2012 Integrated report - Sappi

Notes to the group annual financial statements
for the year ended September 2012
33. Directors’ and prescribed officers’ remuneration continued
Executive directors
Our pay policy is to pay our executive directors a compensation package which is fair and equitable in comparison to their peers in the
markets in which they live and work. They are generally paid in the currency of that country.
US$
Salary
Performance
related
remuneration (1)
2012
Sums paid
by way of
expense
allowance
Contributions
paid under
pension and
medical aid
schemes
R J Boëttger (2) 759,126 483,471 8,162 219,316 1,470,075
M R Thompson (3) 354,001 228,274 111,106 180,086 873,467
S R Binnie (4) 83,361 53,282 2,583 25,232 164,458
Total
1,196,488 765,027 121,851 424,634 2,508,000
US$
Salary
Performance
related
remuneration (1)
2011
Sums paid
by way of
expense
allowance
Contributions
paid under
pension and
medical aid
schemes
R J Boëttger 806,887 669,438 8,011 234,772 1,719,108
M R Thompson 401,038 288,872 11,794 211,616 913,320
Total
1,207,925 958,310 19,805 446,388 2,632,428
US$
Salary
Performance
related
remuneration (1)
2010
Sums paid
by way of
expense
allowance
Contributions
paid under
pension and
medical aid
schemes
R J Boëttger 710,148 908,619 7,605 206,244 1,832,616
M R Thompson 339,708 378,188 9,280 117,927 845,103
Total
1,049,856 1,286,807 16,885 324,171 2,677,719
(1) In fiscal 2011 and 2010, performance related remuneration disclosed related to the year in which payment was made. In fiscal 2012, the performance related
remuneration for the comparative periods have been adjusted to reflect the performance related remuneration earned in each year. The performance related
remuneration for fiscal 2012 has been estimated based on the current year’s performance.
(2) R J Boëttger received a 6% increase on the South African portion, and a 4% increase on the off-shore portion of his salary.
(3) M R Thompson received a 10% salary increase on the South African portion, and 4% increase on the off-shore portion of his salary. M R Thompson retired in
August 2012 after reaching the mandatory retirement age.
(4) S R Binnie was appointed in July 2012 as chief financial officer designate, and was appointed as chief financial officer and executive director at the end
of August 2012.
Despite the salary increases, the weaker ZAR in the 2012 financial year meant that R J Boëttger and M R Thompson earned lower salaries in US Dollar terms.
Please see compensation report elsewhere in this report for further information.
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