Contents
NOTES TO THE
ANNUAL FINANCIAL STATEMENTS
for the year ended 30 September 2006
Home►   Downloads►
Increase font size Decrease font size E-mail page Print page
Commentary
Directors’ responsibility
Secretaries’ certification
Report of the independent auditors
Directors’ report
Accounting policies
Income statements
Balance sheets
Cash flow statements
Notes to the cash flow statements
Statements of changes
in equity
Notes to the annual financial statements
Principal subsidiaries
Share ownership analysis
Shareholders’ diary
Corporate administration and information
Currency conversion table
Notice of annual general meeting - PDF 106kb
Proxy form - PDF 82kb
 
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.
   
Back to top