NVFH 2020 Integrated Annual Report

Directors and other members of Executive Management attend meetings by invitation only. Siviwe Kwatsha resigned from the
Committee with effect from 31 January 2019 as a result of him taking up the Executive position of Chief Information Officer at
NVest. I would like to go on record to thank Siviwe for his substantial contribution to the Committee since its formation.
During the year under review, and up to the date of this Report, four meetings were held as set out below:
Name of member 20 May 2019 190 Aug 2019 18 Nov 2019 17 Feb 2020
Jonathan Goldberg Present Present Present Present
Dr Lana Weldon Present Present Present Present
Lusanda Mangxamba Present Present Present Present
The effectiveness of the Committee and its individual members is assessed on an annual basis.
In accordance with its terms of reference, the Committee is also responsible for the oversight of all aspects of remuneration
and determining the Group’s strategy in this regard. The Committee’s terms of reference were reviewed and re-approved
during the year under review.
PART 1
Remuneration Policy:
Policy principles
The Board evaluates and monitors the Group’s remuneration philosophy and practices to ensure consistency with governance
principles and corporate strategy. The Board implements the approved Remuneration Policy to ensure:
• salary structures and policies motivate superior performance and are linked to realistic performance objectives that
support sustainable long-term business growth,
• stakeholders are able to make an informed assessment of reward practices and governance processes, and,
• compliance with all applicable laws and regulatory codes.
The Company is currently listed on the Alternative Exchange of the JSE and is required to have an Audit and Risk Committee
and a Social and Ethics Committee. The Company has also established the Remuneration and Nominations Committee
pursuant to the terms of Part 5.3 of King IV.
Governance - Board responsibility
The Board carries the ultimate responsibility for the Remuneration Policy. The Board will, when required, refer matters for
shareholder approval, for example:
• new share-based incentive schemes and their design,
• Non-Executive Director and Board Committee fees.
The Remuneration Report, Part 1 and Part 2, will be put to non-binding shareholders’ votes at the 2020 Annual General Meeting
(“AGM”) of shareholders.
Role of benchmarking
To ensure that the Group remains competitive in the markets in which it operates, all elements of remuneration are subject to
regular reviews against relevant market and peer data.
The Remuneration Policy aims at positioning the Group as a leader in Wealth and Asset Management in particular. To retain
flexibility and ensure fairness when directing human capital to those areas of the Group requiring focused attention, subjective
performance assessments may be required at different levels when evaluating employee contributions.
The Group believes that its Remuneration Policy plays a vital role in realising business strategy and therefore should be
competitive in the markets in which it operates.
The Remuneration Policy in place remunerates Executive Directors both by way of fees or guaranteed salary and / or on
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NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020