Home

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