International Financial Reporting Standards_guide.pdf

Chapter 31 Related-Party Disclosures (IAS 24) 343
Executive directors’ emoluments
Remuneration and benefits paid and incentives approved in respect of the 2009 financial year for
executive directors were as follows:
Executive directors
Total key management Annual
Retirement Other incentives Total Total
personnel compensation
Salary funding benefits approved 1 2009 3 2008 4
R’000 R’000 must be disclosed R’000 per R’000 R’000 R’000
compensation type
LPA Davies 6 790 1 396 522 1 572 10 280 14 744
VN Fakude 3 394 653 528 848 5 423 6 657
AMB Mokaba 3 961 764 712 553 5 990 7 806
TS Munday 2 n/a n/a n/a n/a n/a 16 165
KC Ramon 3 506 675 399 975 5 555 6 689
Total 17 651 3 488 2 161 3 948 27 248 52 061
1. Incentives approved on the group results for the 2009 financial year and payable in the following year.
Incentives are calculated as a percentage of total guaranteed package. The difference between the total
amount approved as at 11 September 2009 and the total amount accrued as at 30 June 2009 represents an
over-provision of R3,4 million. The under provision (R1,4 million) for 2008 was also expensed in 2009.
2. Mr Munday retired as an employee with effect from 1 July 2007.
3. Total remuneration for the financial year excludes gains derived from share incentives, details of which are
disclosed on page 54.
4. Includes incentives approved on the group results for the 2008 financial year and paid in 2009.
Benefits and payments made in the 2009 financial year disclosed in the table above as “other benefits”
include:
Executive directors
Vehicle
benefits
R’000
Medical
benefits
R’000
Vehicle
insurance
fringe
benefits
R’000
Security
benefits
R’000
Exchange
rate
fluctuation 1
R’000
Total
other
benefits
2009
R’000
Total
other
benefits
2008
R’000
LPA Davies 321 45 5 44 107 522 497
VN Fakude 303 42 5 164 14 528 448
AMB Mokaba 303 50 5 351 3 712 631
TS Munday 2 n/a n/a n/a n/a n/a n/a 16 165
KC Ramon 303 45 5 27 19 399 352
Total 1 230 182 20 586 143 2 161 18 093
1. Rand equivalent of exchange rate fluctuations on cash salary and incentive of offshore components.
2. Payments made to Mr Munday include a payment of R16 million in respect of a restraint of trade agreement
which became effective after his retirement on 1 July 2007, proceeds of a retirement policy payable on retirement
(R138 000) and security benefits (R27 000).
(continued)