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MultiChoice South Africa Holdings Proprietary Limited
Integrated annual report 2018
85
Corporate governance review
(continued)
IMPLEMENTATION OF THE
REMUNERATION POLICY
In this section, we outline how our
remuneration policy for executive directors
has been implemented during this financial
year and how we intend to apply it for the
next financial year. All decisions in relation to
executive remuneration have been made in
line with our remuneration policy for this
financial year.
Remuneration report
(continued)
for the year ended 31 March 2018
Executive directors’ remuneration for the financial years 2016/17 and
2017/18 and planned for the financial year 2018/19
Element
Nolo
Letele
2016/17
Nolo
Letele
2017/18
Nolo
Letele
2018/19
Uvashni
Raman
2016/17
Uvashni
Raman
2017/18
Uvashni
Raman
2018/19
Remuneration
excluding pension,
directors’ fees and
incentives
R4 061 600 R4 325 052 R4 556 652 R4 062 617
(1)
R4 584 881 R4 928 747
Pension
R324 893
R530 433
R950 435
(5)
Directors’ fees
R3 412 400
(2)
R3 495 814
(2)
–
–
–
–
Short-term incentive
(performance bonus)
R1 400 000 R3 457 891 R3 395 392 R5 000 000 R4 136 328 R4 801 680
Short-term incentive
(acting bonus)
– R1 500 000
(3)
–
–
–
–
Short-term incentive
(sign-on bonus)
–
–
– R2 000 000 R2 000 000
–
Short-term incentive
(project bonus)
–
–
–
– R1 300 000
(4)
–
Long-term incentive
(fair value awarded)
–
–
– R11 101 252 R4 351 229 R7 000 000
(6)
Notes
(1)
Based on 11 months of employment as Uvashni started on 1 May 2016.
(2)
Directors’ fees paid by Naspers in relation to directorship held in Naspers Limited.
(3)
Bonus for acting as group CEO until June 2017.
(4)
Project bonus relating to the successful completion of a group project.
(5)
Increase in pension due to a change in the pension plan.
(6)
Value at grant.
Non-executive directors’ fees
No non-executive director fees are paid to
directors of MultiChoice South Africa Holdings
Proprietary Limited.
Discharge of responsibilities
For the review period, the committee
determined that it had discharged its
responsibilities as outlined in its charter,
details of which are on
page 70.The board
concurred with this assessment.
K D Moroko
Chair: Remuneration and equity committee
8 June 2018