| 29. |
DIRECTORS’
REMUNERATION AND INTERESTS |
| |
Payable to the directors
of the company by the company and its subsidiaries: |
| |
|
| |
EXECUTIVE DIRECTORS |
| |
The directors’
remuneration for the year ended 30 September
2006 |
|
| |
|
Salary
R000 |
Bonus
and
performance
related
payments
R000 |
Other
benefits*
R000 |
Retirement
contributions
R000 |
Medical
contributions
R000 |
Gains
on
options
exercised
R000 |
Total
R000 |
| |
G Pretorius |
2
173 |
3
203 |
315 |
461 |
20 |
9
411 |
15
583 |
| |
BP Gallagher |
1
187 |
1
725 |
139 |
254 |
15 |
3
585 |
6
905 |
| |
GJ Oosthuizen |
1
068 |
1
537 |
125 |
216 |
13 |
3
928 |
6
887 |
| |
DJ Rawlinson |
1
115 |
1
685 |
144 |
237 |
65 |
2
891 |
6
137 |
| |
|
5
543 |
8
150 |
723 |
1
168 |
113 |
19
815 |
35
512 |
|
| |
| The
directors’ remuneration for the year ended
30 September 2005 |
| |
| |
|
Salary
R000 |
Bonus
and
performance
related
payments
R000 |
Other
benefits*
R000 |
Retirement
contributions
R000 |
Medical
contributions
R000 |
Gains
on
options
exercised
R000 |
Total
R000 |
| |
G Pretorius |
2 033 |
2 696 |
312 |
435 |
18 |
2 194 |
7 688 |
| |
BP Gallagher |
1 111 |
1 465 |
145 |
243 |
13 |
2 798 |
5 775 |
| |
GJ Oosthuizen |
1 001 |
1 294 |
125 |
204 |
13 |
3 492 |
6 129 |
| |
DJ Rawlinson |
1 053 |
1 431 |
154 |
223 |
52 |
2 444 |
5 357 |
| |
|
5 198 |
6 886 |
736 |
1 105 |
96 |
10 928 |
24 949 |
|
| |
| *
Other benefits are made up of travel allowances
and the benefits derived from share purchase trust
loans. |
| |
| |
NON-EXECUTIVE
DIRECTORS |
COMPANY |
| |
The directors’ remuneration
for the year ended 30 September |
2006 |
2005 |
| |
|
Total
paid for the year
(all directors’ and
committee fees) |
| |
|
R000 |
R000 |
| |
MJ Shaw |
370 |
210 |
| |
DE Cooper (resigned) |
—
|
233 |
| |
BP Connellan |
135 |
120 |
| |
KS Fuller |
155 |
32 |
| |
SD Jagoe |
175 |
155 |
| |
KJ Makwetla |
85 |
80 |
| |
KC Morolo |
85 |
80 |
| |
JC van der Horst |
120 |
110 |
| |
|
1
125 |
1 020 |
|
| |
SHARE
OPTIONS
EXECUTIVE DIRECTORS |
| |
|
Balance
of
unexercised
share
options as at
1 October
2005 |
Number
of
share options
allocated
during
the year |
Number
of
options
exercised
during
the year |
Balance
of
unexercised
share
options as at
30 September
2006 |
Option
price
R |
Date
of
allocation
|
Date
from
which
exercisable |
| |
G Pretorius |
33
400 |
— |
(33
400) |
—
|
14,10 |
1 February
2001 |
|
| |
|
100
000 |
— |
(100
000)* |
—
|
15,80 |
26 September
2001 |
|
| |
|
200
000 |
— |
(66
600) |
133
400 |
15,99 |
13 May 2003 |
13 May 2006 |
| |
|
120
000 |
— |
—
|
120
000 |
41,90 |
29 August
2005 |
29 August
2008 |
| |
|
|
|
|
|
|
|
|
| |
BP Gallagher |
16
800 |
— |
(16
800)* |
—
|
14,10 |
1 February
2001
|
|
| |
|
23
400 |
— |
(23
400)* |
—
|
15,80 |
26 September
2001 |
|
| |
|
100
000 |
— |
(33
300)* |
66
700 |
15,99 |
13 May 2003 |
13 May 2006 |
| |
|
50
000 |
— |
—
|
50
000 |
41,90 |
29 August
2005 |
29 August
2008 |
| |
|
|
|
|
|
|
|
|
| |
GJ
Oosthuizen |
16
800 |
— |
(16
800)* |
—
|
14,10 |
1 February
2001 |
|
| |
|
30
000 |
— |
(30
000)* |
—
|
15,80 |
26 September
2001 |
|
| |
|
100
000 |
— |
(33
300)* |
66
700 |
15,99 |
13 May 2003 |
13 May 2006 |
| |
|
50
000 |
— |
—
|
50
000 |
41,90 |
29 August
2005 |
29 August
2008 |
| |
|
|
|
|
|
|
|
|
| |
DJ Rawlinson |
16
800 |
— |
(16
800)* |
—
|
14,10 |
1 February
2001 |
|
| |
|
10
000 |
— |
(10
000)* |
—
|
15,80 |
26 September
2001 |
|
| |
|
100
000 |
— |
(33
300)* |
66
700 |
15,99 |
13 May 2003 |
13 May 2006 |
| |
|
60
000 |
— |
—
|
60
000 |
41,90 |
29 August
2005 |
29 August
2008 |
| |
|
1
027 200 |
— |
(413
700) |
613
500 |
|
|
|
|
| *The
loans granted on the exercise of these options
were not fully repaid by the year end. The shares
are held as security for the loans. |
| |
None
of the directors’ service contracts expressly
provide for a notice period, and in the circumstances
such service contracts are terminable on reasonable
notice, which period will be less than one year.
A predetermined compensation on termination of
service will be payable to the executive directors
in line with circumstances which would ordinarily
give rise to an obligation requiring an employer
to pay severance pay in terms of the provisions
of the Labour Relations Act, 1995 or the Basic
Conditions of Employment Act, 1997. In such event,
a severance package shall be equal to the multiple
of the relevant individual’s monthly remuneration,
such multiple ranging between twelve months and
thirty six months. However, the multiple is limited
to the number of months that remains from the
termination date to the date on which the relevant
individual would have reached his normal retirement
age. This payment is calculated by reference to
the relevant individual’s cash earnings
plus the value of medical aid, pension contributions
and pensionable service, group life and permanent
health insurance benefits and the performance
bonus earned by the employee in the preceding
year. In addition, the relevant employee will
be granted permission to exercise share options
and to repay loans which may be due to a share
purchase scheme. |
