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AFRICAN DAWN 2015 Annual Report

Corporate Governance AFRICAN DAWN 14 ANNUAL REPORT 2015 continued 2. Remuneration committee Purpose: To set a fair remuneration philosophy and apply a policy for the remuneration of Directors and employees of Afdawn Group. Composition: The remuneration committee consists of: HH Hickey, SM Roper, V Lessing The remuneration committee is required to meet at least twice a year. Details of actual meetings and attendance thereof is set out in the table below. In addition to the meeting below several ad-hoc meetings took place. 17 November 2014 V Lessing √ SM Roper √ HH Hickey √ Due to the sensitivity and importance of remuneration, it is specifically managed by a separate remuneration committee assisted by the human resources department. The remuneration committee consists of three independent non-executive directors and the chairman of the committee is not the chairman of the Board. The main responsibility of the committee is to approve the remuneration of the executive Board members and any significant adjustments to employee remuneration. The executive directors suggest the remuneration of the non-executive directors and this is submitted to shareholders at the AGM for approval by special resolution. The committee felt that the current remuneration of directors is in line with the market, and will ensure that the Group retains the required skills and expertise within the Group. Actual executive directors’ remuneration is set out in the table below: Total remuneration 2015 (R’000) Total remuneration 2014 (R’000) Company: Mr. WJ Groenewald 1 727 Mr. EA van Heerden 1 342 - Mr. JS van der Merwe 1 069 Mr. TF Kruger 2000 Subsidiaries: A. Böhmert 1 347 JK. van Zyl 1 345 Dr. GE Stoop 1605


AFRICAN DAWN 2015 Annual Report
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