation and remuneration policies. The group’s policies are applicable to all the subsidiaries including the foreign subsidiaries in Ellerines. The group utilises the services of independent consulting companies that specialise in remuneration and compensation, to assist with benchmarking of staff and directors’ remuneration. Remuneration philosophy The group is acutely aware of its dependency on appropriately qualifi ed, trained and experienced personnel to achieve its goals. The rapid evolution of technology and increasing competition gives customers more choice with regard to their preferred service provider and the manner in which they choose to acquire goods and services, the consequence of which is that there is no room for mediocre service organisations to survive in the long term. Furthermore, the demand, both locally and internationally, for scarce skills is ever-increasing, which is exacerbated locally by increased competition in the unsecured credit arena. Integrated report 2011 | African Bank Investments Limited 71
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Integrated report 2011 Giving peopl
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Contents ABIL in perspective Page S
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Operating structure ABIL is a publi
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Our values These are the basic beli
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Eyomhlaba, ABIL’s fi rst R600 mil
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Shareholders’ snapshot Top fund m
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High level risks R1 R2 R3 R4 R5 R6
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2011 2010 Customers Number of custo
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Stakeholders’ issues Link to mate
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Stakeholders’ issues Link to mate
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2006 2005 2004 2003 Defi nition 1 1
Page 23 and 24: Mojankunyane Florence Gumbi (52) Po
Page 25 and 26: Samuel Sithole (38)* Position Indep
Page 27 and 28: Izincwadi zababambiqhaza Matseno Po
Page 29 and 30: Izincwadi zababambiqhaza tšwetšwa
Page 37 and 38: The selection of issues was informe
Page 39 and 40: Strategic issue covered Risks cover
Page 41 and 42: ABIL manages its regulatory environ
Page 43 and 44: Within the context of further build
Page 45 and 46: experiencing each other’s day-to-
Page 47 and 48: The Bank has made extensive headway
Page 49 and 50: Credit products EHL made good progr
Page 51 and 52: The rollout of this additional dist
Page 53 and 54: Financial review How ABIL generates
Page 55 and 56: Financial review continued Economic
Page 57 and 58: African Bank Investments Limited Co
Page 61 and 62: African Bank Investments Limited Gr
Page 67 and 68: Banking business unit Results at a
Page 69 and 70: Retail business unit Results at a g
Page 71 and 72: Retail business unit Financial stat
Page 73: Composition of the board The compos
Page 77 and 78: Sign-on bonuses Sign-on bonuses are
Page 79 and 80: Risk management report This is a co
Page 81 and 82: Risk management mechanisms ABIL bel
Page 83 and 84: Mitigation Further detail ABIL cons
Page 85 and 86: Mitigation Further detail This moni
Page 87 and 88: Mitigation Further detail ABIL acce
Page 89 and 90: Listings information Listings excha
Page 91 and 92: Shareholders’ profi le Top fund m
Page 93 and 94: Analysis of preference shareholders
Page 95 and 96: Findings Based on our review of the
Page 97 and 98: Explanatory note On 1 May 2011, bei
Page 99 and 100: Percentage of voting rights require
Page 101 and 102: 10. Special resolution 4 - amendmen
Page 103 and 104: 12. Special resolution 6 - amendmen
Page 105 and 106: Percentage of voting rights require
Page 107 and 108: 16.6 the minimum funding return (al
Page 109 and 110: c) the issued share capital and res
Page 111 and 112: 19.3 Directions for obtaining a cop
Page 113 and 114: Jacobus Dorotheus Maria Gerardus In
Page 115 and 116: Remuneration policy of African Bank
Page 117 and 118: Annexure to the notice of AGM - Par
Page 119 and 120: (v) Share capital of ABIL Ordinary
Page 121 and 122: Application form: electronic partic
Page 123 and 124: Form of proxy African Bank Investme
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Summary of shareholders rights in r
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Corporate information Board of dire
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