Notes to the consolidated annual financial statements

for the year ended 30 September

36.	Directors’ remuneration and interests
	Directors’ remuneration
	The group remuneration philosophy and basis for determining performance bonuses is set out in the Remuneration report. Other benefits determined below include company cars, Share Purchase Trust loans, ex-patriate benefits and redundancy and termination payments. There are no directors with service contracts with termination benefits exceeding one year’s salary and notice periods in excess of one year.

	The directors’ remuneration for the year ended 30 September 2008 was as follows:

			Retirement	Share
			and	appre-
			medical	ciation	Car			Share	Share
			contri-	rights	allow-	Other	Total	options	options
	Salary	Bonus	butions	awarded*	ances	benefits	2008	ceded^	exercised^
	R000	R000	R000	R000	R000	R000	R000	R000	R000
2008
Executive directors
PJ Blackbeard	3 222	2 105	333	(386)	232	1 753	7 259	294
BP Diamond (resigned
31 December 2007)	876		303	(88)	29	8 722	9 842
AJ Lamprecht (resigned
30 November 2007)	361		95	(88)	39	1 117	1 524
M Laubscher	2 487	1 758	463	(464)	236	16	4 496		1 779
OI Shongwe	1 513	1 550	212	(22)	228	5	3 486
PM Surgey (resigned
30 September 2008)	2 280	2 132	512	(377)	249	8 629	13 425		2 805
CB Thomson	3 873	4 348	660	(431)	264	295	9 009		1 876
DG Wilson	2 216	2 109	459	(508)	244	27	4 547
	16 828	14 002	3 037	(2 364)	1 521	20 564	53 588	294	6 460

						Fees for
						services
						to sub-
					Car	sidiaries/
					allow-	other	Total
				Fees	ances	services	2008
				R000	R000	R000	R000
Non-executive directors
SAM Baqwa				252			252
AGK Hamilton				1 061			1 061
MJ Levett				936			936
S Mkhabela				252			252
SS Ntsaluba (appointed 28 July 2008)				43			43
DB Ntsebeza				1 437	265	7	1 709
TH Nyasulu				173			173
SB Pfeiffer				867			867
G Rodriguez de Castro Garcia de los Rios				715		2 601	3 316
TS Munday (resigned 17 January 2008)				94		58	152
RC Tomkinson (resigned 24 January 2008)				387			387
				6 217	265	2 666	9 148
Total directors’ remuneration							62 736

	*	This amount relates to the IFRS 2 Share-based Payment (credit) charge for the year on share appreciation rights awarded in the current and prior year and share options awarded in previous years.
	^	These amounts relate to the gain made on share options issued in previous years exercised/ceded during the current year excluding gains realised after resignation as a director.

			Retirement	Share
			and	appre-
			medical	ciation	Car			Share	Share
			contri-	rights	allow-	Other	Total	options	options
	Salary	Bonus	butions	awarded*	ances	benefits	2007	ceded^	exercised^
	R000	R000	R000	R000	R000	R000	R000	R000	R000
Directors’ remuneration and interests
2007
Executive directors
PJ Blackbeard	2 958	3 395	310	1 357	331	1 254	9 605	2 789	6 820
MD Coward (resigned 4 December 2006)	359		316	42	40		757
LS Day (retired 30 November 2006)	298		495	42	37	596	1 468
BP Diamond	3 034	1 226	709	1 252	110	62	6 393		5 712
JE Gomersall (resigned 16 July 2007)	1 852	2 007	462	939	119	1 151	6 530		3 328
AJ Lamprecht	1 994	1 957	470	1 252	233	142	6 048	3 306
M Laubscher	2 019	2 551	371	1 461	302	19	6 723	2 347	692
AJ Phillips (resigned 25 January 2007)	1 203		2 875	447	67	16 707	21 299
OI Shongwe (appointed 26 January 2007)	978	1 562	137	84	152		2 913
PM Surgey	2 100	2 545	464	1 377	242	14	6 742	707	3 740
CB Thomson	3 003	5 258	518	1 642	256	126	10 803		3 844
DG Wilson (appointed 29 September 2006)	1 984	2 390	399	1 186	240	16	6 215
	21 782	22 891	7 526	11 081	2 129	20 087	85 496	9 149	24 136

						Fees for
						services
						to sub-
					Car	sidiaries/
					allow-	other	Total
				Fees	ances	services	2007
				R000	R000	R000	R000
Non-executive directors
SAM Baqwa				172			172
WAM Clewlow (retired 25 January 2007)				479	64	275	818
AGK Hamilton				474			474
MJ Levett				961			961
S Mkhabela				172			172
DB Ntsebeza (appointed as chairman 26 January 2007)				1 048	66		1 114
HT Nyasulu (appointed 26 January 2007)				103			103
SB Pfeiffer				781			781
G Rodriguez de Castro Garcia de los Rios				627		3 103	3 730
TS Munday (appointed 26 January 2007)				110		101	211
EP Theron (retired 16 July 2007)				202		139	341
RC Tomkinson				1 088			1 088
				6 217	130	3 618	9 965
Total directors’ remuneration							95 461

			Retirement	Share
			and	appre-
			medical	ciation	Car			Share	Share
			contri-	rights	allow-	Other	Total	options	options
	Salary	Bonus	butions	awarded*	ances	benefits	2006	ceded^	exercised^
	R000	R000	R000	R000	R000	R000	R000	R000	R000
Directors’ remuneration and interests
2006
Executive directors
PJ Blackbeard	2 387	2 255	268	288	277	919	6 394	1 563	943
MD Coward	1 552		354	339	231		2 476	2 013
LS Day	1 740	2 179	434	339	218	9	4 919		2 002
BP Diamond	2 732	2 120	445	339	154		5 790	751
JE Gomersall	2 137	2 676	514	339	140	233	6 039		10 238
AJ Lamprecht	1 737	1 549	391	339	235	145	4 396	2 413
M Laubscher	1 500	1 350	270	257	186	10	3 573		1 176
AJ Phillips	3 119	3 908	764	485	231	96	8 603		3 015
PM Surgey	1 802	2 257	376	339	258	21	5 053	2 462
CB Thomson	1 870	2 344	353	340	257	27	5 191		4 525
	20 576	20 638	4 169	3 404	2 187	1 460	52 434	9 202	21 899

						Fees for
						services
						to sub-
					Car	sidiaries/
					allow-	other	Total
				Fees	ances	services	2006
				R000	R000	R000	R000
Non-executive directors
SAM Baqwa				115			115
WAM Clewlow				1 325	171	710	2 206
MJ Levett				205			205
S Mkhabela (appointed 27 January 2006)				79			79
DB Ntsebeza				140			140
SB Pfeiffer				625			625
G Rodriguez de Castro Garcia de los Rios				550		316	866
LA Tager (retired 26 January 2006)				36			36
EP Theron				224		103	327
RC Tomkinson				869		725	1 594
				4 168	171	1 854	6 193
Total directors’ remuneration							58 627

	*	This amount relates to the IFRS 2 Share-based Payment (credit) charge for the year on share appreciation rights awarded in the current and prior year and share options awarded in previous years.
	^	These amounts relate to the gain made on share options issued in previous years exercised/ceded during the current year excluding gains realised after resignation as a director.

	Interest of directors in contracts
	The group has guaranteed a loan from a financial institution amounting to R98 million (2007: R91 million; 2006: R120 million) to a controlled entity in which OI Shongwe has a 48% beneficial interest. The transaction was concluded before his appointment to the board.

	The directors have certified that they did not have any other material interest in any transaction of any significance with the company or any of its subsidiaries.

	A register detailing directors’ and officers’ interests is available for inspection at the company’s registered office.

	Interest of directors of the company in share capital
	The aggregate beneficial holdings as at 30 September 2008 of the directors of the company and their immediate families (none of which has a holding in excess of 1%) in the issued ordinary shares of the company are detailed below. There have been no material changes in these shareholdings since that date.

	Number of shares at 30 September
	2008	2008	2007	2007	2006	2006
	Direct	Indirect	Direct	Indirect	Direct	Indirect
Executive directors
PJ Blackbeard	38 334		73 334		13 334
BP Diamond				11 766	8 667	11 766
AJ Lamprecht			3 000		13 000
M Laubscher	46 101		15 000		33 332
OI Shongwe	2 100
PM Surgey (resigned 30 September 2008)	157 111		106 278		71 278
CB Thomson	108 270	103	86 499	103	57 334	700
DG Wilson	5 000
	356 916	103	284 111	11 869	196 945	12 466
Non-executive directors
MJ Levett	25 630		25 630		25 630
AGK Hamilton	1 850			1 000
HT Nyasulu	100
DB Ntsebeza	4 500		2 500		1 700
SB Pfeiffer	10 000		10 000		8 000
RC Tomkinson				2 000		2 000
	42 080		38 130	3 000	35 330	2 000
	398 996	103	322 241	14 869	232 275	14 466

	Interest of directors of the company in share options and share appreciation rights
	The interests of the executive and non-executive directors in shares of the company provided in the form of options and share appreciation rights are shown in the table below:

	Number of		Number	Number	Share price
	options/		of options	of options/	on day
	rights	Cash-settled	exercised/	rights	exercised/
	as at	share	ceded	as at	cession	Option*/	Date from
	30 Sep	appreciation	during	30 Sept	price on	rights	which
	2007	rights	the year	2008	day ceded	price	exercisable
PJ Blackbeard	6 667			6 667		14.59	2006/04/01
	35 000			35 000		25.48	2007/05/26
	65 291			65 291		64.18	2009/11/14
	46 627			46 627		113.01	2010/07/12
	12 370		12 370		23.80	11.88	2006/04/01
	43 296			43 296		16.95	2007/05/26
		88 978		88 978		61.01	2011/09/29

M Laubscher	6 667		6 667		86.00	14.59	2006/04/01
	5 774		5 774		64.81	14.59	2006/04/01
	27 320		8 660	18 660	86.00	25.48	2007/05/26
	10 000		10 000		72.60	25.48	2007/05/26
	74 619			74 619		64.18	2009/11/14
	42 091			42 091		113.01	2010/07/12
		98 431		98 431		61.01	2011/09/29

OI Shongwe	37 229			37 229		113.01	2010/07/12
		62 176		62 176		61.01	2011/09/29

PM Surgey (resigned 30 September 2008)	27 500		27 500		87.94	14.59	2006/04/01
	35 000		23 333	11 667	59.25	25.48	2007/05/26
	65 291			65 291		64.18	2009/11/14
	44 354			44 354		113.01	2010/07/12
	64 943			64 943		11.88	2006/04/01
	64 943			64 943		16.95	2007/05/26

CB Thomson	21 771		21 771		100.75	14.59	2006/04/01
	43 542			43 542		25.48	2007/05/26
	65 291			65 291		64.18	2009/11/14
	137 870			137 870		113.01	2010/07/12
		201 259		201 259		61.01	2011/09/29

DG Wilson	65 291			65 291		64.18	2009/11/14
	64 797			64 797		113.01	2010/07/12
		88 978		88 978		61.01	2011/09/29

Directors resigned during 2008	318 928
The outstanding options/rights consist of the following:

Baw share options	219 241		103 705	115 536
Baw share appreciation rights	708 751	539 822		1 248 573
PPC options	185 552		12 370	173 182

The original option price has been modified for the changes in share price as a result of the PPC and Coatings unbundlings.

Return to top