SAPPI LTD (SAP) 6-K

Dr D.C Cronje was appointed in January 2008. His director fees are $189,394 (R1.5 million converted at USD/ZAR exchange rate of 1:7.92) which includes
board fees and committee fees. Dr Cronje also receives a travel allowance of $2,600 per meeting that he attends for which he spends more than 10 hours
flying to and from the meeting.
14.1.2. Executive Directors
Sappi’s pay philosophy aims to provide executives with remuneration which allows them to enjoy similar and appropriate standards of living and at the same
time to create wealth equally no matter where they live and work.
Whilst the payment of executives in different currencies creates perceived inequities, due attention is given to ensure that internal equity exists and is
maintained, through comparisons against cost of living indices and the manner in which pay is structured in the various countries.
Bonus and performance related payments are based on corporate and individual performance. Under this, executives may be awarded up to 110% of their
annual salary if group and personal performance objectives as agreed by the compensation committee are met. Bonuses relate to amounts paid in the current
year, but based on the previous year’s performance.
The table below outlines the Executive directors’ remuneration for the last financial period, i.e. Annual Report for the year ended 30 September 2007.
Average exchange rates for the year concerned are again applied in the tables in converting the currency of payment into US Dollars.
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