for the year ended 30 September 2024
Table of directors’ emoluments for the year ended 30 September 2024
GROUP | |||||||
(R’000) | Fees | Cash salary |
Bonus** | Other benefits |
Retirement fund contributions |
Gains on options exercised |
Total 2024 |
Executive directors | |||||||
TN Kruger1 | – | 10 333 | – | – | – | – | 10 333 |
TA Govender2 | – | 6 524 | – | 138 | 330 | – | 6 992 |
NP Doyle3 | – | 4 876 | – | – | 806 | 12 467 | 18 149 |
DS Sita4 | – | 1 656 | – | 60 | 82 | 6 590 | 8 388 |
Total A | – | 23 389 | – | 198 | 1 218 | 19 057 | 43 862 |
Non-executive directors* | |||||||
MO Ajukwu | 1 879 | – | – | – | – | – | 1 879 |
FNJ Braeken | 2 324 | – | – | – | – | – | 2 324 |
CH Fernandez5 | – | – | – | – | – | – | – |
GJ Fraser-Moleketi | 2 393 | – | – | – | – | – | 2 393 |
GA Klintworth6 | 1 380 | – | – | – | – | – | 1 380 |
TE Mashilwane | 1 134 | – | – | – | – | – | 1 134 |
M Sello | 1 220 | – | – | – | – | – | 1 220 |
S Sithole | 786 | – | – | – | – | – | 786 |
LA Swartz | 879 | – | – | – | – | – | 879 |
OM Weber | 2 029 | – | – | – | – | – | 2 029 |
DG Wilson | 1 241 | – | – | – | – | – | 1 241 |
Total B | 15 265 | – | – | – | – | – | 15 265 |
Total A + B | 15 265 | 23 389 | – | 198 | 1 218 | 19 057 | 59 127 |
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder | – | 55 024 | 2 363 | 1 870 | 5 479 | 16 917 | 81 653 |
1 | TN Kruger appointed 1 November 2023 |
2 | TA Govender appointed 1 January 2024 |
3 | NP Doyle resigned 31 October 2023 |
4 | DS Sita resigned 31 December 2023 |
5 | CH Fernandez resigned 10 October 2023 |
6 | GA Klintworth resigned 31 May 2024 |
* | 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 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 Braeken4 | 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 Swartz3 | 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 | – | 42 484 | 22 569 | 1 086 | 3 189 | – | 69 327 |
1 | CH Fernandez resigned 10 October 2023 |
2 | S Sithole appointed 1 April 2023 |
3 | LA Swartz appointed 1 June 2022 |
4 | FNJ Braeken appointed 1 April 2022 |
* | The fees to non-executive directors exclude VAT |
** | Bonuses have been disclosed to the extent that they have been paid |
Details of conditional shares awarded under the bespoke share plan implemented for the chief executive officer appointed in terms of a fixed term contract appear below:
Name | Date of grant |
Holding at 1 October 2023 |
Granted 2024 |
Forfeited 2024 |
Holding at 30 September 2024 |
Number of options vested at 30 September 2024 |
Number of options subject to performance targets and retention |
10-day VWAP share price |
TN Kruger | Dec-23 | – | 149 700 | – | 149 700 | – | 149 700 | 150,30 |
Details of share appreciation rights allocated to executive directors under the Tiger Brands Limited 2013 share plan are set out below:
Name | Date of grant |
Holding at 1 October 2023 |
Forfeited 2024 |
Holding at 30 September 2024 |
Number of options vested at 30 September 2024 |
Number of options subject to performance targets and retention |
Grant price (rand) |
NP Doyle | Dec-18 | 18 897 | 18 897 | – | – | – | 254,79 |
Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 share plan as at 30 September 2024 appear below:
Name | Date of grant |
Holding at 1 October 2023 |
Granted 2024 |
Forfeited 2024 |
Performance condition achieved |
Settled during the year |
Transfer to executive committee |
Holding at 30 September 2024 |
Number of options vested at 30 September 2024 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
TA Govender* | Dec-23 | – | 30 240 | – | – | – | – | 30 240 | – | 30 240 | 189,12 |
Dec-22 | 24 720 | – | – | – | – | – | 24 720 | – | 24 720 | 209,52 | |
Dec-21 | 5 370 | – | – | – | – | – | 5 370 | – | 5 370 | 181,97 | |
Total | 30 090 | 30 240 | – | – | – | – | 60 330 | – | 60 330 | ||
NP Doyle | Dec-22 | 64 530 | – | 36 891 | – | – | 27 639 | – | – | – | 209,52 |
Dec-21 | 69 700 | – | 16 359 | – | – | 53 341 | – | – | – | 181,97 | |
Dec-20 | 59 930 | – | – | 7 611 | 67 541 | – | – | – | – | 203,50 | |
Total | 194 160 | – | 53 250 | 7 611 | 67 541 | 80 980 | – | – | – | ||
DS Sita | Dec-22 | 41 880 | – | 41 880 | – | – | – | – | – | – | 209,52 |
Dec-21 | 9 220 | – | 9 220 | – | – | – | – | – | – | 181,97 | |
Dec-20 | 31 680 | – | – | 4 023 | 35 703 | – | – | – | – | 203,50 | |
Total | 82 780 | – | 51 100 | 4 023 | 35 703 | – | – | – | – |
* | The performance shares were awarded prior to the executive director’s appointment as chief financial officer |
Details of restricted shares awarded to executive directors under the Tiger Brands Limited 2013 share plan as at 30 September 2024 appear below:
Name | Date of grant |
Holding at 1 October 2023 |
Granted 2024 |
Forfeited 2024 |
Holding at 30 September 2024 |
Number of options vested at 30 September 2024 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
TA Govender* | Dec-21 | 16 110 | – | – | 16 110 | – | 16 110 | 181,97 |
DS Sita* | Dec-21 | 72 540 | – | 72 540 | – | – | – | 181,97 |
* | The restricted shares were awarded prior to the executive director’s appointment as chief financial officer |
Aggregated details of share appreciation rights allocated to members of the executive committee, other than executive directors above, as at 30 September 2024, are set out below:
Total for FY | Date of grant |
Holding at 1 October 2023 |
Forfeited 2024 |
Holding at 30 September 2024 |
Number of options vested at 30 September 2024 |
Number of options subject to performance targets and retention |
Grant price (rand) |
2019 | Dec-18 | 42 869 | 42 869 | – | – | – | 254,79 |
Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2024, are set out below:
Total for FY | Date of grant |
Holding at 1 October 2023 |
Transfers in/(out)* |
Granted 2024 |
Forfeited 2024 |
Performance condition achieved |
Settled during the year |
Holding at 30 September 2024 |
Number of options vested at 30 September 2024 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
2024 | Dec-23 | – | – | 123 830 | 4 300 | – | – | 119 530 | – | 119 530 | 189,12 |
2023 | Dec-22 | 158 530 | 21 359 | – | 36 437 | – | – | 143 452 | – | 143 452 | 209,52 |
2022 | Dec-21 | 102 040 | 56 351 | – | 31 905 | – | – | 126 486 | – | 126 486 | Various |
2021 | Dec-20 | 71 603 | 7 350 | – | – | 10 026 | 88 979 | – | – | – | 203,50 |
Total | 332 173 | 85 060 | 123 830 | 72 642 | 10 026 | 88 979 | 389 468 | – | 389 468 |
* | "Transfers in" include 34 170 performance shares awarded to employees prior to them becoming members of the executive committee and the 80 980 performance shares awarded to Noel Doyle whose services officially ended on 31 March 2024 "Transfers out" comprise the 30 090 performance shares awarded to Thushen Govender prior to him being appointed as CFO. These shares are now reflected in the table under "executive directors" |
Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2024:
Total for FY | Date of grant |
Holding at 1 October 2023 |
Transfers in/(out)* |
Granted 2024 |
Forfeited 2024 |
Settled during the year |
Holding at 30 September 2024 |
Number of options vested at 30 September 2024 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
2024 | Various | – | – | 19 680 | 2 530 | – | 17 150 | – | 17 150 | 189,12 |
2023 | Various | – | 15 670 | – | 2 070 | – | 13 600 | – | 13 600 | 209,52 |
2022 | Various | 91 180 | (4 630) | – | 13 540 | – | 73 010 | – | 73 010 | Various |
2021 | Various | 2 250 | 15 224 | – | – | 17 474 | – | – | – | 203,50 |
Total | 93 430 | 26 264 | 19 680 | 18 140 | 17 474 | 103 760 | – | 103 760 |
* | "Transfers in" include 42 374 restricted shares granted to employees prior to them becoming members of the executive committee "Transfers out" comprise the 16 110 restricted shares granted to Thushen Govender prior to him being appointed as CFO. These shares are now reflected in the table under "executive directors" |