Basic HTML Version
45
Remuneration Committee
The report of the remuneration committee is presented
as required by the Companies Act of South Africa.
Functions and responsibilities of the
Remuneration Committee
The role of the Remuneration committee is to assist the
board by performing an objective and independent
review of the functioning of the organisation’s remu-
neration mechanisms. It exercises its functions through
close liaison and communication with corporate man-
agement.
The committee is guided by its terms of reference, deal-
ing with membership, structure and levels of authority
and has the following responsibilities:
•
Development and on going review of the group’s
remuneration policy;
•
Review executive compliance with the approved
policy;
•
Determine remuneration of executive directors
•
Recommend incentive and other bonus awards for
the groups executives
The remuneration committee adopted the principles of
the new companies act as well as King III and addressed
its re- sponsibility properly in terms of the charter during
the 2011 financial year.
Members of the renumeration committee
The remuneration committee consisted of;
KA Rayner
- independent non-executive director and
committee chairman
B Topham
- independent non-executive director
RJ Connellan - independent non-executive director
The remaining directors are all invited to attend the com-
mittee meetings.
Frequency of meetings
The committee met twice during the 2011 financial
year.