bold spirit - ArcelorMittal South Africa

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124 ArcelorMittal South Africa Annual Report 2010 Directors’ remuneration report continued Fee Structure Fee structures for remuneration of board and sub committee members are recommended to the board by the Remuneration Committee and reviewed annually. It includes market norms, practices and benchmarks, inclusive of new legislation, regulations and corporate governance guidelines. Succession Planning The company has a performance management system for executives referred to as the global executive development program (GEDP) which manages succession planning for executives in the company. The term of office of an independent non-executive director is based on a three year cycle. In terms of the company’s articles of association one-third of the directors retire at the annual general meeting held each year. Retiring directors can be eligible for re-election. Directors’ remuneration for ArcelorMittal South Africa and its subsidiaries Notes Fees R Basic salary R Bonuses/ performancerelated payments R Allowances 10 R Other benefits 11 R Retirement contributions R Retention contract leave pay and annual retainer 12 R For the year ended 31 December 2010 Executive directors N Nyembezi-Heita 3 212 202 379 275 187 739 17 235 335 587 4 132 038 RH Torlage 1 525 612 50 580 6 588 47 611 630 391 HJ Verster 2 1 426 336 262 000 5 159 13 787 118 467 790 858 2 616 607 Sub-total 5 164 150 641 275 243 478 37 610 501 665 790 858 7 379 036 Non-executive directors EK Diack 3 216 000 66 000 282 000 M Macdonald 4 239 000 2 883 119 533 361 416 LP Mondi 5 135 920 150 480 286 400 DCG Murray 351 000 3 923 132 000 486 923 MJN Njeke 6, 7 865 120 865 120 ND Orleyn 274 000 132 000 406 000 Sub-total 2 081 040 6 806 600 013 2 687 859 Total 2 081 040 5 164 150 641 275 250 284 37 610 501 665 1 390 871 10 066 895 Total R
125 ArcelorMittal South Africa Annual Report 2010 Directors’ remuneration for ArcelorMittal South Africa and its subsidiaries continued Notes Fees R Basic salary R Bonuses/ performancerelated payments R Allowances 10 R Other benefits 11 R Retirement contributions R Retention contract leave pay and annual retainer 12 R For the year ended 31 December 2009 Executive directors LGJJ Bonte 8 3 019 124 1 635 500 1 704 071 6 358 695 N Nyembezi-Heita 2 784 048 1 580 340 187 632 23 760 293 719 4 869 499 HJ Verster 1 971 835 1 211 945 19 722 23 895 164 144 3 439 087 6 830 628 Sub-total 7 775 007 4 427 785 1 911 425 47 655 457 863 3 439 087 18 058 822 Non-executive directors EK Diack 314 000 314 000 KDK Mokhele 700 000 700 000 LP Mondi 5 149 000 149 000 DCG Murray 312 000 4 078 316 078 MJN Njeke 9 277 000 277 000 ND Orleyn 282 000 282 000 Sub-total 2 034 000 4 078 2 038 078 Total 2 034 000 7 775 007 4 427 785 1 915 503 47 655 457 863 3 439 087 20 096 900 Director’s remuneration are not paid to the non-executive directors in the employment of the ArcelorMittal Group. Notes 1. Appointed as Chief Financial Officer and executive director on 3 September 2010. 2. Resigned on 23 August 2010. 3. Resigned on 9 July 2010. 4. Appointed on 4 February 2010 as independent non-executive director. 5. Fees paid to Industrial Development Corporation in Mr Mondi’s capacity as Chief Economist and Divisional Executive of Professional Services of that company. 6. The annual retainer is made up of R427 500 (including VAT: R52 500) paid to Kagiso Trust in Mr Njeke’s capacity as Deputy Chairman of that company, and R400 000 paid directly to Mr Njeke, following his resignation from Kagiso Trust. 7. Appointed as acting Chairman of the Board with effect from 4 December 2009 and permanent Chairman of the Board with effect from 4 February 2010. 8. Resigned as President and executive director of the board on 30 November 2009. 9. Fees paid to Kagiso Media in Mr Njeke’s capacity as Deputy Chairman of that company. 10. Includes travel allowances. 11. Includes medical aid. 12. Includes retention, leave payments and annual retainer fee. Annual retainer fee only payable to non-executive directors. Total R
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Annual Report 2010 bold spirit
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I in brief
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Brand values Our goal is to provide
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Financial features Headline earning
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Commercial matters entrepreneurial
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