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384 NEDBANK GROUP Limited INTEGRATED REPORT 201052 RELATED PARTIES52.1 Relationship with parent, ultimate controlling party and investeesThe group’s parent company is Old Mutual (South Africa) Limited (OMSA), which, through its subsidiaries, holds 51,37% (2009: 52,21%) ofNedbank Group Limited’s ordinary shares. The ultimate controlling party is Old Mutual plc, incorporated in the United Kingdom.Material subsidiaries of the group are identified on pages 390 to 392 and associates and joint ventures of the group are identified onpages 388 and 389.52.2 Key management personnel compensationKey management personnel are those persons who have authority and responsibility for planning, directing and controlling the activities ofthe group, directly or indirectly, including all directors of the company and its parent, as well as members of the Executive Committee whoare not directors, as well as close members of the family of any of these individuals.Details of the compensation paid to the board of directors are disclosed in the Remuneration Report on pages 232 to 236 and details of theirshareholdings in the company are disclosed on page 237. Compensation paid to the board of directors and compensation paid to other keymanagement personnel, as well as the number of share options and instruments held, are shown below:DirectorsKeymanagementpersonnelTotalCompensation (Rm)2010Directors’ fees 11 11Remuneration – paid by subsidiaries 40 72 112Short-term employee benefits 28 65 93Gain on exercise of options 12 7 1951 72 1232009Directors’ fees 11 11Remuneration – paid by subsidiaries 31 71 102Short-term employee benefits 27 56 83Gain on exercise of options 4 15 1942 71 113Number of share options and instruments2010Outstanding at the beginning of the year 1 601 613 2 181 290 3 782 903Granted 318 648 436 816 755 464Forfeited (4 439) (262 679) (267 118)Exercised (339 439) (523 939) (863 378)Expired (152 765) (270 500) (423 265)Transferred 313 744 (313 744) –Outstanding at the end of the year 1 737 362 1 247 244 2 984 6062009Outstanding at the beginning of the year 1 256 009 1 489 812 2 745 821Granted 463 014 1 024 520 1 487 534Forfeited (8 700) (438 165) (446 865)Exercised (108 705) (450 379) (559 084)Transferred (5) 555 502 555 497Outstanding at the end of the year 1 601 613 2 181 290 3 782 903
385Reports andcertificationsConsolidatedannual financialstatementsShareholdermeeting mattersDefinitions andabbreviationsInstrumentcodesContactdetailsnotes to the financial statements for the year ended 31 December 201052.3 Related-party transactionsTransactions between Nedbank Group Limited and its subsidiaries, which are related parties, have been eliminated on consolidation and are notdisclosed in this note. Transactions between Nedbank Group Limited and its other related parties are disclosed below. All of these transactionswere entered into in the normal course of business.Due from/(Owing to)Outstanding balances (Rm) 2010 2009Parent/Ultimate controlling partyLoan due from Old Mutual plc 1 226 1 440Deposits owing to Old Mutual Life Assurance Company (SA) (Pty) Limited (13) (600)Bank balances owing to Old Mutual Life Assurance Company (SA) (Pty) Limited (3 587) (1 746)Account payable owing to Old Mutual plc (8)Forward exchange rate contracts with Old Mutual plc 1Fellow subsidiariesLoan due from Old Mutual Asset Managers (SA) (Pty) Limited 704Deposits owing to Old Mutual Asset Managers (Pty) Limited (77) (257)Deposits owing to other fellow subsidiaries (7 503) (4 175)Bank balances owing to Old Mutual Asset Managers (Pty) Limited (15) (1)Bank balances owing to other fellow subsidiaries (670) (437)AssociatesLoans due from associates 675 608Deposits owing to associates (57) (43)Bank balances owing to associates (7) (7)Key management personnelMortgage bonds due from key management personnel 18 7Deposits owing to key management personnel (11) (12)Deposits owing to entities under the influence of key management personnel (795) (1 222)Bank balances due from key management personnel 39 38Bank balances owing to key management personnel (6) (5)Bank balances due from entities under the influence of key management personnel 20 13Bank balances owing to entities under the influence of key management personnel (110) (81)
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