The Remuneration and Nomination Committee is chaired by Sibusiso Luthuli and its members are Anthony Phillips, Maya Makanjee, Timothy Ross and Donald Wilson, all independent Non-executive Directors.
The committee considers the remuneration policy of the Group with the assistance and guidance of independent experts, if required, and makes recommendations to the Board on all aspects of remuneration. The committee further ensures that the Executive Directors, prescribed officers and senior managers are fairly rewarded for their individual contributions to the Group’s overall performance. The committee also considers bonuses, which are discretionary and based upon general economic variables, the performance of the Group and the individual’s performance, share awards and certain other employee benefits and schemes. No remuneration of any nature shall be paid, increased or varied to any Director without the prior approval of the members of the committee.
The committee is also responsible for identifying and evaluating suitable potential candidates for appointment to the Board and recommending the same to the Board, which may then appoint such candidate in accordance with the MOI. Such appointment is valid until the following Annual General Meeting, where such Director's appointment shall be subject to confirmation.
Remuneration and Nomination Committee (PDF - 268KB)