34. DIRECTORS’ REMUNERATION AND INTERESTS
 

Directors’ remuneration

The group remuneration philosophy and basis for determining performance bonuses is set out in the remuneration report contained in the integrated report. Other benefits determined below include share purchase trust loans, expatriate benefits, retention payments, redundancy and termination payments and any other non-pensionable allowances or fringe benefits.

The directors’ and prescribed officers’ remuneration for the year ended 30 September 2018 was as follows:

  Salary Retirement
and medical
contributions
Car
benefit
Other
benefits
Bonus Total
2018
 
  R000 R000 R000 R000 R000 Rm  
2018              
Executive directors              
Residents              
DG Wilson 4 655 1 187 272 3 4 756 10 873  
DM Sewela 8 537 1 301 284 3 10 787 20 912  
Total executive directors 13 192 2 488 556 6 15 543 31 785  
Prescribed officers              
E Leeka** 4 224 692 469 1 369 2 897 9 651  
PK Rankin** 4 278 805 161 1 375 3 929 10 548  
Total prescribed officers 8 502 1 497 630 2 744 6 826 20 199  
Grand total 21 694 3 985 1 186 2 750 22 369 51 984  

** Other benefits relate to retention bonuses.

  Total
fees
2018
 
  R000  
Non-executive directors    
Residents    
NP Dongwana 1 082  
HH Hickey 732  
SS Mkhabela 634  
NP Mnxasana 516  
SS Ntsaluba 1 042  
DB Ntsebeza 2 465  
IO Shongwe 665  
Non-residents    
FNO Edozien 1 225  
MD Lynch-Bell 1 423  
P Schmid 1 716  
Total non-executive directors 11 500  
Total directors’ and prescribed officers’ remuneration 63 484  
  Salary Retirement
and medical
contributions
Car
benefit
Other
benefits
Bonus Total
2017
 
  R000 R000 R000 R000 R000 Rm  
2017              
Executive directors              
Residents              
PJ Bulterman (retired 8 February 2017) 2 316 383 90 1 5 154 7 944  
CB Thomson (resigned 8 February 2017)* 3 490 703 95 32 847 5 852 42 987  
DG Wilson 4 239 1 056 246 2 3 605 9 148  
DM Sewela 7 121 1 096 268 3 7 079 15 567  
Non-resident              
PJ Blackbeard (resigned 31 April 2017)* 4 071 674 154 14 817   19 716  
Total executive directors 21 237 3 912 853 47 670 21 690 95 362  
Prescribed officers              
E Leeka** 3 548 621 430 1 369 3 527 9 495  
PK Rankin** 4 020 756 161 1 369 3 879 10 185  
PJ Bulterman (retired 8 February 2017) 2 942 477 161 2   3 582  
Total prescribed officers 10 510 1 854 752 2 740 7 406 23 262  
Grand total 31 747 5 766 1 605 50 410 29 096 118 624  

*  Other benefits relate to leave payouts.
** Other benefits relate to retention bonuses.

  Total
fees
2017
 
  R000  
Non-executive directors    
Residents    
NP Dongwana 700  
HH Hickey (appointed 1 April 2017) 193  
SS Mkhabela 568  
B Ngonyama 449  
SS Ntsaluba 906  
DB Ntsebeza 2 062  
IO Shongwe 615  
Non-residents    
FNO Edozien 1 090  
MD Lynch-Bell (appointed 1 April 2017) 588  
P Schmid (appointed 1 April 2017) 576  
SB Pfeiffer (retired 8 February 2017) 523  
Total non-executive directors 8 270  
Total directors’ and prescribed officers’ remuneration 126 894  

Interest of directors and prescribed officers of the company in share capital

The aggregate beneficial holdings as at 30 September 2018 of the directors and prescribed officers of the company and their immediate families (none of which has a holding in excess of 1%) in the issued ordinary shares of the company are detailed below. There have been no material changes in these shareholdings since that date.

  Number of shares at 30 September  
  2018
Forfeitable
2018
Direct
2018
Indirect
  2017
Forfeitable
2017
Direct
2017
Indirect
 
Executive directors                
PJ Blackbeard (resigned 31 April 2017)         25 148      
PJ Bulterman (retired 8 February 2017)         31 600      
DM Sewela 127 500 18 442 7 953   137 190 6 549    
CB Thomson (resigned 8 February 2017)         60 761      
DG Wilson 38 850 124 197     70 450 103 973    
Total executive directors 166 350 142 639 7 953   325 149 110 522 103  
Non-executive directors                
SS Mkhabela   37 430       37 430    
SS Ntsaluba   3 370       3 370    
DB Ntsebeza   44 364       44 364    
SB Pfeiffer           10 000    
IO Shongwe   89 277 3 184     89 277 570  
Total non-executive directors   174 441 3 184     184 441 570  
Prescribed officers                
E Leeka 57 810 6 262     53 400 1 872    
PK Rankin 64 490 26 316     80 320 10 550    
Total prescribed officers 122 300 32 578     133 720 12 422    
Grand total 288 650 349 658 11 137   458 869 307 385 673  

Interest of directors and prescribed officers of the company in share options, share appreciation rights and forfeitable shares

The interests of the executive directors and prescribed officers in shares of the company provided in the form of options, share appreciation rights and forfeitable shares are shown in the table below:

    Award
date
Number
allocated
in prior
year
Number
allocated
in current
year
Number
exercised
(options
and SAR)/
vested (FSP)/
lapsed
in current
year
Closing
number
Exercise
price
Price on
exercise
date
(options
and SAR)/
vesting
price
(FSP)
Exercise or
exercisable
(options
and SAR)/
vesting
date
(FSP
 
Executive directors                    
DM Sewela                    
Share appreciation rights                    
    2012 6 530   6 530   96.48 168.00 27 Mar 18  
    2013 10 504     10 504 90.73   18 Mar 18  
    2014 35 060   35 060   106.82 Lapsed 17 Mar 17  
    2015 50 340   50 340   90.77 Lapsed 29 Mar 18  
    2016 65 350     65 350 72.77   29 Mar 19  
    2017 85 920     85 920 121.53   28 Mar 20  
    2018   137 540   137 540 177.71   29 Jan 21  
FSP – no performance conditions                    
    2015 7 900   7 900   n/a 162.70 17 Mar 18  
    2016 11 540     11 540 n/a   29 Mar 19  
    2017 14 860     14 860 n/a   29 Mar 20  
    2018   5 480   5 480 n/a   29 Jan 21  
FSP – with performance conditions                    
    2015 23 700   11 376   n/a Lapsed 29 Mar 18  
    2015     12 324   n/a 162.70 29 Mar 18  
    2016 34 610     34 610 n/a   29 Mar 19  
    2017 44 580     44 580 n/a   28 Mar 20  
    2018   16 430   16 430 n/a   29 Jan 21  
DG Wilson                    
Share appreciation rights                    
    2013 14 614   14 614   90.73 162.70 29 Mar 18  
    2014 35 060   35 060   106.82 Lapsed 17 Mar 17  
    2015 50 340   50 340   90.77 Lapsed 29 Mar 18  
    2016 55 030     55 030 72.77   29 Mar 19  
FSP – no performance conditions                    
    2015 7 900   7 900   n/a 156.00 22 May 18  
    2016 9 710     9 710 n/a   29 Mar 19  
FSP – with performance conditions                    
    2015 23 700   11 376   n/a Lapsed 29 Mar 18  
    2015     12 324   n/a 156.00 22 May 18  
    2016 29 140     29 140 n/a   29 Mar 19  
Prescribed officers                    
E Leeka (appointed 1 October 2016)                    
Share appreciation rights                    
    2013 45 740     45 740 90.73   18 Mar 18  
    2014 38 510   38 510   106.82 Lapsed 17 Mar 17  
    2015 55 620   55 620   90.77 Lapsed 29 Mar 18  
    2017 29 950     29 950 121.53   29 Mar 20  
    2018   55 270   55 270 177.71   29 Jan 21  
FSP – no performance conditions                    
    2015 4 390   4 390   n/a 156.00 22 May 18  
    2016 7 070     7 070 n/a   29 Mar 18  
    2017 5 180     5 180     29 Mar 20  
    2018   2 200   2 200 n/a   29 Jan 21  
FSP – with performance conditions                    
    2016 21 220     21 220 n/a   29 Mar 19  
    2017 15 540     15 540 n/a   29 Mar 18  
    2018   6 600   6 600 n/a   29 Mar 21  
PK Rankin                    
Share appreciation rights                    
    2013 26 174   26 174   90.73 148.41 24 May 18  
    2014 33 210   33 210   106.82 Lapsed 17 Mar 17  
    2015 39 220   39 220   90.77 Lapsed 29 Mar 18  
    2016 45 150     45 150 72.77   29 Mar 19  
    2017 34 430     34 430 121.53   29 Mar 20  
    2018   55 270   55 270 177.71   29 Jan 21  
FSP – no performance conditions                    
    2015 6 160   6 160   n/a 156.00 22 May 18  
    2016 7 970     7 970 n/a   29 Mar 18  
    2017 5 950     5 950 n/a   29 Mar 20  
    2018   2 200   2 200 n/a   29 Jan 21  
FSP – with performance conditions                    
    2015 18 470   18 470   n/a 156.00 29 Mar 18  
    2016 23 910     23 910 n/a   29 Mar 19  
    2017 17 860     17 860 n/a   29 Mar 20  
    2018   6 600   6 600 n/a   29 Jan 21  
Non-executive director                    
IO Shongwe                    
Share appreciation rights                    
    2012 26 000   26 000   96.48 172.00 27 Mar 18  
    2013 31 510     31 510 90.73   18 Mar 18  

The value at commencement date of the forfeitable shares awarded on 30 January 2018 was R171 per share.