2012 Integrated report - Sappi

empower
Service contracts
Mr Boëttger has, and Mr Thompson had, ongoing employment
contracts that require nine months’ notice of termination from
the employee and eighteen months’ notice of termination from
the company.
In reviewing the service contracts of executive directors, the
committee changed the terms of notice and therefore Mr Binnie
has an employment contract that requires six months’ notice of
termination from the employee and twelve months’ notice of
termination from the company.
Depending on their location, other key senior managers have
ongoing employment contracts which require between three
to six months’ notice of termination by the employee and six
to twelve months’ notice of termination from the company.
Generally, in North America, employment is ‘at will’. Most senior
managers have a retirement age of 60 to 65 years, which differs
by region.
Following are details of the compensation and share interests
of executive directors and prescribed officers.
Executive directors retire at the age of 60 years.
Remuneration disclosure of executive directors and prescribed officers
Executive director’s emoluments
Remuneration and benefits paid and short term incentives approved in respect of 2012 for executive directors were as follows:
(US Dollars)
Executive directors
Salary
Retirement
funding &
medical aid
Other
benefits
Annual
cash bonus
R J Boëttger 759,126 219,316 8,162 483,471 1,470,075 1,719,108
M R Thompson 1 354,001 180,086 111,106 228,274 873,467 913,320
S R Binnie 2 83,361 25,232 2,583 53,282 164,458 –
1. Retired at the end of August 2012.
2. Appointed in July 2012.
Total
2012
1,196,488 424,634 121,851 765,027 2,508,000 2,632,428
Total
2011
Prescribed officer/group executive committee members
Remuneration and benefits paid and short term incentive approved in respect of 2012 for prescribed officers and group executive
committee members:
(US Dollars)
Prescribed officers
Salary
Retirement
funding &
medical aid
Other
benefits
Annual
cash bonus
Prescribed officer 1 749,633 127,926 3,247 501,438 1,382,244 907,665
Prescribed officer 2 456,485 45,384 – – 501,869 1,427,478
Prescribed officer 3 372,216 72,518 – 194,848 639,582 706,500
Prescribed officer 4 306,574 110,275 10,906 152,320 580,075 668,013
Prescribed officer 5 213,620 109,611 144,650 105,428 573,309 630,173
Prescribed officer 6 255,021 103,686 7,108 123,613 489,428 534,329
Prescribed officer 7 3 – – – – – 729,363
Prescribed officer 8 135,184 44,790 3,926 61,631 245,531 –
Total 2,488,733 614,190 169,837 1,139,278 4,412,038 5,603,521
3. Prescribed officer 7 was no longer a Sappi employee from December 2010.
Total
2012
Total
2011
sappi Integrated Report 2012 91