for the year ended 30 September 2025
Table of directors’ emoluments for the year ended 30 September 2025
GROUP
| (R’000) | Fees | Cash salary |
Bonus** | Other benefits |
Retirement fund contributions |
Gains on options exercised |
Total 2025 |
|
| Executive directors | ||||||||
| TN Kruger | – | 12 363 | 2 582 | – | – | – | 14 945 | |
| TA Govender | – | 7 148 | 1 723 | 151 | 257 | 4 979 | 14 258 | |
| Total A | – | 19 511 | 4 305 | 151 | 257 | 4 979 | 29 203 | |
| Non-executive directors* | ||||||||
| MO Ajukwu1 | 939 | – | – | – | – | – | 939 | |
| FNJ Braeken | 2 441 | – | – | – | – | – | 2 441 | |
| GJ Fraser-Moleketi | 2 489 | – | – | – | – | – | 2 489 | |
| TE Mashilwane | 1 013 | – | – | – | – | – | 1 013 | |
| M Sello | 1 108 | – | – | – | – | – | 1 108 | |
| S Sithole | 881 | – | – | – | – | – | 881 | |
| LA Swartz | 959 | – | – | – | – | – | 959 | |
| OM Weber | 1 946 | – | – | – | – | – | 1 946 | |
| DG Wilson | 1 233 | – | – | – | – | – | 1 233 | |
| Total B | 13 009 | – | – | – | – | – | 13 009 | |
| Total A + B | 13 009 | 19 511 | 4 305 | 151 | 257 | 4 979 | 42 212 | |
| Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder | ||||||||
| – | 45 164 | 16 845 | 1 044 | 3 450 | 16 831 | 83 334 |
| 1 | MO Ajukwu retired on 20 February 2025 |
| * | The fees to non-executive directors exclude VAT |
| ** | Bonuses have been disclosed to the extent they have been paid |
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 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 2024 |
Granted 2025 |
Holding at 30 September 2025 |
Number of options vested at 30 September 2025 |
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 performance shares awarded to executive directors under the Tiger Brands Limited 2013 share plan as at 30 September 2025 appear below:
| Name | Date of grant |
Holding at 1 October 2024 |
Granted 2025 |
Performance condition achieved |
Settled during the year |
Holding at 30 September 2025 |
Number of options vested at 30 September 2025 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
|
| TA Govender* | Dec-24 | – | 28 650 | – | – | 28 650 | – | 28 650 | 274.48 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec-23 | 30 240 | – | – | – | 30 240 | – | 30 240 | 189.12 | ||
| Dec-22 | 24 720 | – | – | – | 24 720 | – | 24 720 | 209.52 | ||
| Dec-21 | 5 370 | – | 2 304 | (7 674) | – | – | – | 181.97 | ||
| Total | 60 330 | 28 650 | 2 304 | (7 674) | 83 610 | – | 83 610 |
| * | The awards of the performance shares in December 2021 to December 2023 were 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 2024 |
Granted 2025 |
Settled during the year |
Holding at 30 September 2025 |
Number of options vested at 30 September 2025 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
|
| TN Kruger | Dec-24 | – | 18 820 | – | 18 820 | – | 18 820 | 274.48 | |
| Total | – | 18 820 | – | 18 820 | – | 18 820 | |||
| TA Govender* | Dec-24 | – | 12 560 | – | 12 560 | – | 12 560 | 274.48 | |
| Dec-21 | 16 110 | – | (16 110) | – | – | – | 181.97 | ||
| Total | 16 110 | 12 560 | (16 110) | 12 560 | – | 12 560 |
| * | The restricted shares granted to TA Govender in Dec 2021 were prior to his appointment as chief financial officer |
The restricted shares granted to the executive directors in December 2024 comprise of deferred bonus and company matching shares.
Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2025, are set out below:
| Total for FY | Date of grant |
Holding at 1 October 2024 |
Transfers in* |
Granted 2025 |
Forfeited 2025 |
Performance condition achieved |
Settled during the year |
Holding at 30 September 2025 |
Number of options vested at 30 September 2025 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
|
| 2025 | Dec-25 | – | – | 117 310 | (10 990) | – | – | 106 320 | 106 320 | 274.48 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | Dec-23 | 119 530 | 2 340 | – | (13 321) | – | – | 108 549 | 108 549 | 189.12 | ||
| 2023 | Dec-22 | 143 452 | 2 060 | – | (22 530) | – | – | 122 982 | – | 122 982 | 209.52 | |
| 2022 | Dec-21 | 126 486 | – | – | – | 54 261 | (180 747) | – | – | – | Various | |
| Total | 389 468 | 4 400 | 117 310 | (46 841) | 54 261 | (180 747) | 337 851 | – | 337 851 |
| * | “Transfers in” comprise performance shares awarded to employees prior to them becoming members of the executive committee |
Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2025:
| Total for FY | Date of grant |
Holding at 1 October 2024 |
Transfers in* |
Granted 2025 |
Forfeited 2025 |
Settled during the year |
Holding at 30 September 2025 |
Number of options vested at 30 September 2025 |
Number of options subject to performance targets and retention |
10-day VWAP share price on grant date |
|
| 2025 | Various | – | – | 46 200 | (7 380) | – | 38 820 | – | 38 820 | 274.48 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | Various | 17 150 | 3 200 | – | – | – | 20 350 | – | 20 350 | 189.12 | |
| 2023 | Various | 13 600 | 2 820 | – | – | – | 16 420 | – | 16 420 | 209.52 | |
| 2022 | Various | 73 010 | – | – | – | (73 010) | – | – | – | Various | |
| Total | 103 760 | 6 020 | 46 200 | (7 380) | (73 010) | 75 590 | – | 75 590 |
| * | “Transfers in” comprise restricted shares granted to employees prior to them becoming members of the executive committee |
The restricted shares granted in FY25 comprise deferred bonus and company matching shares.