DIRECTORS' EMOLUMENTS
for the year ended 30 September 2021
Table of directors' emoluments for the year ended 30 September 2021
GROUP | ||||||
(R’000) | Fees | Cash salary |
Bonus* | Other benefits |
Retirement fund contributions |
Total 2021 |
Executive directors | ||||||
NP Doyle | – | 8 591 | – | – | 1 409 | 10 000 |
DS Sita1 | – | 4 957 | 909 | 228 | 335 | 6 429 |
Total A | – | 13 548 | 909 | 228 | 1 744 | 16 429 |
Non-executive directors** | ||||||
MO Ajukwu | 1 460 | – | – | – | – | 1 460 |
MJ Bowman | 754 | – | – | – | – | 754 |
I Burton2 | 442 | – | – | – | – | 442 |
GJ Fraser-Moleketi3 (Chairman) | 1 713 | – | – | – | – | 1 713 |
CH Fernandez | 1 028 | – | – | – | – | 1 028 |
GA Klintworth | 1 345 | – | – | – | – | 1 345 |
M Makanjee | 799 | – | – | – | – | 799 |
TE Mashilwane | 713 | – | – | – | – | 713 |
Dr KDK Mokhele4 | 519 | – | – | – | – | 519 |
MP Nyama5 | 346 | – | – | – | – | 346 |
M Sello | 909 | – | – | – | – | 909 |
OM Weber | 1 440 | – | – | – | – | 1 440 |
DG Wilson | 868 | – | – | – | – | 868 |
Total B | 12 336 | – | – | – | – | 12 336 |
Total A + B | 12 336 | 13 548 | 909 | 228 | 1 744 | 28 765 |
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder | ||||||
Total | – | 40 787 | 303 | 2 616 | 2 394 | 46 100 |
1 | DS Sita appointed 1 October 2020. |
2 | I Burton resigned 24 June 2021. |
3 | GJ Fraser-Moleketi for FY21, chairman from 1 January 2021 to 30 September 2021. |
4 | Dr KDK Mokhele retired 31 December 2020. During the year, served as chairman from 1 October 2020 to 31 December 2020. |
5 | MP Nyama retired 17 February 2021. |
* | Certain executive committee members are paid sign-on bonuses. An upfront payment is made with a two-year lock-in provision. Total of sign-on bonuses paid in 2021 amounts to R4,2 million, total expenses in employee costs amounts to R1,2 million and total prepayment amounts to R3,0 million. |
** | The fees to non-executive directors exclude VAT. |
Table of directors' emoluments for the year ended 30 September 2021
GROUP | |||||||
(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 Webber7 | 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 1 February 2020. |
3 | GJ Fraser-Moleketi appointed 1 September 2020. |
4 | M Sello appointed 1 October 2019. |
5 | MP Fandeso resigned 28 February 2020. |
6 | I Burton appointed 3 August 2020. |
7 | OM Weber appointed 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. |
Tiger Brands Limited 2013 Share Plan
Executive directors
Details of share appreciation rights allocated to executive directors under this plan at 30 September 2021 are set out below:
Name | Date of grant |
Holding at 1 October 2020 |
Forfeited 2021 |
Holding at 30 September 2021 |
Number of options vested at 30 September 2021 |
Number of options subject to performance targets and retention |
Grant price (Rand) |
NP Doyle | Dec–18 | 56 688 | – | 56 688 | – | 56 688 | 254,8 |
Dec–17 | 49 298 | 16 432 | 32 866 | – | 32 866 | 385,3 | |
Dec–16 | 24 224 | 12 112 | 12 112 | – | 12 112 | 368,1 | |
Feb–16 | 8 201 | 8 201 | – | – | – | 271,2 | |
Feb–15 | 1 117 | 1 117 | – | – | – | 358,2 | |
Total | 139 528 | 37 862 | 101 666 | – | 101 666 |
Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2021 appear below:
Name | Date of grant |
Holding at 1 October 2020 |
Granted 2021 |
Holding at 30 September 2021 |
Number of options vested as at 30 September 2021 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
NP Doyle | Dec-20 | – | 59 930 | 59 930 | – | 59 930 | 203,5 |
Sep-20 | 65 880 | – | 65 880 | – | 65 880 | 178,2 | |
Total | 65 880 | 59 930 | 125 810 | – | 125 810 | ||
DS Sita | Dec-20 | – | 31 680 | 31 680 | – | 31 680 | 203,5 |
Total | – | 31 680 | 31 680 | – | 31 680 |
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 2021, are set out below:
Total for FY | Date of grant |
Holding at 1 October 2020 |
Forfeited 2021 |
Holding at 30 September 2021 |
Number of options vested at 30 September 2021 |
Number of options subject to performance targets and retention |
Grant price (Rand) |
2019 | Dec-18 | 247 361 | 58 678 | 188 683 | – | 188 683 | 254,8 |
2018 | Dec-17 | 28 160 | 9 833 | 18 327 | – | 18 327 | 385,3 |
2017 | Dec-16 | 22 411 | 11 457 | 10 954 | – | 10 954 | 368,1 |
2016 | Feb-16 | 6 097 | 6 097 | – | – | – | 271,2 |
2015 | Feb-15 | 1 645 | 1 645 | – | – | – | 358,2 |
Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2021, are set out below:
Total for FY | Date of grant |
Holding at 1 October 2020 |
Granted 2021 |
Forfeited 2021 |
Exercised 2021 |
Holding at 30 September 2021 |
Number of options vested at 30 September 2021 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
2021 | Dec-20 | – | 133 300 | 25 000 | – | 108 300 | – | 108 300 | 203,5 |
2020 | Sep-20 | 150 450 | – | 46 004 | – | 104 446 | – | 104 446 | 178,2 |
2020 | Mar-20 | 47 220 | – | – | – | 47 220 | – | 47 220 | 172,4 |
Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2021:
Total for FY | Date of grant |
Holding at 1 October 2020 |
Exercised 2021 |
Forfeited 2021 |
Holding at 30 September 2021 |
Number of options vested at 30 September 2021 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
2020 | Various | 42 081 | – | – | 42 081 | – | 42 081 | 178,2 |
2018 | Various | 4 647 | 4 647 | – | – | – | – | 414,5 |
2017 | Various | 2 012 | 2 012 | – | – | – | – | 414,5 |