ANNUAL FINANCIAL STATEMENTS 2023
For the year ended 30 September 2023
For the year ended 30 September 2023
For the year ended 30 September 2023
DIRECTORS' EMOLUMENTS
Table of directors’ emoluments for the year ended 30 September 2023
| GROUP | |||||||
| (R’000) | Fees | Cash salary |
Bonus** | Other benefits |
Retirement fund contributions |
Gains on options exercised |
Total |
| 2023 | |||||||
| Executive directors | |||||||
| NP Doyle | – | 9 427 | 6 220 | – | 1 545 | – | 17 192 |
| DS Sita | – | 6 527 | 4 185 | 239 | 330 | – | 11 281 |
| Total A | – | 15 954 | 10 405 | 239 | 1 875 | – | 28 473 |
| Non-executive directors* | |||||||
| MO Ajukwu | 1 825 | – | – | – | – | – | 1 825 |
| FNJ Braeken | 2 130 | – | – | – | – | – | 2 130 |
| CH Fernandez1 | 1 099 | – | – | – | – | – | 1 099 |
| GJ Fraser-Moleketi | 2 275 | – | – | – | – | – | 2 275 |
| GA Klintworth | 1 825 | – | – | – | – | – | 1 825 |
| TE Mashilwane | 996 | – | – | – | – | – | 996 |
| M Sello | 1 160 | – | – | – | – | – | 1 160 |
| S Sithole2 | 321 | – | – | – | – | – | 321 |
| LA Swartz | 638 | – | – | – | – | – | 638 |
| OM Weber | 1 961 | – | – | – | – | – | 1 961 |
| DG Wilson | 1 031 | – | – | – | – | – | 1 031 |
| Total B | 15 261 | – | – | – | – | – | 15 261 |
| Total A + B | 15 261 | 15 954 | 10 405 | 239 | 1 875 | – | 43 734 |
| Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder. | |||||||
| Total | – | 42 484 | 22 569 | 1 086 | 3 189 | – | 69 327 |
| 1 | CH Fernandez resigned 10 October 2023 |
| 2 | S Sithole appointed 1 April 2023 |
| * | The fees to non-executive directors exclude VAT |
| ** | Bonuses have been disclosed to the extent that they have been paid |
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 R21,4 million, total expenses in employee costs amounts to R8,9 million, and total prepayment amounts to R12,5 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; include special audit – external audit RFP |
Tiger Brands Limited 2013 share plan
Executive directors
Details of share appreciation rights allocated to executive directors under this plan at 30 September 2023 are set out below:
| Name | Date of grant |
Holding at 1 October 2022 |
Forfeited 2023 |
Holding at 30 September 2023 |
Number of options vested at 30 September 2023 |
Number of options subject to performance targets and retention |
Grant price (rand) |
| NP Doyle | Dec-18 | 37 793 | 18 896 | 18 897 | – | 18 897 | 254,8 |
| Dec-17 | 16 434 | 16 434 | – | – | – | 385,3 | |
| Total | 54 227 | 35 330 | 18 897 | – | 18 897 |
Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 share plan as at 30 September 2023 appear below:
| Name | Date of grant |
Holding at 1 October 2022 |
Granted 2023 |
Forfeited 2023 |
Holding at 30 September 2023 |
Number of options vested at 30 September 2023 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
| NP Doyle | Dec-22 | – | 64 530 | – | 64 530 | – | 64 530 | 209,52 |
| Dec-21 | 69 700 | – | – | 69 700 | – | 69 700 | 181,97 | |
| Dec-20 | 59 930 | – | – | 59 930 | – | 59 930 | 203,50 | |
| Sep-20 | 65 880 | – | 65 880 | – | – | – | 178,23 | |
| Total | 195 510 | 64 530 | 65 880 | 194 160 | – | 194 160 | ||
| DS Sita | Dec–22 | – | 41 880 | – | 41 880 | – | 41 880 | 209,52 |
| Dec–21 | 9 220 | – | – | 9 220 | – | 9 220 | 181,97 | |
| Dec–20 | 31 680 | – | – | 31 680 | – | 31 680 | 203,50 | |
| Total | 40 900 | 41 880 | – | 82 780 | – | 82 780 |
Details of restricted shares awarded to executive directors under the Tiger Brands Limited 2013 share plan as at 30 September 2023 appear below:
| Name | Date of grant |
Holding at 1 October 2022 |
Granted 2023 |
Holding at 30 September 2023 |
Number of options vested at 30 September 2023 |
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 2023, are set out below:
| Total for FY | Date of grant |
Holding at 1 October 2022 |
Forfeited 2023 |
Holding at 30 September 2023 |
Number of options vested at 30 September 2023 |
Number of options subject to performance targets and retention |
Grant price (rand) |
| 2019 | Dec-18 | 87 669 | 44 800 | 42 869 | – | 42 869 | 254,8 |
| 2018 | Dec-17 | 7 806 | 7 806 | – | – | – | 385,3 |
| Total | 95 475 | 52 606 | 42 869 | – | 42 869 |
Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2023, are set out below:
| Total for FY | Date of grant |
Holding at 1 October 2022 |
Granted 2023 |
Forfeited 2023 |
Holding at 30 September 2023 |
Number of options vested at 30 September 2023 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
| 2023 | Dec-22 | – | 158 530 | – | 158 530 | – | 158 530 | 209,52 |
| 2022 | Dec-21 | 102 040 | – | – | 102 040 | – | 102 040 | 181,97 |
| 2021 | Dec-20 | 71 603 | – | – | 71 603 | – | 71 603 | 203,50 |
| 2020 | Sep-20 | 82 336 | – | 82 336 | – | – | – | 178,23 |
| 2020 | Mar-20 | 47 220 | – | 47 220 | – | – | – | 172,44 |
| Total | 303 199 | 158 530 | 129 556 | 332 173 | – | 332 173 |
Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2023:
| Total for FY | Date of grant |
Holding at 1 October 2022 |
Granted 2023 |
Exercised 2023 |
Forfeited 2023 |
Holding at 30 September 2023 |
Number of options vested at 30 September 2023 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
| 2022 | Various | 91 180 | – | – | – | 91 180 | – | 91 180 | 182,0 |
| 2021 | Various | 2 250 | – | – | – | 2 250 | – | 2 250 | 203,5 |
| Total | 93 430 | – | – | – | 93 430 | – | 93 430 |