67 / 106
MultiChoice South Africa Holdings Proprietary Limited
/
Integrated annual report 2017
65
v
CORPORATE GOVERNANCE REVIEW
(CONTINUED
)
REMUNERATION REPORT
FOR THE YEAR ENDED 31 MARCH 2017
REMUNERATION AND EQUITY
COMMITTEE AND ITS ROLE
The remuneration and equity committee
comprised only non-executive directors on
31 March 2017. Executive directors and certain
members of management attend meetings by
invitation as appropriate. This committee met
three times during the period with attendance
detailed on
page 64.Its main responsibilities are to:
à
determine and approve general policy on
strategic compensation issues, which must
be tabled at each annual general meeting for
a non-binding advisory vote by shareholders
à
prepare an annual remuneration report for
inclusion in the company’s integrated report
à
annually review and approve remuneration
packages of the most senior executives,
including incentive schemes and increases,
ensuring they are appropriate and in line with
the remuneration policy
à
annually appraise the performance of the chief
executive
à
review the remuneration of non-executive
directors of the board and its committees
annually
à
ful l delegated responsibilities on share-based
incentive plans, for example appointing
trustees and compliance of cers
à
review incidents of unethical behaviour by
senior managers and the chief executive
à
review the company’s code of business ethics
and conduct annually
à
annually review the committee’s charter and,
if appropriate, recommend amendments for
approval by the board, and
à
perform an annual self-assessment of its
effectiveness, reporting these ndings to the
board of directors.
The committee ful lled its remit during the year.
REMUNERATION STRATEGY AND
POLICY
The group’s remuneration strategy aims to
attract, motivate and retain competent leaders in
its drive to create sustainable shareholder value.
We aim to recognise top performance and to
attract entrepreneurs and the best creative
engineers and employees to grow the value of
the group. Our policy and practices align the
remuneration and incentives of executives and
employees to the group’s long-term
business strategy.
Primary objectives include the need to promote
superior performance; direct employees’
energies towards key business goals; achieve
the most effective returns for employee spend;
address diverse needs across differing cultures;
and have a credible remuneration policy.
MultiChoice has an integrated approach to
reward strategy, encompassing a balanced
design, in which reward components are aligned
to the strategic direction and business-speci c
value drivers of MultiChoice.
OVERVIEW OF REMUNERATION
Non-executive directors of MultiChoice South
Africa receive annual remuneration as opposed
to a fee per meeting. This recognises their
ongoing responsibility for the efficient control of
the company. This remuneration is augmented
by compensation for services on committees of
the board and boards of subsidiaries. A premium
is payable to the chair of the board and chairs of
committees.