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Emoluments
Executive directors’ remuneration
The service contracts with executive directors and senior executives are terminable on six months’ notice. The company has one fixed term contract, of
a 12 month duration, with one senior executive. There are no additional contracts with fixed durations.
Should there be a change in control of the company, the vesting dates of all allocated awards in terms of the share plans, with the exception of the RSP,
will be brought forward and the share awards will be tested in terms of the performance conditions, as at the date of the change in the control. Should
the performance conditions not be met, the share awards will be forfeited. All RSP awards are immediately forfeited upon termination of employment.
Paid to executive directors and the three highest paid employees by the company and fees paid to executive directors by company subsidiaries
Salary
R
Gross
R
Bonus Retirement
Deferred
R
contributions
R
Other
benefits
R
Share option
expense*
R
2010
DC Coutts-Trotter 4 074 303 440 245 – 702 842 788 478 8 224 805 14 230 673
RP Becker 2 641 560 203 674 – 599 040 87 400 4 081 123 7 612 797
6 715 863 643 919 – 1 301 882 875 878 12 305 928 21 843 470
Top 3 Employees 5 792 679 536 456 1 834 521 1 169 594 692 127 2 695 599 12 720 976
2009
DC Coutts-Trotter 3 912 312 418 492 3 238 539 657 809 522 327 5 798 858 14 548 337
RP Becker 2 510 192 171 785 1 299 867 576 000 113 808 2 589 211 7 260 863
6 422 504 590 276 4 538 406 1 251 809 636 135 8 388 069 21 809 200
Top 3 Employees 5 472 065 652 171 3 776 929 1 145 855 877 080 2 135 841 14 059 941
* Expense recognised during the year in respect of grants calculated in terms of IFRS 2.
Directors’ fees received from subsidiaries and waived in favour of their holding companies
R 2010 2009
DC Coutts-Trotter 137 600 126 900
RP Becker 166 349 156 600
The remuneration of the top three highest paid employees are disclosed above, in accordance with the recommendation of King III.
Total
R
303 949 283 500
Non-executive directors’ remuneration
Fees payable to the non-executive directors for their services as directors and for their participation in the activities of the committees are put forward
to the committee by the executive directors and thereafter considered by the board of directors for submission to the annual general meeting. Executive
directors do not receive fees for their services as directors.
Fees are determined by financial year and are payable quarterly in arrears, after their approval by members at the annual general meeting. In the case
of new appointments or resignations from the board or committees during a financial year, the annual fees are pro-rated in line with the period of tenure
of office.
The fees paid to non executive directors for the year under review are indicated below.
REMUNERATION REPORT continued
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