Table of directors’ emoluments for the year ended 30 September 2020

  Tiger Brands Limited
(R’000) Fees Cash
salary
Bonus Other
benefits
Retirement
fund
contributions
Gains on
options
exercised
Total
2020
Executive directors              
LC Mac Dougall1 3 094 55 109 387 3 645
NP Doyle2 6 996 1 270 736 9 002
Total A 10 090 55 1 379 1 123 12 647
Non-executive directors**   EFs*          
CH Fernandez 936 936
DG Wilson 695 695
GA Klintworth 1 174 1 174
KDK Mokhele (chairman) 1 877 1 877
M Makanjee 760 760
MJ Bowman 650 650
MO Ajukwu 1 280 1 280
MP Nyama 650 650
TE Mashilwane 890 890
GJ Fraser-Moleketi3 109 109
M Sello4 475 475
MP Fandeso5 310 310
I Burton6 109 109
OM Weber7 250 250
Total B 10 165 10 165
Total A + B 10 165 10 090 55 1 379 1 123 22 812
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder              
Total 41 896 112 4 272 2 945 454 49 679
1 LC Mac Dougall retired on 31 January 2020.
2 NP Doyle appointed as chief executive officer on 1 February 2020.
3 GJ Fraser-Moleketi appointed on 1 September 2020.
4 M Sello appointed on 1 October 2019.
5 MP Fandeso resigned on 28 February 2020.
6 I Burton appointed on 3 August 2020.
7 OM Weber appointed on 3 August 2020.
* EFs – Fees paid to non-executive directors in respect of their attendance at special board meetings of the company.
** The fees to non-executive directors exclude VAT.
# The gains on options exercised were derived from bonus matching shares, deferred bonus shares and company matching shares granted in 2017 which vested and was settled in 2020.

Table of directors’ emoluments for the year ended 30 September 2019

  Group
(R’000) Fees Cash
salary
Bonus Other
benefits
Retirement
fund
contributions
Gains on
options
exercised
Total
2019
Executive directors              
LC Mac Dougall 8 973 160 329 9 462
NP Doyle 5 832 30 961 4 446 11 269
Total A 14 805 190 1 290 4 446 20 731
Non-executive directors**   EFs*          
CH Fernandez1 434         434
DG Wilson2 196         196
GA Klintworth 1 103 1 103
KDK Mokhele (chairman) 1 918 1 918
M Makanjee 723 723
MJ Bowman 806 806
MO Ajukwu 1 531 1 531
MP Fandeso3 127         127
MP Nyama 649 649
TE Mashilwane 890 8         898
YGH Suleman4 224 8 232
Total B 8 601 16 8 617
Total A + B 8 601 14 821 190 1 290 4 446 29 348
Details of remuneration paid to prescribed officers of the company are set out hereunder              
PW Spies 4 354 364 339 5 057
Y Maharaj 4 347 366 339 5 052
PD Sithole 4 547 120 339 1 674 6 680
Total 13 248 850 1 017 1 674 16 789
Aggregated details of remuneration paid to members (eight) of the executive committee, excluding executive directors and prescribed officers above, are set out hereunder              
Total 23 952 106 3 549 2 181 1 429 31 217
1 CH Fernandez appointed on 1 March 2019.
2 DG Wilson appointed on 1 June 2019.
3 MP Fandeso appointed on 1 July 2019.
4 YGH Suleman resigned on 22 November 2018.
* EFs – Fees paid to non-executive directors in respect of their attendance at special board meetings of the company.
** The fees to non-executive directors exclude VAT.

Tiger Brands Limited 2013 Share Plan

Executive directors

Details of share appreciation rights allocated to executive directors under this plan at 30 September 2020 are set out below:

Name Date of grant Holding at
1 October
2019
Granted
2020
Forfeited
2020
Holding at 30 September
2020
  Number
of options
vested at
30 September
2020
Number
of options
subject to
performance
targets and
retention
Grant price 
(Rand)
Fair market
value of
vested
options at
30 September
2020
R’000
NP Doyle December 2018 56 688 56 688   56 688 254,8
  December 2017 49 298 49 298   49 298 385,3
  December 2016 36 336 12 112 24 224   24 224 368,1
  February 2016 16 401 8 200 8 201   8 201 271,2
  February 2015 5 255 4 138 1 117   1 117 358,2
  February 2014 9 518 9 518   236,6
  February 2014 3 857 3 857   236,6
Total   177 353 37 825 139 528   1 117 138 411    
LC Mac Dougall* December 2018 61 764 61 764   61 764 254,8
  December 2017 9 671 9 671   9 671 385,3
  December 2016 35 325 11 774 23 551   23 551 368,1
  May 2016 25 816 12 908 12 908   12 908 317,6
Total   132 576 24 682 107 894   107 894    

* Retired on 31 January 2020.

Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2020 appear below:

Name Date of grant Holding at
1 October
2019
Granted
2020
Options
received/
forfeited
as result of
performance
conditions
achieved/
not achieved
Exercised
2020
Holding at 30 September
2020
  Number
of options
vested as at
30 September
2020
Number
of options
subject to
performance
targets and
retention
10-day 
VWAP 
share price 
on grant date 
(Rand)
NP Doyle September 2020 65 880 65 880   65 880 178,2
Total   65 880 65 880     65 880  

Details of restricted shares granted to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2020 appear below:

Name Date of grant Holding at
1 October
2019
Granted
2020
Exercised
2020
Forfeited
2020
Holding at 30 September
2020
  Number
of options
vested as at
30 September
2020
10-day 
VWAP 
share price 
on grant date 
(Rand)
NP Doyle December 2016 3 990   3 990     396,0
Total   3 990 3 990      
LC Mac Dougall* December 2016 2 097 2 097     396,0
Total   2 097 2 097      

* Retired on 31 January 2020.

Executive committee members (excluding executive directors)

Aggregated details of share appreciation rights allocated to members of the executive committee, other than executive directors above, as at 30 September 2020, are set out below:

Total for the financial year Date of grant Holding at
1 October
2019
Granted
2020
Exercised
2020
Forfeited
2020
Holding at 30 September
2020
  Number
of options
vested at
30 September
2020
Number
of options
subject to
performance
targets and
retention
Grant price 
(Rand)
Fair market
value of
vested
options at
30 September
2020
R’000
2019 December 2018 313 386 66 025 247 361   247 361 254,8
2018 December 2017 73 187 45 027 28 160   28 160 385,3
2017 September 2017 14 094 14 094   403,6
2017 December 2016 46 564 24 153 22 411   22 411 368,1
2016 February 2016 19 788 13 764 6 097   6 097 271,2
2015 February 2015 11 008 9 363 1 605   1 645 358,2
2014 February 2014 35 398 35 398   236,6

Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2020, are set out below:

Total for the financial year Date of grant Holding at
1 October
2019
Granted
2020
Options
received/
forfeited as
result of
performance
conditions
achieved/
not achieved
Forfeited
2020
Exercised
2020
Holding at 30 September
2020
  Number
of options
vested as at
30 September
2020
Number
of options
subject to
performance
targets and
retention
10-day 
VWAP 
share price 
on grant 
date 
(Rand)
2020 March 2020 47 220 47 220   47 220 172,4
2020 September 2020 150 450 150 450   150 450 178,2

Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2020, are set out below:

Total for the financial year Date of grant Holding at
1 October
2019
Granted
2020
Exercised
2020
Forfeited
2020
Holding at 30 September
2020
  Number
of options
vested as at
30 September
2020
Number
of options
subject to
performance
targets and
retention
10-day 
VWAP 
share price 
on grant 
date 
(Rand)
2020   42 081 42 081   42 081 178,2
2018 Various 4 647 4 647   4 647 414,5
2017 Various 16 609   2 318 12 279 2 012   2 012 414,5
2016 Various 1 065   1 065   396,0