
Annexures
Annexure C
Download pdfDIRECTORS' EMOLUMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Table of directors' emoluments for the year ended 30 September 2022
GROUP | |||||||
(R’000) | Fees | Cash salary |
Bonus | Other benefits |
Retirement fund contributions |
Gains on options exercised |
Total 2022 |
Executive directors | |||||||
NP Doyle | – | 8 878 | – | – | 1 455 | – | 10 333 |
DS Sita | – | 5 938 | 909 | 245 | 330 | – | 7 422 |
Total A | – | 14 816 | 909 | 245 | 1 785 | – | 17 755 |
Non-executive directors** | |||||||
MO Ajukwu | 1 563 | – | – | – | – | – | 1 563 |
FNJ Braeken1 | 992 | – | – | – | – | – | 992 |
MJ Bowman2 | 340 | – | – | – | – | – | 340 |
CH Fernandez | 991 | – | – | – | – | – | 991 |
GJ Fraser-Moleketi | 2 143 | – | – | – | – | – | 2 143 |
GA Klintworth | 1 506 | – | – | – | – | – | 1 506 |
M Makanjee3 | 188 | – | – | – | – | – | 188 |
TE Mashilwane | 733 | – | – | – | – | – | 733 |
M Sello | 1 081 | – | – | – | – | – | 1 081 |
LA Swartz4 | 143 | – | – | – | – | – | 143 |
OM Weber | 1 628 | – | – | – | – | – | 1 628 |
DG Wilson | 875 | – | – | – | – | – | 875 |
Total B | 12 183 | – | – | – | – | – | 12 183 |
Total A + B | 12 183 | 14 816 | 909 | 245 | 1 785 | – | 29 938 |
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder | |||||||
Total | – | 43 123 | 10 658* | 3 061 | 2 631 | 708 | 60 181 |
1 | FNJ Braeken appointed 1 April 2022. |
2 | MJ Bowman retired 16 February 2022. |
3 | M Makanjee retired 31 December 2021. |
4 | LA Swartz appointed 1 June 2022. |
* | During the year certain executive committee members were paid retention bonuses. An upfront payment is made with a two-year lock-in provision. Total of retention bonuses paid in 2022 amounts to R24,1 million, total expenses in employee costs amounts to R10,0 million and total prepayment amounts to R14,1 million. Further to the retention bonuses, any other bonuses are disclosed to the extent that they have been paid. |
** | The fees to non-executive directors exclude VAT. Includes Special Audit – External Audit RFP. |
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 | 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 on 1 October 2020. |
2 | I Burton resigned on 24 June 2021. |
3 | GJ Fraser-Moleketi for FY21, chairman from 1 January 2021 to 30 September 2021. |
4 | Dr KDK Mokhele retired on 31 December 2020. During the year, served as chairman from 1 October 2020 to 31 December 2020. |
5 | MP Nyama retired on 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. |
Tiger Brands Limited 2013 Share Plan
Executive directors
Details of share appreciation rights allocated to executive directors under this plan at 30 September 2022 are set out below:
Name | Date of grant |
Holding at 1 October 2021 |
Forfeited 2022 |
Holding at 30 September 2022 |
Number of options vested at 30 September 2022 |
Number of options subject to performance targets and retention |
Grant price (Rand) |
NP Doyle | Dec-18 | 56 688 | 18 895 | 37 793 | – | 37 793 | 254,8 |
---|---|---|---|---|---|---|---|
Dec-17 | 32 866 | 16 432 | 16 434 | – | 16 434 | 385,3 | |
Dec-16 | 12 112 | 12 112 | – | – | – | 368,1 | |
Total | 101 666 | 47 439 | 54 227 | – | 54 227 |
Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2022 appear below:
Name | Date of grant |
Holding at 1 October 2021 |
Granted 2022 |
Holding at 30 September 2022 |
Number of options vested at 30 September 2022 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
NP Doyle | Dec-21 | – | 69 700 | 69 700 | – | 69 700 | 182,0 |
---|---|---|---|---|---|---|---|
Dec-20 | 59 930 | – | 59 930 | – | 59 930 | 203,5 | |
Sep-20 | 65 880 | – | 65 880 | – | 65 880 | 178,2 | |
Total | 125 810 | 69 700 | 195 510 | 195 510 | |||
DS Sita | Dec-21 | – | 9 220 | 9 220 | – | 9 220 | 182,0 |
Dec-20 | 31 680 | – | 31 680 | – | 31 680 | 203,5 | |
Total | 31 680 | 9 220 | 40 900 | – | 40 900 |
Details of restricted shares awarded to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2022 appear below:
Name | Date of grant |
Holding at 1 October 2021 |
Granted 2022 |
Holding at 30 September 2022 |
Number of options vested at 30 September 2022 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
DS Sita | Dec-21 | – | 72 540 | 72 540 | 72 540 | 182,0 | |
---|---|---|---|---|---|---|---|
Total | – | 72 540 | 72 540 | 72 540 |
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 2022, are set out below:
Total for FY |
Date of grant |
Holding at 1 October 2021 |
Forfeited 2022 |
Holding at 30 September 2022 |
Number of options vested at 30 September 2022 |
Number of options subject to performance targets and retention |
Grant price (Rand) |
2019 | Dec-18 | 188 683 | 101 014 | 87 669 | – | 87 669 | 254,8 |
---|---|---|---|---|---|---|---|
2018 | Dec-17 | 18 327 | 10 521 | 7 806 | – | 7 806 | 385,3 |
2017 | Dec-16 | 10 954 | 10 954 | – | – | – | 368,1 |
Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2022, are set out below:
Total for FY |
Date of grant |
Holding at 1 October 2021 |
Granted 2022 |
Forfeited 2022 |
Holding at 30 September 2022 |
Number of options vested at 30 September 2022 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
2022 | Dec-21 | – | 107 320 | 5 280 | 102 040 | – | 102 040 | 182,0 |
---|---|---|---|---|---|---|---|---|
2021* | Dec-20 | 112 120 | – | 40 517 | 71 603 | – | 71 603 | 203,5 |
2020 | Sep-20 | 104 446 | – | 22 110 | 82 336 | – | 82 336 | 178,2 |
2020 | Mar-20 | 47 220 | – | – | 47 220 | – | 47 220 | 172,4 |
* | The difference in the holding at 1 October 2021 relates to performance shares which had been awarded in prior financial years to an employee. |
Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2022:
Total for FY |
Date of grant |
Holding at 1 October 2021 |
Granted 2022 |
Exercised 2022 |
Forfeited 2022 |
Holding at 30 September 2022 |
Number of options vested at 30 September 2022 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
2022 | Various | – | 107 010 | – | 15 830 | 91 180 | – | 91 180 | 182,0 |
---|---|---|---|---|---|---|---|---|---|
2021 | Various | 2 250 | – | – | – | 2 250 | – | 2 250 | 203,5 |
2020 | Various | 42 081 | – | – | 42 081 | – | – | – | 178,2 |
The difference in the holding at 1 October 2021 relates to restricted shares which had been granted in prior financial years to an employee who had been appointed to the executive committee in 2022.