The definitive guide to market trends
CEO Remuneration Report 2013
In this report we update the CEO remuneration rankings introduced last year. We find that South
African firms are among the best-performing in the world, with the result that CEOs’ performance
bonuses have tended to be substantial. We also find that the relationship between CEO remuneration
and corporate profitability has improved since last year: more managers than ever are being explicitly
rewarded for corporate profitability, both in cash and through the use of stock options. Unfortunately,
many companies still have a long way to go before their CEO remuneration strategy provides the
correct behavioural incentives.
Some of the best companies in the world
South Africa has some of the best-run companies in the world. According
to a recent study, the real risk-adjusted return on capital of South African
listed businesses is currently 10% – the highest in the world.1 In some
notable areas including corporate transparency and board effectiveness,
South Africa ranks # 1 in the world.2 The proportion of South Africa’s national
income that is attributable to private business enterprises in the form of
profits (as opposed to households in the form of wages) has increased
from 39% in 2000 to 51% in 2012 (see figure).3 The private sector in
South Africa, which includes such dimensions as the degree of business
sophistication, is ranked 34th in the world, alongside Ireland, Chile and
Israel; and the quality of professional management is ranked 13th in
the world, alongside Denmark and Canada.4 South African companies’
financial management ranks # 1 in the world.5 As these results indicate,
South African companies are vibrant, innovative and competitive and can
stand up to comparison with any company in the world.
Profits’ share of national income in South Africa
52%
50%
48%
46%
44%
40%
38%
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
Source: South African Reserve Bank (2013)
Yet executive remuneration under fire
Yet the remuneration of South Africa’s managers has come under fire from
many quarters. Trade unions have begun to cite Chief Executive (CEO)
2
3
4
5
6
7
Considerable variation in CEO pay last year
Last year, we introduced a quantitative measure of firm performance and
related that measure to CEO remuneration for a sample of 212 stock
exchange-listed companies. In that study, we found that CEO remuneration
was not generally justified by company profitability: the overall correlation
between CEO remuneration and company profitability was just 23%.
We also found that there was a significant degree of variation between
companies. For example, Investec CEO Stephen Koseff’s remuneration
was R30 736 385 above the economically justifiable level, whereas Anglo
American CEO Cynthia Carroll’s remuneration was R17 171 000 below
par. We speculated that two factors conspired to raise CEO remuneration
in South Africa, namely immigration controls for high-skilled foreigners,
which have created an artificial shortage of company executives; and new
technologies, which have raised the demand for executive expertise.
This year we expand our sample
42%
1
remuneration – particularly the gap between the pay of a company’s CEO
and its average worker – in workers’ annual pay negotiations. Politicians
have called for CEO remuneration to be capped in future. Yet none of
these claims mention the rational basis for CEO remuneration, namely
corporate profitability. In theory at least, CEO remuneration should be
linked to corporate financial performance; which means that some CEOs
are likely to be appropriately paid (or even conceivably underpaid) given
the level of their firms’ performance, whereas other CEOs may be overpaid
on the same basis.
This year, we have expanded our sample somewhat to 230 companies
(2012: 212 companies), as a result of improvements in company reporting
of executive remuneration.6 Unfortunately, company reporting of shareoption remuneration remains patchy and incomplete, with no consistent
practice, for instance, in year-to-year apportionment of share-option
remuneration; but we expect this to improve over the coming years.
This year, we have retained the same basis as last year for measuring
corporate profitability, namely the excess return (over the market return)
on shareholders’ funds.7
Holland, D., and B.S. Kantor (2012). “A South African Economic Success Story: Excellence in the Employment of Capital”. Cape Town: Investec Wealth and Investment.
Schwab, K. (2012). “The Global Competitiveness Report 2012-2013”. Geneva: World Economic Forum.
South African Reserve Bank Quarterly Bulletin (4th Quarter, 2012).
Sala-i-Martín, X., et al. (2012). “The Global Competitiveness Index 2012–2013: Strengthening Recovery by Raising Productivity”. Geneva: World Economic Forum.
Janamitra, D. (2012). “Doing Business 2012: Doing Business in a More Transparent World”. Washington, D.C.: The World Bank and International Finance Corporation.
This improvement in the number of companies reporting CEO remuneration transparently and in detail is comparatively small. Out of 389 JSE-listed companies for which data are available, total CEO
remuneration (i.e. basic remuneration plus performance bonuses) is available for only 238 companies.
We do not use changes in share price or related variables, such as market value, as a measure of CEO performance, for the reason that changes in the broad market – over which CEOs have no control
– dominate the performance of shares over time. The factor over which CEOs have the most direct control is corporate earnings, particularly in relation to the amount of shareholders’ funds employed to
achieve those earnings.
1
Labour Market Navigator
FIRST Quarter, 2013 (January – march)
CEO Remuneration Report 2013 (continued)
An example of our calculation method
For example, for the period ended 30 June 2012, mining firm Assore
Limited generated a return on shareholders’ funds of 35,7%. The
equivalent return for the average company over this period was 4,8% and
Assore’s three-year beta at the time was 1.14, which yields a risk-adjusted
benchmark return for Assore of 4,8% * 1.14 = 5,5%. In other words, Assore
generated an excess return on shareholders’ funds of 35,7% – 5,5% =
30,2%. To achieve this return, Assore paid its CEO, Christopher Cory,
R20 623 000, being R4,5 million in basic remuneration and R16,1 million
in performance-related bonuses. Stated differently, Assore Limited paid its
CEO R681 571 80 per percentage point of shareholders’ return over and
above the market return.
Another example
To give another example, Hulamin Limited paid its CEO, Richard Jacob,
R4 677 156 in the latest reporting period to generate an excess return
on shareholders’ funds of -1,5%. Clearly Hulamin’s CEO, by failing to
generate a positive excess return over the market return, did not justify
his remuneration for the year – though happily, this particular CEO was
not paid a performance bonus. Hulamin paid its CEO R3 105 681,28 per
percentage point of negative shareholders’ return over and above the
market return.
Some CEOs are overpaid …
Rankings using this methodology are given in the table at the end of this
report. As indicated in the accompanying table, the most overpaid CEO in
South Africa is Esorfranki CEO Bernie Krone, who was paid R2,9 million
and generated a return on shareholders’ funds of 1,94% and an excess
(over the market) return on shareholders’ funds of -0,03%. This means that
Mr Krone was paid very much in line with the average CEO (he had the
137th highest remuneration among this group of CEOs) to deliver a very
poor return on shareholders’ funds. Not shown in the table (but listed in the
table at the end of this report) is the split between basic and performancerelated remuneration. Interestingly, Mr Krone’s performance bonus for the
year was just R225 000 (7,7% of his total remuneration for the year) –
presumably a token amount, in relation to the poor overall performance
of the firm.
The JSE’s Top 10 Overpaid CEOs for 2012
JSE Sector
Total
remuneration
(Rands)
Remuneration
per point of
ERetShF*
(Rands)
Overpaid/
(Underpaid)
(Rands)
Company
CEO
Northam Platinum Ltd.
Glyn T Lewis
Mining
11 106 000
(2 544 913)
11 106 000,00
New Bond Capital Ltd.
Andrew D Bonamour
Equity Investment Instruments
10 045 000
(692 281)
10 045 000,00
Group Five Ltd.
Mike Upton
Construction and Materials
8 844 000
(559 322)
8 844 000,00
ArcelorMittal South Africa Ltd.
Nonkululeko M C
Nyembezi-Heita
Industrial Metals and Mining
8 033 190
(1 681 991)
8 033 190,00
Allied Technologies Ltd.
Craig G Venter
Mobile Telecommunications
8 003 000
(222 367)
8 003 000,00
Sentula Mining Ltd.
Robin Berry
Mining
6 558 000
(256 312)
6 558 000,00
JCI Ltd.
Peter Gray
Mining
5 077 000
(352 080)
5 077 000,00
Huge Group Ltd.
James Charles Herbst
AltX
4 841 606
(80 693 433)
4 841 606,00
Merafe Resources Ltd.
Zanele (Joyce) Matlala
Mining
4 750 000
(1 276 196)
4 750 000,00
Hulamin Ltd.
Richard Jacob
Industrial Metals and Mining
4 677 156
(3 105 681)
4 677 156,00
Notes: * ERetShF: Excess return on shareholders’ funds, in percentage points.
… and some are underpaid
The most underpaid CEO in South Africa is Netcare CEO Richard Friedland. Mr Friedland was paid R11,8 million and generated a return
on shareholders’ funds of 916,3%, being an excess (over the market) return on shareholders’ funds of 913,3%. Not shown in the table (but listed
in the table at the end of this report) is the split between basic and performance-related remuneration. Interestingly, Mr Friedland’s performance
bonus of R5 000 000 (being nearly half of his total remuneration for the year) reflected the spectacular performance of the firm – and indeed, if
Mr Friedland were paid on a fair basis relative to other CEOs, his performance bonus would have been substantially higher.
The JSE’s Top 10 Underpaid CEOs for 2012
Total
remuneration
(Rands)
Remuneration
per point of
ERetShF*
(Rands)
Overpaid/
(Underpaid)
(Rands)
Company
CEO
JSE Sector
Ascension Properties Ltd.
Ashraf M Mohamed
Real Estate Investment and
Services
700 000
53 191
(4 204 996,46)
Putprop Ltd.
B C Carleo
Real Estate Investment and
Services
747 000
52 260
(4 580 661,05)
ISA Holdings Ltd.
Clifford S Katz
AltX
1 418 437
49 934
(9 169 050,04)
Total Client Services Ltd.
Lindikhaya Sipoyo
AltX
2 183 289
49 591
(14 226 085,94)
Imbalie Beauty Ltd.
Esna Colyn
AltX
438 000
29 627
(5 072 293,90)
Marshall Monteagle PLC
David C Marshall
Support Services
258 000
29 621
(2 988 392,03)
New Europe Property
Investments plc
Martin J C Slabbert
Real Estate Investment and
Services
168 000
23 776
(2 465 640,20)
Pan African Resources PLC
Jan Nelson
Mining
M&S Holdings Ltd.
Francois Fouche
Goosen
AltX
Netcare Ltd.
Richard H Friedland
Health Care Equipment and
Services
Notes: * ERetShF: Excess return on shareholders’ funds, in percentage points.
2
Labour Market Navigator
first Quarter, 2013 (january – march)
597 468
22 245
(9 413 048,33)
1 018 000
21 747
(16 429 773,12)
11 798 000
12 918
(328 605 027,14)
CEO Remuneration Report 2013 (continued)
CEO remuneration more closely matched to profitability than before
Interestingly, the most dramatic change since last year has been the improvement in the relationship between corporate profitability and CEO remuneration,
now a correlation of 30% (last year: 23%). This suggests that profitability has increased – and factors other than profitability (such as executive tenure, the
number of employees, the value of assets under management, or other factors) have decreased – in significance as determinants of CEO remuneration.
This is an encouraging development, since corporate profitability is the sole rational basis for executive remuneration.
Return on shareholders’ funds and performance bonus as
a percentage of total remuneration
60
Return on shareholders’ funds (%)
40
20
0
-20
-40
-60
-80
-100
0%
20%
40%
60%
80%
Performance bonus (% of total remuneration)
Source: Prophet Analytics (2013)
Companies should make greater use of stock options
As may be observed in the figure, there is a reasonably close relationship between the return on shareholders’ funds (shown on the vertical axis) and the
proportion of the performance bonus in a CEO’s total remuneration (shown on the horizontal axis). In fact, if it were not for the large number of returns
that correspond to a low performance bonus, the correlation between the two variables would be 66%. The easiest way to improve the relationship
between CEO remuneration and corporate profitability is to allow performance bonuses to turn negative, and the easiest way to achieve that, in turn, is
to replace cash-based performance bonuses with stock options, whose value rises and falls with changes in the underlying profitability and value of the
firm. Hopefully this report’s findings will encourage the issuance of stock options to management, reduce the use of cash as a performance incentive, and
improve the correlation between management remuneration and corporate profitability.
3
Labour Market Navigator
first Quarter, 2013 (January – march)
4
Labour Market Navigator
first Quarter, 2013 (january – march)
Robin Berry
Peter Gray
James Charles
Herbst
Zanele (Joyce)
Matlala
Richard Jacob
Erik R Venter
Ethan Gilbert
Dube
Terry Bantock
Pieter W J
Bouwer /
Sandile Swana
E Beneke
Antony Page
Sentula Mining Ltd.
JCI Ltd.
Huge Group Ltd.
Merafe Resources
Ltd.
Hulamin Ltd.
Comair Ltd.
Vunani Ltd.
Buildmax Ltd.
ConvergeNet
Holdings Ltd.
Iliad Africa Ltd.
Protech Khuthele
Holdings Ltd.
W Fourie
Ronnie Mazor
D B Harington
Sean Rogers
Sean J
Flanagan
Winhold Ltd.
Mazor Group Ltd.
StratCorp Ltd.
Control Instruments
Group Ltd.
Erbacon
Investment
Holdings Ltd.
Charles Savage
Craig G Venter
Allied Technologies
Ltd.
Purple Capital Ltd.
Nonkululeko M
C NyembeziHeita
ArcelorMittal South
Africa Ltd.
A J D da Silva
Mike Upton
Group Five Ltd.
B Krone
Andrew D
Bonamour
New Bond Capital
Ltd.
PSV Holdings Ltd.
Glyn T Lewis
Northam Platinum
Ltd.
Esorfranki Ltd.
CEO
Company
ERB
CNL
STA
MZR
WNH
PPE
ESR
PSV
PKH
ILA
CVN
BDM
VUN
COM
HLM
MRF
HUG
JCD
SNU
ALT
ACL
GRF
NBC
NHM
JSE
code
AltX
Electronic and
Electrical Equipment
AltX
Construction and
Materials
Support Services
Financial Services
Construction and
Materials
AltX
Construction and
Materials
Support Services
Software and
Computer Services
Mining
AltX
Travel and Leisure
Industrial Metals and
Mining
Mining
AltX
Mining
Mining
Mobile
Telecommunications
Industrial Metals and
Mining
Construction and
Materials
Equity Investment
Instruments
Mining
Sector
2012/02/29
2011/12/31
2012/02/29
2012/02/29
2012/09/30
2012/08/31
2012/02/29
2012/02/29
2012/02/29
2011/12/31
2012/08/31
2012/02/29
2011/12/31
2012/06/30
2011/12/30
2011/12/31
2012/02/29
2012/03/31
2012/03/31
2012/02/28
2012/12/31
2012/06/30
2012/06/30
2012/06/30
Period End
(198,73)
(88,52)
(137,59)
2,62
(4,72)
1,17
1,94
(14,01)
(3,41)
(30,84)
(9,50)
(0,96)
(11,70)
0,94
1,71
4,39
(1,98)
(14,42)
(21,89)
(35,03)
(2,28)
(12,26)
(10,67)
2,98
Return
on
shareholders’
funds
(%)
(0,70)
0,47
0,73
1,62
0,59
1,23
0,41
(0,18)
(0,11)
1,28
(0,36)
0,30
1,73
0,55
0,67
1,69
(0,40)
0,00
0,77
0,20
0,52
0,74
0,80
1,53
Threeyear
beta
(195,37)
(90,78)
(141,09)
(5,16)
(7,55)
(4,73)
(0,03)
(13,15)
(2,88)
(36,98)
(7,77)
(2,40)
(20,00)
(1,70)
(1,51)
(3,72)
(0,06)
(14,42)
(25,59)
(35,99)
(4,78)
(15,81)
(14,51)
(4,36)
Excess
return on
shareholders’
funds (%)
1 632 770
1 718 400
2 131 168
2 075 574
1 928 400
2 560 000
2 685 000
1 457 239
1 362 000
2 689 000
1 875 000
2 468 000
2 575 000
1 931 000
3 138 300
2 577 000
1 987 926
3 628 000
3 284 000
4 812 000
4 386 040
3 799 000
1 887 000
3 091 000
Basic
remuneration
(Rands)
–
200 000
97 402
176 987
459 300
–
225 000
950 391
–
600 000
1 142 000
1 000 000
517 000
806 000
–
1 544 000
2 630 000
–
1 573 000
1 200 000
1 915 000
5 045 000
3 621 000
7 617 000
Performance
bonus
(Rands)
2 241 030
2 379 127
2 552 060
2 604 862
2 887 152
2 890 000
2 910 000
2 955 081
3 151 000
3 409 000
3 445 000
3 538 000
3 654 000
3 829 000
4 677 156
4 750 000
4 841 606
5 077 000
6 558 000
8 003 000
8 033 190
8 844 000
10 045 000
11 106 000
Total
remuneration
(Rands)
(11 471)
(26 209)
(18 088)
(505 210)
(382 303)
(610 477)
(103 928 571)
(224 789)
(1 093 338)
(92 175)
(443 258)
(1 474 167)
(182 663)
(2 252 353)
(3 105 681)
(1 276 196)
(80 693 433)
(352 080)
(256 312)
(222 36)
(1 681 991)
(559 322)
(692 281)
(2 544 913)
Remuneration
per point
(Rands)
2 241 030,00
2 379 127,00
2 552 060,00
2 604 862,00
2 887 152,00
2 890 000,00
2 910 000,00
2 955 081,00
3 151 000,00
3 409 000,00
3 445 000,00
3 538 000,00
3 654 000,00
3 829 000,00
4 677 156,00
4 750 000,00
4 841 606,00
5 077 000,00
6 558 000,00
8 003 000,00
8 033 190,00
8 844 000,00
10 045 000,00
11 106 000,00
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
5
CEO
William A H
Willcocks
Derrick B
Mbindwane
Ashruf Kaka
J S Swanepoel
Gareth Tindall
Thabiso A Tlelai
Jianke Gao
C R van der
Merwe
Geoffrey White
Herbert W
Cloete
T P Gregory
S J Wearne
Muris Tabakovic
Gerald Alan
Nelson
P M Bester
Mark Mario Di
Nicola
Ricky Fertig
John Wallington
G van Niekerk
Parkin
Simon Scott
Sarel Johan du
Toit
Stephen Koseff
Stephen Koseff
Company
Interwaste Holdings
Ltd.
Platfields Ltd.
Andulela
Investment
Holdings Ltd.
Labour Market Navigator
SilverBridge
Holdings Ltd.
Kelly Group Ltd.
The Don Group Ltd.
Wesizwe Platinum
Ltd.
Curro Holdings Ltd.
Lonrho Plc
Ububele Holdings
Ltd.
John Daniel
Holdings Ltd.
WG Wearne Ltd.
Stella Vista
Technologies Ltd.
first Quarter, 2013 (January – march)
Hospitality Property
Fund Ltd.
Southern Electricity
Company Ltd.
Beige Holdings Ltd.
Adrenna Property
Group Ltd.
Coal of Africa Ltd.
Brikor Ltd.
Lonmin plc
Central Rand Gold
Ltd.
Investec plc
Investec Ltd.
INL
INP
CRD
LON
BIK
CZA
ANA
BEG
SLO
HPA
SLL
WEA
JDH
UBU
LAF
COH
WEZ
DON
KEL
SVB
AND
PLL
IWE
JSE
code
Financial Services
Financial Services
Mining
Mining
AltX
Mining
Real Estate
Investment and
Services
AltX
Venture Capital
Real Estate
Investment and
Services
Development Capital
AltX
Venture Capital
AltX
AltX
General Retailers
Mining
Travel and Leisure
Support Services
AltX
Equity Investment
Instruments
Mining
AltX
Sector
2012/03/31
2012/03/31
2011/12/31
2012/09/30
2012/02/29
2012/06/30
2012/02/29
2012/06/30
2012/06/30
2012/06/30
2012/08/31
2012/02/29
2012/09/30
2012/06/30
2011/12/31
2011/12/31
2011/12/31
2012/06/30
2012/09/30
2012/06/30
2011/12/31
2012/02/29
2011/12/31
Period End
5,89
5,89
(137,81)
(20,04)
(11 064,86)
(36,82)
(60,74)
(8,08)
(41,14)
(3,62)
(33,02)
(22,13)
2,83
(8,33)
0,26
(2,00)
(9,88)
(55,22)
(12,38)
(30,77)
5,06
(39,74)
(2,20)
Return
on
shareholders’
funds
(%)
1,41
1,36
(0,82)
1,71
(0,69)
1,18
(1,16)
0,64
1,68
0,18
0,02
0,47
1,32
0,93
3,14
0,00
0,56
1,14
0,22
0,88
1,71
0,00
0,37
Threeyear
beta
(0,88)
(0,64)
(133,87)
(28,25)
(11 061,55)
(42,48)
(55,17)
(11,15)
(49,20)
(4,48)
(33,12)
(24,39)
(3,51)
(12,79)
(14,81)
(2,00)
(12,57)
(60,69)
(13,44)
(34,99)
(3,15)
(39,74)
(3,98)
Excess
return on
shareholders’
funds (%)
344 791
344 791
366 000
403 595
436 000
636 160
607 000
591 000
835 724
1 080 000
1 105 678
277 000
1 175 000
1 222 500
625 000
1 024 000
1 094 000
1 440 000
614 000
1 687 000
1 096 903
1 839 919
1 964 406
Basic
remuneration
(Rands)
–
–
–
153 673
–
–
–
–
–
–
–
–
–
–
250 000
220 000
180 000
–
750 000
–
650 000
150 000
68 459
Performance
bonus
(Rands)
450 000
450 000
531 000
557 268
627 000
636 160
700 000
707 000
968 742
1 080 000
1 105 678
1 134 000
1 195 000
1 222 500
1 236 000
1 244 000
1 274 000
1 473 000
1 504 000
1 687 000
1 746 903
1 989 919
2 032 865
Total
remuneration
(Rands)
(512 528)
(705 329)
(3 966)
(19 728)
(57)
(14 974)
(12 688)
(63 397)
(19 688)
(240 856)
(33 388)
(46 502)
(340 844)
(95 553)
(83 446)
(622 000)
(101 369)
(24 270)
(111 938)
(48 208)
(554 925)
(50 073)
(511 284)
Remuneration
per point
(Rands)
450 000,00
450 000,00
531 000,00
557 268,00
627 000,00
636 160,00
700 000,00
707 000,00
968 742,00
1 080 000,00
1 105 678,00
1 134 000,00
1 195 000,00
1 222 500,00
1 236 000,00
1 244 000,00
1 274 000,00
1 473 000,00
1 504 000,00
1 687 000,00
1 746 903,00
1 989 919,00
2 032 865,00
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
6
CEO
Jonny Fenster
Thomas
Kamwendo
Trevor A Moss
Noel Flannan
O'Keeffe
Len Kolff
M J Watters
Paulo J M
Ferreira
A P C Fourie
Mario B
Pretorius
W Roger
Jardine
Lelau Mohuba
Grant M
Pattison
Alan Keith
Olivier
Mark Cutifani
Michael Garcia
Leon N Sasse
Jorge M S
Ferreira
Trevor Robinson
Clive B
Thomson
Stephen D Phiri
Company
BioScience Brands
Ltd.
ZCI Ltd.
African Eagle
Resources plc
Labour Market Navigator
Kibo Mining Plc
Tawana Resources
NL
Redefine Properties
International Ltd.
South Ocean
Holdings Ltd.
Poynting Holdings
Ltd.
TeleMasters
Holdings Ltd.
Aveng Ltd.
Sephaku Holdings
Ltd.
first Quarter, 2013 (january – march)
Massmart Holdings
Ltd.
Grindrod Ltd.
AngloGold Ashanti
Ltd.
Evraz Highveld
Steel and
Vanadium Ltd.
Growthpoint
Properties Ltd.
Mvelaserve Ltd.
Infrasors Holdings
Ltd.
Barloworld Ltd.
Royal Bafokeng
Platinum Ltd.
RBP
BAW
IRA
MVS
GRT
EHS
ANG
GND
MSM
SEP
AEG
TLM
POY
SOH
RIN
TAW
KBO
AEA
ZCI
BIO
JSE
code
Mining
General Industrials
Mining
Support Services
Real Estate
Investment and
Services
Industrial Metals and
Mining
Mining
Industrial
Transportation
General Retailers
Mining
Construction and
Materials
AltX
AltX
Electronic and
Electrical Equipment
Real Estate
Investment and
Services
Mining
AltX
AltX
Industrial Metals and
Mining
AltX
Sector
2011/12/30
2012/09/30
2012/02/29
2012/06/30
2012/06/30
2011/12/31
2011/12/31
2011/12/31
2012/06/30
2012/06/28
2012/06/30
2012/09/30
2012/06/30
2011/12/31
2012/08/31
2011/12/31
2011/09/30
2011/12/31
2012/03/31
2012/06/30
Period End
2,71
12,42
5,91
8,12
5,27
1,72
30,93
5,84
26,50
0,15
4,05
0,07
18,53
5,89
(61,93)
(113,26)
(77,96)
(15,62)
(43,07)
(46,34)
Return
on
shareholders’
funds
(%)
0,00
1,29
1,09
0,00
0,46
0,11
0,48
0,77
0,84
0,00
0,70
(0,02)
3,84
1,18
0,00
2,05
0,00
(1,81)
(0,06)
(0,33)
Threeyear
beta
2,71
6,23
0,68
8,12
3,06
1,19
28,63
2,14
22,47
0,15
0,69
0,17
0,10
0,23
(61,93)
(123,10)
(77,96)
(6,93)
(42,78)
(44,76)
Excess
return on
shareholders’
funds (%)
2 636 080
6 323 000
1 803 000
2 976 000
3 789 401
2 614 000
112 183 000
4 618 000
37 380 000
868 669
4 207 000
1 462 800
1 541 397
2 788 000
–
54 167
–
12 500
100 000
–
Basic
remuneration
(Rands)
3 000 000
7 871 000
–
3 000 000
4 600 000
–
–
4 391 000
3 678 000
320 054
789 000
–
–
569 000
–
–
–
–
–
–
Performance
bonus
(Rands)
6 248 636
15 557 000
1 803 000
23 364 000
9 240 401
4 231 000
112 183 000
10 176 000
123 698 000
1 188 723
6 101 000
1 545 607
1 544 064
5 025 000
20 000
59 042
61 957
86 865
166 000
410 000
Total
remuneration
(Rands)
2 305 770
2 497 913
2 659 292
2 877 340
3 017 766
3 549 497
3 918 920
4 746 269
5 505 519
7 924 820
8 842 029
9 310 886
15 755 755
22 234 513
(323)
(480)
(795)
(12 531)
(3 880)
(9 161)
Remuneration
per point
(Rands)
5 238 564,54
13 235 699,24
1 550 295,78
20 337 512,82
8 099 132,07
3 786 717,65
101 513 514,54
9 376 888,11
115 323 724,89
1 132 814,99
5 843 823,13
1 483 735,46
1 507 537,43
4 940 765,26
20 000,00
59 042,00
61 957,00
86 865,00
166 000,00
410 000,00
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
7
CEO
D Constable
Marius L Heyns
Marc Wainer
Jeffrey A
Goldberg
J Welwood
Basson
Simon L
Crutchley
Chris Sattler
Markus J Jooste
Richard L Pike
Bruce William
Strong
Bruce Hemphill
A Grattan Kirk
Brett Marlon
Levy / Mark
Steven Levy
Nicholas J
Holland
John Anthony
Copelyn
R S Dabengwa
Sizwe E
Nxasana
Peter H Staude
Benjamin
Mophatlane
James W A
Templeton
Company
Sasol Ltd.
Basil Read
Holdings Ltd.
Redefine Properties
Ltd.
Labour Market Navigator
Nu-World Holdings
Ltd.
Shoprite Holdings
Ltd.
AVI Ltd.
Uranium One Inc
Steinhoff
International
Holdings Ltd.
Adcorp Holdings
Ltd.
Mpact Ltd.
Liberty Holdings
Ltd.
first Quarter, 2013 (January – march)
JD Group Ltd.
Blue Label
Telecoms Ltd.
Gold Fields Ltd.
Hosken
Consolidated
Investments Ltd.
MTN Group Ltd.
FirstRand Ltd.
Tongaat Hulett Ltd.
Business
Connexion Group
Ltd.
Emira Property
Fund
EMI
BCX
TON
FSR
MTN
HCI
GFI
BLU
JDG
LBH
MPT
ADR
SHF
UUU
AVI
SHP
NWL
RDF
BSR
SOL
JSE
code
Real Estate
Investment Trusts
Software and
Computer Services
Food Producers
Banks
Mobile
Telecommunications
Equity Investment
Instruments
Mining
Mobile
Telecommunications
General Retailers
Life Insurance
General Industrials
Support Services
Household
Goods and Home
Construction
Mining
Food Producers
Food and Drug
Retailers
Leisure Goods
Real Estate
Investment and
Services
Construction and
Materials
Oil and Gas
Producers
Sector
2012/06/30
2012/08/31
2012/03/31
2012/06/30
2011/12/31
2012/03/31
2012/12/31
2012/05/31
2012/06/30
2011/12/31
2011/12/31
2012/02/29
2012/06/30
2011/12/31
2012/06/30
2012/06/30
2012/08/31
2012/08/31
2011/12/31
2012/06/30
Period End
10,03
8,91
13,10
20,19
25,66
11,20
11,16
14,39
11,97
18,14
4,47
9,42
11,27
4,00
27,03
23,76
6,13
4,57
7,33
18,90
Return
on
shareholders’
funds
(%)
0,41
0,28
0,09
0,93
0,96
0,22
0,09
0,85
1,24
0,25
0,00
0,00
1,30
0,47
0,82
0,18
0,75
0,35
0,30
0,87
Threeyear
beta
8,06
7,57
12,67
15,73
21,05
10,14
10,73
10,31
6,02
16,94
4,47
9,42
5,03
1,74
23,09
22,90
2,53
2,89
5,89
14,72
Excess
return on
shareholders’
funds (%)
1 082 941
4 682 100
6 381 000
5 101 000
7 133 000
4 642 000
6 402 897
11 923 000
3 111 715
4 208 000
2 592 087
2 416 000
–
288 376
4 686 000
32 063 000
3 923 000
3 112 000
3 095 395
9 264 000
Basic
remuneration
(Rands)
2 071 680
2 281 100
4 869 000
5 820 000
14 007 000
3 131 000
3 745 533
–
3 496 000
10 046 000
1 183 141
2 557 000
5 114 000
–
4 918 000
–
–
2 400 000
8 251 061
11 381 000
Performance
bonus
(Rands)
7 401 903
7 040 900
11 929 000
16 811 000
22 528 000
11 064 000
11 735 340
12 098 000
7 258 267
20 758 000
5 745 264
12 689 000
7 040 000
2 531 317
35 973 000
36 475 000
4 043 000
5 667 000
11 810 990
31 881 000
Total
remuneration
(Rands)
918 122
930 597
941 664
1 068 994
1 070 112
1 090 694
1 093 898
1 173 424
1 206 093
1 225 384
1 285 294
1 347 028
1 399 602
1 451 443
1 557 677
1 593 073
1 598 024
1 960 900
2 005 261
2 165 240
Remuneration
per point
(Rands)
4 397 033,59
4 220 899,76
7 207 381,83
10 949 603,77
14 681 496,54
7 283 127,35
7 736 798,81
8 255 255,81
5 015 237,46
14 444 121,58
4 079 205,17
9 177 976,70
5 165 217,92
1 881 293,15
27 365 402,11
27 941 200,69
3 100 018,16
4 589 838,92
9 615 668,64
26 393 069,31
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
8
CEO
Brian H Harley
Jan C Du Preez
Khalid Abdulla
R D Gamsu
Nicholaas
Hough Vlok
Graham P
Briggs
Alan S Coward
Andrew Payne
Jan van Niekerk
Marius Kloppers
David A Hathorn
Serge C P
Belamant
G D Bolton / M
J Bolton
Adrian Gore
Christopher J
Cory
Roeloff J
Boettger
Mike P Schmidt
Willem
Meyburgh
Hubert Rene
Brody
Peter Bambatha
Matlare
Michael S Mark
Company
B&W
Instrumentation
and Electrical Ltd.
Petmin Ltd.
Sekunjalo
Investments Ltd.
Labour Market Navigator
Consolidated
Infrastructure
Group Ltd.
Digicore Holdings
Ltd.
Harmony Gold
Mining Company
Ltd.
Amalgamated
Appliance Holdings
Ltd.
Wilderness
Holdings Ltd.
Peregrine Holdings
Ltd.
BHP Billiton Plc
Mondi plc
first Quarter, 2013 (january – march)
Net 1 UEPS
Technologies Inc
Cargo Carriers Ltd.
Discovery Ltd.
Assore Ltd.
Sappi Ltd.
African Rainbow
Minerals Ltd.
Stefanutti Stocks
Holdings Ltd.
Imperial Holdings
Ltd.
Tiger Brands Ltd.
Truworths
International Ltd.
TRU
TBS
IPL
SSK
ARI
SAP
ASR
DSY
CRG
NT1
MNP
BIL
PGR
WIL
AMA
HAR
DGC
CIL
SKJ
PET
BWI
JSE
code
General Retailers
Food Producers
Industrial
Transportation
Construction and
Materials
Mining
Forestry and Paper
Mining
Life Insurance
Industrial
Transportation
Support Services
Forestry and Paper
Mining
Financial Services
Travel and Leisure
Leisure Goods
Mining
Electronic and
Electrical Equipment
Electronic and
Electrical Equipment
Financial Services
Mining
AltX
Sector
2012/06/30
2012/09/30
2012/06/30
2012/02/29
2012/06/30
2012/09/30
2012/06/30
2012/06/30
2012/02/28
2012/06/30
2011/12/31
2012/06/30
2012/03/31
2012/02/29
2012/06/30
2012/06/30
2012/06/30
2012/08/31
2012/08/31
2012/06/30
2012/08/31
Period End
37,20
23,49
20,75
12,50
14,63
6,82
35,73
18,75
3,74
12,88
13,18
23,15
16,78
2,47
15,58
7,76
4,77
11,94
4,03
8,02
1,41
Return
on
shareholders’
funds
(%)
0,90
0,67
1,17
0,37
1,11
0,82
1,14
0,54
(0,12)
0,74
1,71
1,63
1,01
0,00
0,82
(0,17)
0,39
0,87
0,14
0,39
(0,18)
Threeyear
beta
32,88
20,27
15,13
10,72
9,30
2,88
30,26
16,16
4,32
9,33
4,97
15,33
11,93
2,47
11,64
8,58
2,90
7,76
3,36
6,15
2,27
Excess
return on
shareholders’
funds (%)
5 296 000
4 040 000
4 901 000
2 948 000
4 118 000
806 887
4 196 000
3 408 000
2 278 000
892 500
1 744 175
2 114 814
2 112 000
1 673 035
2 200 000
5 966 000
1 870 000
2 630 000
2 316 000
1 000 000
1 391 000
Basic
remuneration
(Rands)
10 750 000
736 000
3 950 000
2 874 000
1 553 000
908 619
14 894 000
7 316 000
191 000
2 000 000
924 511
2 351 448
5 000 000
198 525
3 100 000
1 330 000
158 000
2 475 000
300 000
4 250 000
135 000
Performance
bonus
(Rands)
20 713 000
12 967 000
9 737 000
7 010 000
6 316 000
1 958 289
20 623 000
11 380 000
3 050 000
6 668 306
3 672 125
11 634 134
9 882 000
2 063 337
9 800 000
7 296 000
2 488 000
6 697 000
2 911 000
5 404 000
2 011 000
Total
remuneration
(Rands)
629 957
639 588
643 386
653 674
678 994
679 018
681 572
704 295
706 673
714 870
738 561
759 111
828 193
835 359
841 635
850 746
858 523
862 571
866 885
878 985
884 345
Remuneration
per point
(Rands)
8 457 963,25
5 410 472,78
4 096 254,07
3 012 949,69
2 848 957,67
883 364,24
9 345 235,34
5 357 588,69
1 441 340,07
3 191 572,95
1 818 960,68
5 921 825,81
5 434 703,82
1 142 718,36
5 460 047,20
4 099 552,46
1 407 857,16
3 803 201,18
1 659 405,92
3 112 516,85
1 163 434,50
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
9
CEO
Gavin
Castleman
Riaan Stassen
R J Fourie
Sipho Abednego
Nkosi
A B Marshall
A D Murray
Mohammed S
Varachia
Pieter Prinsloo
Jeffrey D Wright
Terence P
Goodlace
Miles Dally
D P Meintjes
Treve Robert
Hendry
A M F da Silva
Terence D
Moolman
Pieter van Zyl
C Coombes
Paul C T
Schouten
Peter Cooper
Willem van
Aardt
Peter Mountford
Company
Gooderson Leisure
Corporation Ltd.
Capitec Bank
Holdings Ltd.
Raubex Group Ltd.
Labour Market Navigator
Exxaro Resources
Ltd.
Nampak Ltd.
The Foschini Group
Ltd.
Morvest Business
Group Ltd.
Hyprop
Investments Ltd.
Country Bird
Holdings Ltd.
Impala Platinum
Holdings Ltd.
Rainbow Chicken
Ltd.
first Quarter, 2013 (January – march)
Mediclinic
International Ltd.
Argent Industrial
Ltd.
Jasco Electronics
Holdings Ltd.
Caxton and CTP
Publishers and
Printers Ltd.
York Timber
Holdings Ltd.
Sovereign Food
Investments Ltd.
KAP Industrial
Holdings Ltd.
RMB Holdings Ltd.
Finbond Group Ltd.
Super Group Ltd.
Industrial
Transportation
AltX
FGL
SPG
Banks
General Industrials
Food Producers
Forestry and Paper
Media
Electronic and
Electrical Equipment
General Industrials
Health Care
Equipment and
Services
Food Producers
Mining
Food Producers
Real Estate
Investment and
Services
Support Services
General Retailers
General Industrials
Mining
Construction and
Materials
Banks
AltX
Sector
RMH
KAP
SOV
YRK
CAT
JSC
ART
MDC
RBW
IMP
CBH
HYP
MOR
TFG
NPK
EXX
RBX
CPI
GDN
JSE
code
2012/06/30
2012/02/29
2012/06/30
2012/06/30
2012/02/29
2012/06/30
2012/06/30
2012/06/30
2012/03/31
2012/03/31
2012/06/30
2012/06/30
2012/06/30
2011/12/31
2012/05/31
2012/03/31
2012/09/30
2011/12/31
2012/02/29
2012/02/29
2012/02/29
Period End
17,49
5,43
17,39
10,49
6,38
6,35
9,02
6,50
5,33
13,01
9,18
8,19
11,08
5,29
8,59
24,65
19,17
32,43
12,50
20,73
2,82
Return
on
shareholders’
funds
(%)
0,15
(0,61)
0,78
0,70
0,22
(0,10)
0,76
0,22
0,28
0,23
(0,06)
1,50
0,23
0,09
(0,19)
1,01
0,25
0,95
0,52
0,55
0,32
Threeyear
beta
16,77
8,36
13,65
7,13
5,32
6,83
5,37
5,44
3,99
11,91
9,47
0,99
9,98
4,86
9,50
19,80
17,97
27,87
10,00
18,09
1,28
Excess
return on
shareholders’
funds (%)
2 997 170
3 237 705
3 308 000
1 747 504
1 906 000
1 735 000
–
2 490 223
1 594 000
3 997 000
4 962 000
–
3 813 480
1 623 000
2 160 000
4 708 700
4 654 837
5 653 180
2 076 000
7 143 000
693 000
Basic
remuneration
(Rands)
4 860 000
1 188 000
2 725 000
1 624 953
303 000
–
–
–
119 000
2 442 000
–
–
1 983 018
1 200 000
–
6 317 400
5 981 152
3 424 467
3 644 000
3 720 000
–
Performance
bonus
(Rands)
8 672 000
4 425 705
7 256 000
3 845 586
2 889 000
3 707 000
3 000 000
3 091 148
2 266 000
6 825 000
5 429 000
575 000
5 796 498
2 839 000
5 712 000
12 024 700
10 948 757
17 064 525
6 169 000
11 162 000
799 972
Total
remuneration
(Rands)
517 114
529 517
531 731
539 353
542 637
542 753
558 451
567 808
568 490
573 240
573 405
580 808
581 044
584 397
601 137
607 247
609 280
612 290
616 653
617 026
623 031
Remuneration
per point
(Rands)
2 421 483,99
1 310 510,44
2 169 861,57
1 188 091,72
904 638,21
1 161 321,75
997 747,65
1 062 059,80
780 337,70
2 387 394,54
1 900 086,13
206 007,11
2 078 242,32
1 028 325,77
2 170 413,65
4 644 096,66
4 250 976,88
6 676 815,93
2 440 308,16
4 419 493,47
321 399,40
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
10
Labour Market Navigator
Johan van Zyl
Catherine E A
Radowsky
Shaun L Rai
David J Ellwood
Stephen J
Meijers
Christopher S
Seabrooke
Laurence Rapp
Stefan
Joselowitz
Piet J Mouton
Roland D E B
Sassoon
David Kneale
C E Schutte
W F de Jager
D J Pretorius
Ian M Kirk
GDG
Mackenzie
David A Hathorn
Phillip N
Abelheim
Carlo F
Gonzaga
Johan Enslin
Rex Trueform
Clothing Company
Ltd.
Cape
Empowerment Ltd.
Metmar Ltd.
ELB Group Ltd.
Sabvest Ltd.
Vukile Property
Fund Ltd.
MiX Telematics Ltd.
PSG Group Ltd.
Sasfin Holdings
Ltd.
Clicks Group Ltd.
Astral Foods Ltd.
Cashbuild Ltd.
DRDGOLD Ltd.
Santam Ltd.
BSI Steel Ltd.
Mondi Ltd.
Transpaco Ltd.
Taste Holdings Ltd.
Lewis Group Ltd.
Ian Moir
Woolworths
Holdings Ltd.
J J Durand
Merrick Abel
Primeserv Group
Ltd.
Sanlam Ltd.
Jens P
Montanana
Datatec Ltd.
Remgro Ltd.
CEO
Company
first Quarter, 2013 (january – march)
LEW
TAS
TPC
MND
BSS
SNT
DRD
CSB
ARL
CLS
SFN
PSG
MIX
VKE
SBV
ELR
MML
CAP
RTO
SLM
REM
WHL
PMV
DTC
JSE
code
General Retailers
General Retailers
General Industrials
Forestry and Paper
AltX
Nonlife Insurance
Mining
General Retailers
Food Producers
Food and Drug
Retailers
Financial Services
Financial Services
Support Services
Real Estate
Investment and
Services
Equity Investment
Instruments
Support Services
Industrial Metals and
Mining
Equity Investment
Instruments
General Retailers
Life Insurance
General Industrials
General Retailers
Support Services
Software and
Computer Services
Sector
2012/03/31
2012/02/29
2012/06/30
2011/12/31
2012/03/31
2011/12/31
2012/06/30
2012/06/30
2012/09/30
2012/08/31
2012/06/30
2012/02/28
2012/03/31
2012/03/31
2011/12/31
2012/06/30
2012/02/29
2011/12/31
2012/06/30
2011/12/31
2012/06/30
2012/06/30
2012/03/31
2012/02/29
Period End
18,73
12,26
20,77
13,18
12,58
22,88
23,01
29,66
20,83
51,03
12,00
12,90
13,37
20,69
15,78
18,28
11,83
14,13
8,44
16,45
17,26
45,03
9,22
10,13
Return
on
shareholders’
funds
(%)
0,50
1,51
0,58
1,62
(0,30)
0,02
0,45
0,25
0,19
0,63
0,53
0,66
(0,10)
0,43
(0,33)
0,43
0,53
0,15
(0,03)
0,90
0,80
1,01
(0,26)
0,86
Threeyear
beta
16,33
5,01
17,99
5,40
14,02
22,78
20,85
28,46
19,92
48,01
9,46
9,73
13,85
18,63
17,36
16,22
9,29
13,41
8,58
12,13
13,42
40,18
10,47
6,00
Excess
return on
shareholders’
funds (%)
2 257 728
1 380 000
3 162 000
920 175
1 980 993
2 933 000
4 187 705
1 775 000
3 647 000
–
2 599 974
1 982 000
2 972 000
1 440 000
1 634 000
1 799 000
3 563 000
2 316 000
2 965 000
4 452 000
5 030 000
5 761 000
3 865 000
1 136 000
Basic
remuneration
(Rands)
1 393 000
229 000
2 250 000
538 483
3 002 041
5 100 000
3 779 136
1 181 000
837 000
5 617 000
730 000
2 000 000
2 816 000
2 160 000
1 737 000
1 632 000
313 000
3 689 000
275 000
–
–
5 346 000
670 000
1 623 000
Performance
bonus
(Rands)
5 844 769
1 821 000
6 616 000
2 040 468
5 325 988
8 698 000
7 966 841
10 896 000
7 645 000
18 580 000
3 674 015
4 000 000
5 788 000
7 920 000
7 552 000
7 181 000
4 116 000
6 005 000
3 923 000
5 618 000
6 514 000
19 542 000
5 152 000
2 964 000
Total
remuneration
(Rands)
357 916
363 328
367 842
377 585
379 885
381 759
382 103
382 853
383 824
387 035
388 538
411 015
417 906
425 212
434 923
442 834
443 248
447 800
457 013
463 149
485 395
486 337
492 167
493 835
Remuneration
per point
(Rands)
(241 750,16)
(47 073,12)
(87 743,64)
26 288,60
100 452,26
205 945,34
195 627,00
288 386,07
221 161,13
687 199,08
149 573,77
372 688,03
625 826,67
977 715,50
1 080 088,26
1 136 970,93
654 921,19
1 006 823,52
723 570,70
1 096 905,24
1 512 096,31
4 565 361,11
1 250 366,04
726 933,99
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
11
Labour Market Navigator
Ahmed S
Mahomed
Andries J van
Heerden
M N von Aulock
J D McIntosh
Nicky F NewtonKing
Michael J van
Straaten
Stuart Bird
CMD
Flemming
I G Morris
David Chih-Hsin
Kan
Praveen
Baijnath
Gary W Bell
Steven D
Gottschalk
Jonathan James
Louw
Patricia E Shub
Wayne M G
Samson
Datacentrix
Holdings Ltd.
Afrimat Ltd.
Tsogo Sun
Holdings Ltd.
Combined Motor
Holdings Ltd.
JSE Ltd.
Verimark Holdings
Ltd.
Mr Price Group Ltd.
Life Healthcare
Group Holdings
Ltd.
MICROmega
Holdings Ltd.
Mustek Ltd.
Delta EMD Ltd.
Bell Equipment Ltd.
Value Group Ltd.
Adcock Ingram
Holdings Ltd.
African and
Overseas
Enterprises Ltd.
Ellies Holdings Ltd.
Johann P
Rupert
Compagnie
Financière
Richemont SA
Frederick C
Platt
Peter Cooper
Rand Merchant
Insurance Holdings
Ltd.
Accentuate Ltd.
CEO
Company
first Quarter, 2013 (January – march)
General Retailers
Electronic and
Electrical Equipment
ELI
Pharmaceuticals
and Biotechnology
Industrial
Transportation
Industrial
Engineering
Chemicals
Technology
Hardware and
Equipment
Support Services
Health Care
Equipment and
Services
General Retailers
General Retailers
Financial Services
General Retailers
Travel and Leisure
Construction and
Materials
Software and
Computer Services
AltX
Personal Goods
Equity Investment
Instruments
Sector
AOO
AIP
VLE
BEL
DTA
MST
MMG
LHC
MPC
VMK
JSE
CMH
TSH
AFT
DCT
ACE
CFR
RMI
JSE
code
2012/04/30
2012/06/30
2012/09/30
2012/02/29
2011/12/31
2011/12/31
2012/06/30
2011/12/31
2012/09/30
2012/03/31
2012/02/29
2011/12/31
2012/02/29
2012/03/31
2012/02/29
2012/02/29
2012/06/30
2012/03/31
2012/06/30
Period End
21,62
7,81
20,19
18,79
18,58
10,73
10,05
3,77
35,73
43,79
29,06
19,32
21,64
21,87
13,53
19,29
5,97
17,87
17,59
Return
on
shareholders’
funds
(%)
0,90
(0,27)
0,55
0,22
1,03
(0,57)
0,02
(0,59)
0,00
0,69
(0,69)
0,75
0,38
0,32
0,47
0,08
(0,34)
1,40
0,00
Threeyear
beta
17,30
9,11
17,55
17,73
13,64
13,47
9,95
6,60
35,73
40,48
32,37
15,72
19,82
20,33
11,27
18,91
7,60
11,15
17,59
Excess
return on
shareholders’
funds (%)
2 086 980
1 539 000
3 297 000
3 776 000
2 099 448
2 110 000
1 829 000
1 487 000
2 378 000
3 553 000
3 482 281
1 942 000
3 340 000
3 311 000
2 328 874
2 664 000
1 969 000
1 567 243
2 316 000
Basic
remuneration
(Rands)
1 361 143
139 000
–
–
824 471
407 000
–
–
3 874 000
6 217 000
4 600 000
2 165 000
1 540 000
1 854 000
793 750
2 733 000
150 000
–
2 725 000
Performance
bonus
(Rands)
3 725 878
2 005 000
3 949 000
4 000 000
3 183 671
3 204 000
2 412 000
1 607 000
9 268 000
10 783 000
8 653 596
4 320 000
5 485 000
5 855 000
3 300 380
5 767 000
2 386 000
3 568 450
5 897 000
Total
remuneration
(Rands)
215 369
220 184
225 014
225 555
233 475
237 933
242 315
243 411
259 390
266 392
267 317
274 809
276 797
287 941
292 743
305 035
313 865
320 040
335 247
Remuneration
per point
(Rands)
(2 722 179,66)
(1 388 989,19)
(2 592 237,68)
(2 609 818,18)
(1 898 740,23)
(1 815 048,81)
(1 298 055,83)
(853 698,07)
(4 049 289,02)
(4 303 964,04)
(3 412 098,94)
(1 539 159,91)
(1 900 821,42)
(1 723 890,43)
(901 666,36)
(1 279 646,13)
(447 418,17)
(587 379,07)
(659 146,48)
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
12
Labour Market Navigator
Selwyn
Kahanovitz
Arnoldus J
Fourie
Paul Friedrich
Sass
Francois P
Kuttel
Byron Nichles
Gary F
Davidson
Kevin Hodgson
Graham Wackrill
Pinnacle
Technology
Holdings Ltd.
Bowler Metcalf Ltd.
Oceana Group Ltd.
ARB Holdings Ltd.
KayDav Group Ltd.
Holdsport Ltd.
Metrofile Holdings
Ltd.
Marais Steyn
Randgold &
Exploration Co Ltd.
Litha Healthcare
Group Ltd.
Arnold Aaron
Maresky
Ingenuity Property
Investments Ltd.
Leonidas
Kirkinis
Asher Bohbot
EOH Holdings Ltd.
African Bank
Investments Ltd.
Mustaq A Brey
Brimstone
Investment
Corporation Ltd.
Lawrence
Diamond
Andre Russell
Boje
Wescoal Holdings
Ltd.
Workforce Holdings
Ltd.
Stuart A Queen
Seardel Investment
Corporation Ltd.
Stephen Koseff
Arnold Jack
Shapiro
Trematon Capital
Investments Ltd.
Kevin
Hedderwick
PG van Tonder
Spur Corporation
Ltd.
Investec Bank Ltd.
Frank R
Thompson
ADvTECH Ltd.
Famous Brands
Ltd.
CEO
Company
first Quarter, 2013 (january – march)
MFL
HSP
KDV
ARH
OCE
BCF
PNC
LHG
ABL
WKF
FBR
INLP
RNG
ING
EOH
BRT
WSL
SER
TMT
SUR
ADH
JSE
code
Support Services
General Retailers
Construction and
Materials
Electronic and
Electrical Equipment
Food Producers
General Industrials
Technology
Hardware and
Equipment
Pharmaceuticals
and Biotechnology
Financial Services
AltX
Travel and Leisure
Preference Shares
Mining
Real Estate
Investment and
Services
Software and
Computer Services
Equity Investment
Instruments
Mining
Personal Goods
Equity Investment
Instruments
Travel and Leisure
General Retailers
Sector
2012/06/30
2012/02/29
2011/12/31
2012/06/30
2012/09/30
2012/06/30
2012/06/30
2011/12/31
2012/09/30
2011/12/31
2012/02/29
2012/03/31
2011/12/31
2012/08/31
2012/07/31
2011/12/31
2012/03/31
2012/03/31
2012/08/31
2012/06/30
2011/12/31
Period End
23,66
21,01
15,26
13,77
28,41
13,63
34,82
20,29
17,77
12,12
31,90
9,85
28,19
11,55
19,75
22,18
13,12
9,69
8,96
26,88
20,81
Return
on
shareholders’
funds
(%)
0,05
0,00
(0,04)
0,15
0,29
0,69
0,25
0,71
1,12
(0,07)
0,88
0,28
0,32
0,04
0,31
0,13
0,36
(1,08)
(0,06)
0,37
0,44
Threeyear
beta
23,42
21,01
15,45
13,05
27,02
10,32
33,62
16,88
12,39
12,46
27,68
8,51
26,65
11,36
18,26
21,56
11,39
14,87
9,25
25,10
18,70
Excess
return on
shareholders’
funds (%)
1 607 094
1 534 000
1 600 946
1 554 393
3 122 000
1 343 000
3 302 000
1 807 000
1 966 000
1 583 880
3 673 000
1 590 158
2 525 000
1 600 000
2 000 000
1 936 000
2 037 896
2 995 000
1 694 100
3 032 000
2 349 249
Basic
remuneration
(Rands)
1 459 351
1 500 000
743 815
–
677 000
–
2 225 000
885 000
–
350 000
1 279 000
–
2 553 000
600 000
1 594 000
2 113 000
169 824
–
131 545
333 000
1 000 000
Performance
bonus
(Rands)
3 541 248
3 195 000
2 385 639
2 033 648
4 429 000
1 716 000
5 879 000
2 967 000
2 184 000
2 218 152
5 120 000
1 590 158
5 078 000
2 200 000
3 594 000
4 287 000
2 274 427
2 995 000
1 871 945
5 329 000
4 000 000
Total
remuneration
(Rands)
151 206
152 070
154 390
155 835
163 928
166 311
174 866
175 749
176 214
178 079
184 998
186 945
190 515
193 696
196 802
198 877
199 651
201 358
202 416
212 277
213 927
Remuneration
per point
(Rands)
(5 187 856,64)
(4 635 849,21)
(3 373 631,92)
(2 830 349,25)
(5 641 151,55)
(2 129 725,95)
(6 651 849,62)
(3 325 260,66)
(2 435 492,87)
(2 424 449,51)
(5 195 401,37)
(1 580 199,13)
(4 856 481,43)
(2 033 354,85)
(3 212 614,39)
(3 747 354,38)
(1 971 600,33)
(2 548 838,70)
(1 574 970,45)
(4 027 765,28)
(2 969 120,35)
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
13
CEO
Ben Pierre
Malherbe
Stephan Theron
Erhard van der
Merwe
Ian K Lourens
Pieter Jacobus
Schutte
Fraser Charles
Shaw
Amanda Glad
Dereck
Alexander
Lourens Jansen
van Rensburg
Anton Pillay
R F Kane
Paul Bernard
De Vantier
J H Loring
Shaun Craig
Miller
Llewellyn
Delport
Mark Smith
T Barwald
Maslamony T
Pather
Michael Tollman
Gary Lee
Harrod
Company
Calgro M3 Holdings
Ltd.
Forbes &
Manhattan Coal
Corp
Rolfes Holdings
Ltd.
Labour Market Navigator
OneLogix Group
Ltd.
Insimbi Refractory
and Alloy Supplies
Ltd.
Cadiz Holdings Ltd.
Keaton Energy
Holdings Ltd.
Amalgamated
Electronic
Corporation Ltd.
Indequity Group
Ltd.
Coronation Fund
Managers Ltd.
first Quarter, 2013 (January – march)
Vunani Property
Investment Fund
Ltd.
RGT Smart Market
Intelligence Ltd.
Masonite (Africa)
Ltd.
Hardware
Warehouse Ltd.
Trans Hex Group
Ltd.
Foneworx Holdings
Ltd.
Howden Africa
Holdings Ltd.
AH-Vest Ltd.
Cullinan Holdings
Ltd.
RACEC Group Ltd.
RAC
CUL
AHL
HWN
FWX
TSX
HWW
MAS
RGT
VPF
CML
IDQ
AER
KEH
CDZ
ISB
OLG
RLF
FMC
CGR
JSE
code
AltX
Travel and Leisure
AltX
Industrial
Engineering
AltX
Mining
AltX
Construction and
Materials
AltX
Real Estate
Investment and
Services
Financial Services
Development Capital
Electronic and
Electrical Equipment
Mining
Financial Services
Industrial Metals and
Mining
AltX
Chemicals
Mining
Construction and
Materials
Sector
2012/09/30
2012/09/30
2012/03/31
2011/12/31
2012/06/30
2012/03/31
2012/06/30
2011/12/31
2012/02/29
2012/06/30
2012/09/30
2012/09/30
2012/03/31
2012/03/31
2012/03/31
2012/02/29
2012/05/31
2012/06/30
2012/02/29
2012/02/29
Period End
49,44
18,77
19,15
46,31
20,04
44,41
12,48
2,66
12,80
14,91
46,36
25,34
12,97
13,95
18,44
17,80
22,14
20,04
2,79
27,70
Return
on
shareholders’
funds
(%)
1,30
(0,51)
(1,47)
0,08
0,35
0,55
0,74
(0,04)
0,00
0,00
1,10
0,96
(0,19)
0,18
0,53
0,94
(0,46)
0,68
0,00
-0,02
Threeyear
beta
43,20
21,22
26,21
45,93
18,36
41,77
8,93
2,85
12,80
14,91
41,08
20,73
13,88
13,09
15,90
13,29
24,35
16,78
2,79
27,80
Excess
return on
shareholders’
funds (%)
1 444 115
1 500 000
1 350 999
2 722 000
1 805 660
1 989 000
680 000
197 000
1 375 000
1 051 000
1 143 000
880 000
1 656 000
1 593 529
1 006 228
1 490 000
1 747 000
1 434 000
–
1 592 752
Basic
remuneration
(Rands)
1 394 224
–
–
569 000
–
1 430 000
–
44 000
–
375 000
3 456 000
1 500 000
138 000
–
290 000
124 000
1 500 000
650 000
200 000
2 338 000
Performance
bonus
(Rands)
3 015 174
1 500 000
1 858 384
3 803 000
1 841 660
4 292 000
920 000
302 000
1 395 590
1 631 000
4 599 000
2 500 000
1 794 000
1 750 337
2 197 256
1 857 000
3 409 000
2 396 000
408 000
4 077 752
Total
remuneration
(Rands)
69 796
70 695
70 914
82 807
100 308
102 753
103 047
105 891
109 030
109 390
111 952
120 587
129 232
133 756
138 227
139 750
140 011
142 823
146 237
146 703
Remuneration
per point
(Rands)
(13 086 334,14)
(6 408 374,99)
(7 909 118,83)
(13 314 543,12)
(5 001 480,96)
(11 276 518,40)
(2 407 645,01)
(760 997,71)
(3 375 227,23)
(3 926 256,63)
(10 712 341,53)
(5 227 233,03)
(3 380 100,37)
(3 127 078,17)
(3 727 502,64)
(3 095 704,63)
(5 665 988,89)
(3 856 752,33)
(631 889,07)
(6 282 375,78)
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
14
Labour Market Navigator
Jan Nelson
Francois
Fouche Goosen
Richard H
Friedland
Pan African
Resources PLC
M&S Holdings Ltd.
Netcare Ltd.
Lindikhaya
Sipoyo
Total Client
Services Ltd.
Martin J C
Slabbert
Clifford S Katz
ISA Holdings Ltd.
New Europe
Property
Investments plc
ILE
B C Carleo
Putprop Ltd.
Esna Colyn
Ashraf M
Mohamed
Ascension
Properties Ltd.
David C
Marshall
Sisa Michael
Ngebulana
Rebosis Property
Fund Ltd.
Imbalie Beauty Ltd.
Sbu Shabalala
Adapt IT Holdings
Ltd.
Marshall Monteagle
PLC
TCS
Johan du Preez
Compu-Clearing
Outsourcing Ltd.
first Quarter, 2013 (january – march)
NTC
MSA
PAN
NEP
MMP
ISA
PPR
AIA
REB
ADI
CCL
CEO
Company
JSE
code
Health Care
Equipment and
Services
AltX
Mining
Real Estate
Investment and
Services
Support Services
AltX
AltX
AltX
Real Estate
Investment and
Services
Real Estate
Investment and
Services
Real Estate
Investment and
Services
Software and
Computer Services
Software and
Computer Services
Sector
2012/09/30
2012/06/30
2012/06/30
2012/12/31
2012/09/30
2012/02/29
2012/02/29
2012/02/29
2012/06/30
2012/06/30
2012/08/31
2012/06/30
2012/06/30
Period End
916,27
46,62
28,49
8,41
8,71
11,52
46,09
27,35
10,31
13,16
13,48
25,86
21,43
Return
on
shareholders’
funds
(%)
0,62
(0,04)
0,34
0,28
0,00
(0,68)
0,43
(0,22)
(0,83)
0,00
0,00
0,56
(0,67)
Threeyear
beta
913,29
46,81
26,86
7,07
8,71
14,78
44,03
28,41
14,29
13,16
13,48
23,17
24,65
Excess
return on
shareholders’
funds (%)
6 251 000
1 018 000
194 741
168 000
236 000
438 000
2 025 498
1 365 161
677 000
700 000
722 000
794 994
1 157 000
Basic
remuneration
(Rands)
5 000 000
–
29 734
–
–
–
–
–
–
–
–
200 351
98 000
Performance
bonus
(Rands)
11 798 000
1 018 000
597 468
168 000
258 000
438 000
2 183 289
1 418 437
747 000
700 000
722 000
1 480 551
1 621 000
Total
remuneration
(Rands)
12 918
21 747
22 245
23 776
29 621
29 627
49 591
49 934
52 260
53 191
53 561
63 894
65 771
Remuneration
per point
(Rands)
(328 605 027,14)
(16 429 773,12)
(9 413 048,33)
(2 465 640,20)
(2 988 392,03)
(5 072 293,90)
(14 226 085,94)
(9 169 050,04)
(4 580 661,05)
(4 204 996,46)
(4 302 266,89)
(7 156 119,06)
(7 565 059,48)
Overpaid/
(Underpaid)
(Rands)
CEO Remuneration Report 2013 (continued)
The team
Loane Sharp
Director: Economic Analysis, Prophet
Loane Sharp is a labour economist at Prophet Analytics, South Africa’s leading labour
analytics company. Loane is an international award-winning researcher who has published
widely in books and academic and business journals. His research interests include
employment, employment policy and workforce optimisation. He is an expert in the fields
of atypical employment and labour productivity. Prior to Prophet, Loane was an investment
strategist at Investec, South Africa’s leading investment bank, where he was one of the
country’s highest-rated analysts. Loane has an MCom from the University of Cape Town
specialising in economics and statistics. He has received scholarships from, among others,
the National Research Foundation, and he has been awarded prizes by, among others, the
Natale Labia Society. In competition with companies such as Sony, IBM and Vodafone, his
work recently won two coveted European awards. He is a director of Productivity SA.
Peter Aling
Director: Quantitative Analysis, Prophet
Peter Aling is a quantitative analyst at Prophet Analytics, South Africa’s leading labour
analytics company. Peter joined Prophet after completing his MCom in Economics, Finance
and Statistics at the University of Cape Town and is currently pioneering alternative
workforce management approaches using self-designed software-based algorithms in the
area of human capital optimisation. Known as “distribution-based management”, Peter
has successfully worked with a number of JSE-listed companies over the past three years
achieving cost savings of over R15 million for clients. Among his personal achievements,
Peter is an avid and accomplished tennis player, oarsman, golfer and squash player, having
represented his university at provincial level.
15
Labour Market Navigator
first Quarter, 2013 (january – march)
DISCLAIMER
The analysis and opinions in this publication are based on information and/or interviews that are believed to be reliable. Prophet Analytics,
a division of Prophet Technologies (Pty) Ltd, shall not be responsible for any inaccurate information and shall not be held responsible for decisions
made as a result thereof. We do not make any representations to any party, and we shall have no liability including claims for damages of any nature
whatsoever. Prophet Analytics, its subsidiary and associated companies and entities and their employees, directors and agents shall not be responsible
for any claims arising out of or in connection with the assignment dealt with in this publication. This publication is for your exclusive use. Without our
prior written consent, this publication or any part thereof may not be made available to or copied to any third party.
Midnight Star
16
Labour Market Navigator
first Quarter, 2013 (January – march)