Directors' Fees Survey

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DIRECTORS’ FEES 2013 (COVERING THE 2012 FINANCIAL YEAR) -

DOUBLE DIGIT INCREASES FOR A DOUBLE DIGIT FALL IN PROFITS

LAWULE SHUMANE AND MICHELLE TAAL, LABOUR RESEARCH SERVICE

Contents Summary ....................................................................................................................................................................... 1

THE WAGE GAP .................................................................................................................................................... 3

Directors’ Fees Survey .................................................................................................................................................. 4

CHIEF EXECUTIVE OFFICERS ..................................................................................................................................... 4

EXECUTIVE DIRECTOR FEES ...................................................................................................................................... 6

SECTORS ................................................................................................................................................................... 7

Have your Say on Pay ................................................................................................................................................. 10

Appendices ................................................................................................................................................................. 11

Appendix 1: Methodology ................................................................................................................................. 11

Appendix 2: Chief Executive Officers ................................................................................................................. 12

Appendix 3: Executive Directors ....................................................................................................................... 17

Appendix 4: Non-Executive Directors ................................................................................................................ 23

Appendix 5: Chief Executive Officer “Performance Pay” ................................................................................... 26

Appendix 6: Company Performance and Changes in CEO pay .......................................................................... 31

In a year when the global economy continued into its fourth year of crisis and company profits on the

JSE fell in double digits, Chief Executive Officers awarded themselves double digit increases in salaries.

In the same year workers were told to show restraint, told that a double digit increase in their wages

would endanger company and country. They are still being told this story.

Summary This year’s survey of directors’ fees covers 83 companies across 14 economic sectors and includes the pay for 296

executive directors in the 2011/ 2012 financial year.

The survey shows an average fall of 24 per cent in company profits for the period.

However, the average executive director salary rose 9 per cent, that of chief executive officers by 10 per cent and

non-executive directors’ by 12 per cent. The average low-wage worker saw an increase of 8 per cent.

In 2012 the average annual salary for an executive director was R3 785 789, that of a chief executive officer was

R5 966 396 while part-time non-executive directors received R685 978. The average income for a low-wage

worker was R44 496.

Chief Executive and Executive director remuneration, which includes salaries, various benefit payments and

bonuses, was much the same as in 2011, with a fall of 2-3 per cent on average. This is perhaps what management

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is referring to when they claim they are showing “some restraint”. However, this small decrease in annual income

still means that the average director took home millions of rands in remuneration in 2012, excluding payments

made from longer term share schemes.

In 2012 the average annual remuneration for an executive director was R7 739 970; chief executive officers

received on average R11 902 463. A low-wage worker would therefore have to work 15 years, 174 years and 267

years to earn what an average non-executive director, executive director and CEO respectively were paid in 2012.

85 per cent of chief executive officers received bonuses in the year at an average of R4 695 718, 84 per cent of

the average salary of those directors. The average long-term incentive, for those that exercised share options and

the like in the year showed gains of over R12 million in the year which was around 190 per cent of their average

salary. Taken together bonus and LTI gains added an average of 161 per cent to the CEO package.

The 81 CEOs in the sample took home a total of R991 675 754 in 2012 and the 296 executive directors took home

a collective R2 291 031 125. These figures exclude gains made on long-term incentives (LTIs) which can increase a

director’s package substantially when exercised. CEOs alone made R408 575 274 in LTI gains in the period, which,

added to their other annual remuneration comes to R1 403 542 248 - over one billion rand for 81 individuals and

still excludes some one-off payments that have not been included in the analysis.

Average Percentage Salary Increases 2011 – 2012

Average Annual Salaries / Wages 2012

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Ave. MinWage

Non-Exec.Fees

Executive Dir.Fees

CEO Fees Inflation (Dec.2012)

CompanyProfit

8%

12% 9% 10%

6%

-24%

-

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

Ave. Min Wage Non-Exec. Fees Executive Dir. Fees CEO Fees

R 44 496 R 685 978

R 3 785 789

R 5 966 396

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THE WAGE GAP

The average minimum wage for workers in South Africa in 2012 has been calculated at R3 708 a month or R44 496

per annum across all formal sectors. Using data from the 2012 financial year for both workers and executives, it

would take general workers on average 15, 174 and 267 years to earn what a part-time non-executive, and

executive and a CEO take home in one year, excluding share payments.

In a time of high unemployment this low wage is often expected to support more and more people who have

fallen out of employment and so the equality gap is in effect getting wider than ever. In a recent news article it is

noted that only 59 per cent of households in South Africa receive an income from someone who is employed and

only 42 - 43 per cent of people earn an income from the formal sector1. Should employers therefore be surprised

by more double-digit wage increase demands?

The Wage Gap in South Africa in 2012

– The number of years for a worker to earn what directors earn in a single year

The gap between what most workers and executives earn is beginning to attract the attention not just of workers

themselves, but governments. Under pressure from their own citizens, some administrations are to take steps

towards noting what is and is not an acceptable wage gap in companies and countries. People are starting to

address the question of equity and sustainability – how much more than the lowest paid worker, should the

highest paid worker in a company be paid. It is a recognition that national economies depend not on profit and

dividends, but on reducing both poverty and inequality.

In November 2013 in Switzerland a proposal to limit monthly executive pay to no more than what the company’s

lowest-paid staff earns in a year, the so-called ‘1:12 initiative’, faces a popular and binding vote.

The Securities and Exchange Commission (SEC) in the USA has taken a small step in the same direction by

implementing a rule that would require companies to disclose how much their CEOs earn annually compared to

the median salaries of their employees. One snag might be how the median salary is calculated. In this time of

aggressive labour broking the lowest paid workers are often outsourced and therefore would be excluded from

the pool of “employees” thus bringing up the apparent median income. However, it is at least a step in the right

direction.

In South Africa the wage gap continues to gape. The attitude of some mainstream economists seems to be in

conflict to where world opinion is moving. They state that that the pay of a CEO is in no way related to that of

1 Business Day, ‘SA pay gap widening – report’, Evan Pickworth, http://business.iafrica.com/businessday/883100.html, 11 October 2013

0

50

100

150

200

250

300

Non-Executive Director Executive Director Chief Executive Director

15

85

134

15

174

267

Y

E

A

R

S

Salary Gap

Remuneration Gap

http://1-12.ch/

http://business.iafrica.com/businessday/883100.html

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other workers in a company and that there is no need for an equitable share of the surplus created by all workers.2

As such the destructive impact of deepening inequality on the development and economy of the country is

ignored by the people who are leading the companies that are meant to be essential to it.

Directors’ Fees Survey CHIEF EXECUTIVE OFFICERS CEOs in the survey received an average annual salary increase of 10.5 per cent in 2012, making the average annual

salary R 5 966 396, up from R5 433 885 in 2011. This average though is dwarfed by what those at the top of the

list are being paid. The company paying the highest CEO salary in 2012 is the same as that in 2011, Shoprite

Checkers. This salary of R40 620 000 is a 27 per cent increase on that of R32 063 000 in 2011. The CEO of Shoprite,

James ‘Whitey’ Basson, has not received a bonus in many years, his high pay is guaranteed each year, taking for

granted that he will perform. The Shoprite Annual Report for 2013 shows that the CEO’s salary rose by a further

22 per cent in 2013, to R49 656 000. Even in the company of international mining corporations and the global

manufacturer SABMiller, the Shoprite CEO’s salary is double the next highest salary. The CEOs receiving the top

salaries in the group all received comfortable double-digit increases and are dominated by the mining companies

who claimed, amidst the strikes of 2012, that double digit increases for workers would cripple them.

Highest paid CEOs - Salary

Company Sector CEO Surname 2011 Salary (R)

2012 Salary (R) % Change in Salary

Shoprite Retail Basson 32 063 000 40 620 000 27%

Xstrata Mining Davis 16 622 261 19 507 197 17%

BHP Billiton Mining Kloppers 14 788 910 17 195 313 16%

Anglo American Mining Carroll 13 604 651 16 013 158 18%

SABMiller Food & Bev. Mackay 13 290 800 14 821 429 12%

The CEOs receiving the highest remuneration in the sample did not necessarily receive increases on their 2011

package. The highest earner in the group, Mick Davis of Xstrata saw a 37 per cent drop in his package but still took

home the highest 2012 remuneration at nearly R45 million in 2012.

Highest paid CEOs - Remuneration (Salary, benefits and bonus)

Company Sector CEO Surname 2011

Remuneration

Package (R)

2012 Remuneration

Package (R)

% Change in

Remuneration

Xstrata Mining Davis 70 566 558 44 414 483 -37%


SABMiller Food & Bev. Mackay 38 302 502 40 668 357 6%

Steinhoff International

Diversified Holdings

Jooste 18 702 000 35 448 040 90%

Sasol Industrial Davies 24 456 000 31 881 000 30%

Highest CEO increase - Salary

Company Sector CEO Surname 2011 Base Salary

(R)

2012 Base Salary (R) % Change in

Salary

Telkom Tech. & Telecoms.

Moholi 2 583 881 6 402 150 148%

2 Financial Mail, Executive pay undergoes moderation, Max Gebhardt, http://www.financialmail.co.za/fm/Features/2013/07/25/executive-pay-

undergoes-moderation, 25 July 2013

http://www.financialmail.co.za/fm/Features/2013/07/25/executive-pay-undergoes-moderation


5

African Oxygen Industrial Kimber 1 752 000 3 287 000 88%

Eskom Industrial Dames 3 399 000 5 000 000 47%

Denel Industrial Sadik 3 184 000 4 194 000 32%


In the year that he left Pick n Pay, the departing CEO Nick Badminton received a restraint of trade agreement,

effectively a payment to stop him getting another job in SA Retail for two years, of R10.1 million. He was therefore

paid over R5 million a year for the next two years not to work.

Highest CEO increase - Remuneration (Salary, benefits and bonus)

Company Sector CEO Surname 2011

Remuneration

Package (R)

2012 Remuneration

Package (R)

% Change in

Remuneration.

Pick n Pay Retail Badminton 4 405 400 14 959 700 240%

Sun International Hospitality Coutts-Trotter & Collins

7 609 632 17 832 664 134%

Standard Bank Banking & Fin. Services

Maree 6 913 000 16 012 000 132%



Jooste 18 702 000 35 448 040 90%

Telkom Tech. &Telecoms Moholi 6 592 109 12 067 321 83%

Those economists who reject the notion that there is any relation between the pay of a CEO and that of a general

worker claim that CEO and executive remuneration should be linked to company performance3. However, even by

this standard, much CEO pay seems to defy logic. While WBHO profits dropped by 5 per cent, the CEO received a

bonus payment that increased his package by 750 per cent, this at a time when the company he runs has, along

with its peers in the construction sector, been found guilty of massive collusion and price fixing. And while a profit

increase of 12 per cent at Truworths is fair, it seems hard to justify a bonus worth 203 per cent of his salary for the

CEO with such a performance.

Highest 2012 CEO bonus payment as a percentage of salary

Company Sector CEO Surname 2012 Base

Salary (R)

2012 Bonus (R) Bonus as % of

Salary

% Change in Profit

WBHO Construction Nel 1 084 000 8 167 000 753% -5%

Truworths Retail Mark 5 296 000 10 750 000 203% 12%

Nampak Industrial Marshall 3 783 131 6 321 319 167% 18%

Super Group Transport Mountford 2 997 170 4 860 000 162% 80%

MTN Group Tech. &Telecoms

Dabengwa 8 405 000 13 456 000 160% -7%

The highest overall payment of the year went to Marius Kloppers of the mining group BHP Billiton. He cashed in

shares options to the value of nearly R70 million on his way to resigning his position after disappointing investors

with his expensive bid for shale gas assets in the United States, which led to $2.8bn in write downs and cost him

his bonus for 2012.

Highest CEO Long-term incentive payment

Company Sector CEO Surname 2012 Base

Salary (R)

LTI payment 2012 (R) LTI as a % of

Salary

BHP Billiton Mining Kloppers 17 195 313 68 749 867 400%

3 Financial Mail, Executive pay undergoes moderation, Max Gebhardt, http://www.financialmail.co.za/fm/Features/2013/07/25/executive-pay-

undergoes-moderation, 25 July 2013



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Mondi Group Paper & Pack. Hathorn 10 131 290 51 544 520 509%

Remgro Diversified Holdings

Visser 12 706 000 34 161 000 269%

Bidvest Diversified Holdings

Joffe 10 754 000 27 126 000 252%

Anglo-Vaal Industries Food & Bev. Crutchley 4 686 000 25 955 000 554%

EXECUTIVE DIRECTOR FEES As with CEOs, when the whole executive group is considered, it is the mining companies that pay the highest

salaries and remuneration. While the average executive salary for 2012 across sectors was R3 785 789, the

average salary at BHP Billiton was more than four times that at over R17 million, with Xstrata, AngloAmerican and

AngloGold Ashanti not far behind.

Highest paid Executives - Salary

Company Sector Average Salary 2011 (R)

Average Salary 2012 (R) % change in Salary

BHP Billiton Mining 14 788 910 17 195 313 16%

Xstrata Mining 11 898 898 13 813 943 16%

Anglo American Mining 11 081 395 13 039 473 18%

AngloGold Ashanti Mining 10 191 500 11 374 500 12%

SABMiller Food & Bev. 10 631 525 9 982 520 -6%

When salaries, benefits and bonuses are added together, it is the same companies that come out on top, way

above the nearly R8 million average remuneration for executives across sectors. Despite some double digit falls in

annual remuneration, nineteen companies in the sample paid on average over R10 million to their executive

directors.

Highest paid Executives - Remuneration (Salary, benefits and bonus)

Company Sector Average Rem. 2011

(R)

Average Rem.

2012 (R)

% Change in Average

Rem.

Xstrata Mining 48 559 754 42 060 995 -13%

Anglo American Mining 23 924 419 25 697 368 7%

BHP Billiton Mining 37 747 524 24 927 688 -34%

SABMiller Food & Bev. 29 199 642 20 310 631 -30%

AngloGold Ashanti Mining 22 107 500 18 799 000 -15%

Highest average Executive increase - Salary

Company Sector Average Salary

2011 (R)

Average Salary

2012 (R)

% Change in Salary

Telkom Tech. & Telecoms 1 950 141 4 701 075 141%

Crookes Brothers Food & Bev. 733 500 1 345 500 83%

Tiger Brands Food & Bev. 18 22 500 3 314 667 82%

Transnet Transport 2 204 000 3 784 000 72%

Impala Platinum Mining 2 802 000 4 510 667 61%

Highest average Executive increase - Remuneration

Company Sector Average Rem.

2011 (R)

Average Rem. 2012

(R)

% Change in Rem.

Standard Bank Banking & Fin. Services 5 863 000 16 012 000 173%

Crookes Brothers Food & Bev. 1 123 000 2 758 500 146%

7

Transnet Transport 4 134 333 9 501 500 130%

Steinhoff International Diversified Holdings 6 637 678 14 361 334 116%

Telkom Tech. & Telecoms 5 718 067 10 225 890 79%

SECTORS As in the case of individual companies, across the sectors mining dominates the high pay stakes. In 2012, during

the strikes in the mining sector the LRS noted that ‘,[t]he core demand of the workers at Marikana is an increase

of wages to R12 500...There is the spurious accusation, coming mainly from people earning more, that R12 500

would be too much money. If it is too much, what can be said of the remuneration of CEOs in the sector?4 In 2012

these CEOs took home, on average, R8.6 million in salaries and R 16 million in remuneration.

Across sectors, the lowest paid CEOs though still took home on average over R2 million in salary and R5 million in

remuneration last year. This is an average of nearly half a million rand per month in salaries or R115 000 per week.

CEO Pay - Salaries

Sector 2011 Average Salary (R)

2012 Average Salary (R)

Increase (R) Increase (%)

Banking & Fin. Services 4 347 500 4 616 271 268 771 6%

Construction 3 133 733 3 232 101 98 368 3%

Diversified Holdings 8 737 200 8 594 008 -143 192 -2%

Educ., Bus Training & Employment 2 241 000 2 416 000 175 000 8%

Food & Bev. 4 920 600 5 373 679 453 079 9%

Health 3 942 200 4 280 800 338 600 9%

Hospitality 3 607 594 3 935 135 327 541 9%

Industrial 3 934 227 4 670 242 736 015 19%

Media 3 000 000 3 000 000 0 0%

Mining 7 828 594 8 636 919 808 325 10%

Paper & Packaging 6 166 985 6 678 802 511 816 8%

Retail 7 441 025 8 620 850 1 179 825 16%

Tech. & Telecoms 5 481 669 7 296 967 1 815 298 33%

Transport 3 861 133 4 210 195 349 062 9%

Cross Sector Average (Annual) 5 433 885 5 966 396 532 511 10%

Cross Sector Average (Monthly) 452 824 497 199 44 375

CEO Pay - Remuneration

Sector 2011 Average Rem. (R)

2012 Average Rem. (R)


Banking & Fin. Services 11 201 744 9 780 937 -1 420 807 -13%

Construction 8 717 665 6 687 238 -2 030 427 -23%

Diversified Holdings 15 654 800 19 434 408 3 779 608 24%


Food & Bev. 10 053 313 11 251 795 1 198 482 12%

Health 8 546 687 8 392 400 -154 287 -2%

4 Labour Research Service, A Mineworker’s Wage: The only argument against the R12 500 is greed. Michelle Taal, Saliem Patel, Trenton Elsley:

28 August 2012

8

Hospitality 5 911 316 9 697 555 3 786 239 64%

Industrial 9 949 004 8 859 720 -1 089 285 -11%

Media 3 126 000 3 000 000 -126 000 -4%

Mining 20 205 714 16 036 851 -4 168 863 -21%

Paper & Packaging 13 818 669 15 435 114 1 616 446 12%

Retail 13 838 263 14 489 300 651 038 5%

Tech. & Telecoms 14 103 645 17 376 662 3 273 017 23%

Transport 6 967 673 8 754 500 1 786 827 26%

Cross Sector Average (Annual) 12 279 779 11 902 463 -377 316 -3%

Cross Sector Average (Monthly) 1 023 315 991 872 -31 443

Although CEOs in five sectors experiences a drop in average remuneration, it remained over R10 million across

sectors. A fall in executive pay does not necessarily mean a small income. As noted in a recent news report, ‘BHP

Billiton has made a major statement on executive pay. The BHPB board has said “the boom times are over”, so

executives should take a cut, a significant cut. What this means is that the CEO’s base pay has been cut 23 per

cent to $US1.7 million (around R16 million)’.5

Executive Director Pay - Salaries

Sector 2011 Average Salary (R)



Banking & Fin. Services 3 524 531 3 636 851 112 319 3%

Construction 2 368 253 2 622 678 254 425 11%

Diversified Holdings 3 864 174 4 508 041 643 866 17%


Food & Bev. 2 727 726 3 682 065 954 339 35%

Health 2 897 000 3 144 063 247 063 9%

Hospitality 3 101 031 2 117 223 -983 808 -32%

Industrial 2 984 320 3 014 747 30 427 1%

Media 2 476 600 2 583 200 106 600 4%

Mining 5 368 410 5 772 337 403 927 8%

Paper & Packaging 4 929 252 4 718 272 -210 980 -4%

Retail 3 253 227 3 690 094 436 867 13%

Tech. & Telecoms 4 377 667 5 410 218 1 032 551 24%

Transport 2 657 875 3 038 684 380 809 14%

Cross Sector Average (Annual) 3 463 386 3 785 789 322 404 9%


Executive remuneration – the total of salaries, benefits and bonuses, for 2012 took a fall in six of the sectors which

led to a cross sector fall of around 2 per cent. However, this still means an average monthly income of R644 998

per director, or R148 960 per week.

5 Herald Sun, ‘BHPB leads the way as executive pay takes a hit’, Terry McCrann, http://www.heraldsun.com.au/business/bhpb-leads-the-way-as-executive-pay-takes-a-hit/story-fni0d8gi-1226729158587, 29 September 2013

http://www.heraldsun.com.au/business/bhpb-leads-the-way-as-executive-pay-takes-a-hit/story-fni0d8gi-1226729158587

http://www.heraldsun.com.au/business/bhpb-leads-the-way-as-executive-pay-takes-a-hit/story-fni0d8gi-1226729158587

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Executive Director Pay - Remuneration

Sector 2011 Average Rem. (R)


Increase Rem. (R)

Increase Rem. (%)

Banking & Fin Services 10 654 521 7 361 241 -3 293 279 -31%

Construction 6 055 055 5 417 687 -637 368 -11%

Diversified Holdings 7 099 946 10 141 892 3 041 947 43%


Food & Bev. 5 397 355 6 993 037 1 595 683 30%

Health 5 852 060 5 838 625 -13 435 0%

Hospitality 5 026 730 5 021 588 -5 142 0%

Industrial 6 338 867 5 809 747 -529 121 -8%

Media 3 619 600 4 267 400 647 800 18%

Mining 12 971 946 11 499 300 -1 472 646 -11%

Paper & Packaging 10 347 113 10 148 448 -198 665 -2%

Retail 6 422 297 6 531 326 109 029 2%

Tech. & Telecoms 16 691 777 13 640 874 -3 050 903 -18%

Transport 5 458 416 7 005 008 1 546 593 28%

Cross Sector Average (Annual) 7 929 760 7 739 970 -189 790 -2%

Cross Sector Average (Monthly) 660 813 644 998 -15 815

Non- Executive Director Pay

Sector 2011 Average

Rem. (R)

2012 Average Rem.

(R)


Banking & Fin Services 838 721 936 268 97 547 12%

Construction 482 233 512 753 30 520 6%

Diversified Holdings 542 200 583 085 40 885 8%

Educ., Bus. Training & Employment 169 125 126 889 -42 236 -25%

Food & Bev. 470 621 570 654 100 034 21%

Health 367 020 480 452 113 432 31%

Hospitality 312 248 434 426 122 178 39%

Industrial 495 791 446 899 -48 891 -10%

Media 830 625 1 013 824 183 199 22%

Mining 903 082 1 083 514 180 432 20%

Paper & Packaging 783 893 920 319 136 427 17%

Retail 427 895 382 335 -45 561 -11%

Tech. & Telecoms 657 055 732 222 75 167 11%

Transport 371 032 442 875 71 843 19%

Cross Sector Average (Annual) 612 879 685 978 73 099 12%


Looking ahead, a recent news report on 2013 fees for retail executives shows CEOs complaining about the South

African trading environment, about “populist legislation being imposed on commerce in South Africa”, about

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restrictive labour and trade practices making it difficult to for their companies to perform. Despite this, they

continued to pay double digit increases in dividends to shareholders and to take home packages in excess on R25

million (Woolworths) and R50 million (Shoprite)6.

Have your Say on Pay As executive pay globally continues to appear unaffected by company performance, national development

priorities and the global financial crisis, some shareholders are challenging the way things have always been done.

Shareholders are the ultimate owners of the companies where directors and top management take home these

enormous packages. Though the power of this ownership is diluted through investment funds and asset managers,

it is a power that is both possible and necessary for shareholders to exert. In many cases, these owners are

workers.

The Global Committee on Workers’ Capital reports each year on the votes that worker-controlled pension and

investment funds across the globe cast at the Annual General Meetings. The review details how these funds are

challenging company boards to live up to statements on good governance and transparency.7 For the past two

years South Africa has participated in the review, highlighting a growing interest that investors of workers’ money

are taking in the performance and governance of those companies in which they invest.

The Public Investment Corporation (PIC) is the investment manager for the trillion rand South African Government

Employee Pension Fund (GEPF), which manages public workers’ pensions. It is invested in many of the companies

on the JSE and is often the largest single investor. The board of the GEPF includes employee representatives.

Some of these trustees are representatives from public sector trade unions. Trade union members therefore have

a voice and a vote in how this enormous fund is invested and how the power of these investments in wielded.

In the 2013 proxy season the PIC voted against the executive remuneration reports of many of the companies in

which it is invested. The reasons for the vote concerned different aspects of the reports. Some were to do with the

value of the pay packets of executives; some were because companies failed to properly track company

performance and to show the relation between performance and pay, which is, as noted above, how many

companies justify the pay of executives.

At AngloGold Ashanti, the PIC voted against the CEO’s salary because it is "higher than the company’s peers".

Similarly they said Gold Fields’ proposal to hold the pay of the chairman at R2.4 million was too high. Pay plans at

Anglo American Platinum were seen as “inconsistent with best practice…with no clearly defined group

performance targets.” The PIC also voted against the remuneration policies of ArcelorMittal South Africa, Exxaro

and Capitec Bank and Pick n Pay8.

It is not just the GEPF that invests worker money, many trade unions in South Africa are significant investors in the

JSE and could engage with their investments in a way that may move companies towards better corporate

governance and to ensuring that member investments are channelled not just towards financial returns but to the

equitable development of South Africa.

However, shareholder votes on remuneration in South Africa remain advisory, not binding. It is a statement of confidence, or lack thereof, in the work of the remuneration committee, but has no mandatory power. Further,

6 Business Report, Shoprite boss puts blame on manufacturing, Ann Crotty, http://www.iol.co.za/business/news/shoprite-boss-puts-blame-on-

manufacturing-1.1590649#.UlvjkyrnZdv, , October 11 2013 . 7 Find it here: http://www.workerscapital.org/proxyreview; South Africa also participates in the global CEO pay watch run by the CWC -

http://www.workerscapital.org/priorities/shareholder-activism/campaigns/global-ceo-paywatch/

8 Business Day, EDITORIAL: High executive pay must be justified, Spotlight on executive remuneration, http://www.bdlive.co.za/opinion/editorials/2013/08/23/editorial-high-executive-pay-must-be-justified AUGUST 23 2013

http://www.iol.co.za/business/news/shoprite-boss-puts-blame-on-manufacturing-1.1590649#.UlvjkyrnZdv

http://www.iol.co.za/business/news/shoprite-boss-puts-blame-on-manufacturing-1.1590649#.UlvjkyrnZdv

http://www.workerscapital.org/proxyreview

http://www.workerscapital.org/priorities/shareholder-activism/campaigns/global-ceo-paywatch/

http://www.bdlive.co.za/opinion/editorials/2013/08/23/editorial-high-executive-pay-must-be-justified

11

companies are only requested, not compelled, to put their remuneration reports to this vote. It is unsurprising that even this minimal request is refused by some companies, including Massmart, now a division of Walmart.

Some countries are going further. In the United Kingdom, under pressure from the public whose taxes have been used to prop up banks that then pay executives enormous fees, the prime minister has promised shareholders a binding vote on executive pay. He also pledged to tackle large pay-outs for executives dismissed because of poor performance. Although criticised on the details of his promise, there is at least recognition of public disapproval of the enormous packages that executives grant themselves.

In March 2013 Swiss voters overwhelmingly passed one of the world’s strictest controls on executive pay; forcing

public companies to give shareholders a binding vote on compensation. The penalty for bosses who fail to comply

is up to three years in jail or the forfeit of up to six years’ salary.

South Africa likewise needs to take action. Shareholder recommendations are not enough. We face a continued slump in economic growth, high unemployment, on-going retrenchments and increasing social instability rooted in high levels of inequality. Our country rates second highest in the global measure of inequality with a gini coefficient of 0.69. Economic forecasts for 2013 show growth of only 2 per cent. With unemployment remaining at 25 per cent and retrenchments being negotiated throughout the year in every sector, an urgent response is required by leaders of all social constituencies. Rather than waiting for diverse interest groups to bring their individual power to bear, leaders in government, business and labour need to reach a consensus on policies and measures to stem this growing inequality and open the possibilities for sustainable, fair, economic development.

Appendices

Appendix 1: Methodology The sample includes 83 companies from 14 broad sectors. Most are listed on the Johannesburg Stock Exchange (JSE) but the sample also includes and four SOEs – Denel, Eskom, South African Airways and Transnet, and three resource companies listed elsewhere – Xstrata, Sasol, and Petra Diamonds. While it is not a comprehensive sample, it does include over half the top 100 listed companies by market capitalisation as of the beginning of October 2013. The data has been extracted from the published annual report and accounts for financial years ending in 2012. For CEO pay, the Naspers CEO not included as he receives no salary and Afrocentric Investments has no CEO, only a Finance Director. Survey method Companies do not disclose director fees in a uniform way. The report has drawn and analysed figures in a manner that we believe make them most comparable to each other. Individual directors join and leave positions and companies throughout the year. The report’s objective is to show how much was spent on the director positions in the year rather than on individual directors. In the case of aggregated figures, averages may be higher or lower if a director serves only part of the year. In the case of chief executives where an individual position is analysed we have attempted to reconcile figures for both individuals who have occupied a position in the year. This is of necessity an estimate.

Foreign currency Where required, the annual average exchange rate for the financial year in question has been calculated from the currency converter website http://www.oanda.com. These vary depending on the financial year end.

Workers’ wages The comparative figure used here for workers’ wages are drawn from the Labour Research Service AWARD database (http://www.lrs.org.za/award ). The figure used here represents the average minimum low-wage occupation income across all sectors for 2011 and 2012.

http://www.lrs.org.za/award

12

Appendix 2: Chief Executive Officers

Company and Sector CEO Surname 2011 Salary (R) 2012 Salary (R) % Change in CEO Salary

2011 Rem. (R) 2012 Rem. (R) % Change in CEO Rem.

Banking and Financial Services Annual 4 347 500 4 616 271 6% 11 201 744 9 780 937 -13%

Banking and Financial Services Monthly 362 292 384 689 933 479 815 078

ABSA Ramos 6 070 244 6 065 600 0% 6 657 293 6 657 681 0%

African Bank Investments Kirkinis 1 966 000 1 966 000 0% 2 184 000 2 184 000 0%

Discovery Gore 3 309 000 3 408 000 3% 7 405 000 8 707 000 18%

FirstRand Bank Nxasana 6 107 000 6 614 000 8% 15 123 000 17 081 000 13%

Investec Koseff 3 472 753 4 154 108 20% 38 483 146 5 421 687 -86%

Liberty Life Hemphill 4 208 000 4 424 000 5% 12 044 000 16 693 000 39%

Nedbank Brown 5 256 000 5 376 000 2% 11 333 000 12 497 000 10%

RMB Holdings Cooper 3 039 000 3 308 000 9% 6 257 000 7 256 000 16%

Sanlam van Zyl 4 452 000 4 502 000 1% 5 618 000 5 300 000 -6%

Standard Bank Group Maree 5 595 000 6 345 000 13% 6 913 000 16 012 000 132%

Construction Annual 3 133 733 3 232 101 3% 8 717 665 6 687 238 -23%

Construction Monthly 261 144 269 342 726 472 557 270

Aveng Jardine 3 814 000 4 207 000 10% 4 667 000 5 259 000 13%

Basil Read Heyns 3 095 395 3 096 604 0% 11 810 990 3 564 428 -70%

Group Five Upton 3 109 000 3 799 000 22% 10 432 000 8 844 000 -15%

Murray & Roberts Bruce 4 850 000 4 000 000 -18% 10 217 000 7 000 000 -31%

Pretoria Portland Cement Stuiver 2 966 000 3 206 000 8% 5 276 000 5 647 000 7%

WBHO Nel 968 000 1 084 000 12% 9 903 000 9 809 000 -1%

Diversified Holdings Annual 8 737 200 8 594 008 -2% 15 654 800 19 434 408 24%

Diversified Holdings Monthly 728 100 716 167 1 304 567 1 619 534

13



Barloworld Limited Thomson 5 723 000 6 323 000 10% 14 966 000 15 557 000 4%

Bidvest Joffe 9 602 000 10 754 000 12% 22 740 000 27 992 000 23%

Hosken Consolidated Investments Copelyn 4 642 000 4 839 000 4% 7 773 000 8 468 000 9%

Remgro Visser 11 433 000 7 477 000 -35% 14 093 000 9 707 000 -31%

Steinhoff International Jooste 12 286 000 13 577 040 11% 18 702 000 35 448 040 90%

Educ. ,Bus Training & Employment Annual 2 241 000 2 416 000 8% 5 256 000 5 698 000 8%

Educ. ,Bus Training & Employment Monthly 186 750 201 333 438 000 474 833

Adcorp Holdings Pike 2 241 000 2 416 000 8% 5 256 000 5 698 000 8%

Food and Beverage Annual 4 920 600 5 373 679 9% 10 053 313 11 251 795 12%

Food and Beverage Monthly 410 050 447 807 837 776 937 650

Anglo-Vaal Industries Crutchley 4 367 000 4 686 000 7% 9 104 000 10 018 000 10%

Crookes Brothers Clarke 1 651 000 1 712 000 4% 2 587 000 3 380 000 31%

Distell Scannell 2 921 000 3 242 000 11% 3 983 000 4 245 000 7%

Illovo Clark 3 616 000 4 163 000 15% 5 011 000 8 674 000 73%

Pioneer Foods Hanekom 3 946 000 3 944 000 0% 7 205 000 5 308 000 -26%

SABMiller Mackay 13 290 800 14 821 429 12% 38 302 502 40 668 357 6%

Tiger Brands Matlare 3 798 000 4 040 000 6% 5 245 000 5 792 000 10%

Tongaat Hulett Staude 5 775 000 6 381 000 10% 8 989 000 11 929 000 33%

Health Annual 3 942 200 4 280 800 9% 8 546 687 8 392 400 -2%

Health Monthly 328 517 356 733 712 224 699 367

Adcock Ingram Louw 3 114 000 3 297 000 6% 6 581 433 3 949 000 -40%

Aspen Holdings Saad 4 687 000 5 234 000 12% 10 525 000 11 719 000 11%

Life Healthcare Group Fleming 2 378 000 2 625 000 10% 7 703 000 7 671 000 0%

Mediclinic Alberts 3 648 000 3 997 000 10% 6 238 000 6 825 000 9%

Network Healthcare Holdings Friedland 5 884 000 6 251 000 6% 11 686 000 11 798 000 1%

14



Hospitality Annual 3 607 594 3 935 135 9% 5 911 316 9 697 555 64%

Hospitality Monthly 300 633 327 928 492 610 808 130

City Lodge Hotels Ross 2 796 000 3 014 000 8% 4 213 000 5 405 000 28%

Sun International Coutts-Trotter 4 419 188 5 480 404 24% 7 609 632 17 832 664 134%

Tsogo Sun Holdings 3 311 000 5 855 000

Industrial Annual 3 934 227 4 670 242 19% 9 949 004 8 859 720 -11%

Industrial Monthly 327 852 389 187 829 084 738 310

AECI Edwards 3 002 000 3 250 000 8% 7 578 000 7 267 000 -4%

African Oxygen Kruger 1 752 000 3 287 000 88% 7 067 000 4 305 000 -39%

Altron Venter 5 742 000 6 286 000 9% 8 705 000 8 742 000 0%

ArcelorMittal SA Nyembezi-Heita 4 386 040 4 441 177 1% 8 475 040 4 772 477 -44%

Denel Sadik 3 184 000 4 194 000 32% 5 829 000 6 757 000 16%

Eskom Holdings Limited Dames 3 399 000 5 000 000 47% 4 920 000 6 989 000 42%

Invicta Holdings Goldstone 2 044 000 2 000 000 -2% 4 299 000 2 474 000 -42%

Reunert Rawlinson 3 839 000 4 310 000 12% 18 212 000 6 550 000 -64%

Sasol Davies 8 060 000 9 264 000 15% 24 456 000 31 881 000 30%

Media Annual 3 000 000 3 000 000 0% 3 126 000 3 000 000 -4%

Media Monthly 250 000 250 000 260 500 250 000

Caxton CTP Moolman 3 000 000 3 000 000 0% 3 126 000 3 000 000 -4%

Mining Annual 7 828 594 8 636 919 10% 20 205 714 16 036 851 -21%

Mining Monthly 652 383 719 743 1 683 810 1 336 404

African Rainbow Minerals Wilkens 5 431 000 4 118 000 -24% 10 161 000 6 316 000 -38%

Anglo American Platinum Nicolau 6 861 628 6 425 963 -6% 12 562 379 21 092 845 68%

15



Anglo American plc Carroll 13 604 651 16 013 158 18% 29 360 465 31 473 684 7%

AngloGold Ashanti Cutifani 12 591 000 14 041 000 12% 27 836 000 20 325 000 -27%

BHP Billiton Kloppers 14 788 909 17 195 313 16% 37 747 524 24 927 688 -34%

Exxaro Nkosi 5 653 180 6 859 647 21% 9 692 384 10 053 855 4%

Gold Fields Holland 7 504 399 9 310 000 24% 32 698 609 19 943 000 -39%

Harmony Briggs 5 274 000 5 966 000 13% 10 235 000 7 296 000 -29%

Impala Platinum Brown 5 894 000 6 313 000 7% 11 448 000 13 138 000 15%

Kumba Iron Ore Limited Griffith 4 269 000 2 290 000 -46% 7 720 000 3 650 000 -53%

Lonmin plc Farmer 6 277 778 7 423 077 18% 13 562 544 11 969 308 -12%

Petra Diamonds Dippenaar 2 839 506 3 231 506 14% 4 997 531 6 116 049 22%

Trans Hex Delport 1 989 000 2 223 000 12% 4 292 000 3 800 000 -11%

Xstrata Davis 16 622 261 19 507 197 17% 70 566 558 44 414 484 -37%

Paper and Packaging Annual 6 166 985 6 678 802 8% 13 818 669 15 435 114 12%

Paper and Packaging Monthly 513 915 556 567 1 151 556 1 286 260

Mondi Group Hathorn 9 294 697 10 131 290 9% 17 959 980 20 452 960 14%

Nampak Marshall 3 602 877 3 783 131 5% 9 896 797 10 432 746 5%

Sappi Boettger 5 603 382 6 121 984 9% 13 599 229 15 419 637 13%

Retail Annual 7 441 025 8 620 850 16% 13 838 263 14 489 300 5%

Retail Monthly 620 085 718 404 1 153 189 1 207 442

Cashbuild Goldrick 2 219 000 2 059 000 -7% 4 309 000 3 621 000 -16%

Foschini Murray 3 889 700 4 708 700 21% 11 066 700 12 024 700 9%

Massmart Pattison 3 738 000 3 899 000 4% 12 109 000 6 790 000 -44%

Pick n Pay Stores Ltd Badminton 3 544 500 3 921 100 11% 4 405 400 14 959 700 240%

Shoprite Basson 32 063 000 40 620 000 27% 36 475 000 40 964 000 12%

16



Spar Hook 2 425 000 2 702 000 11% 3 808 000 5 693 000 50%

Truworths Mark 4 870 000 5 296 000 9% 19 317 000 20 713 000 7%

Woolworths Susman 6 779 000 5 761 000 -15% 19 216 000 11 149 000 -42%

Technology and Telecommunications Annual 5 481 669 7 296 967 33% 14 103 645 17 376 662 23%

Technology and Telecommunications Monthly 456 806 608 081 1 175 304 1 448 055

MTN Group Dabengwa 7 133 000 8 405 000 18% 22 528 000 23 539 000 4%

Telkom September 2 583 881 6 402 150 148% 6 592 109 12 067 321 83%

Vodacom Group Limited Uys 6 728 125 7 083 750 5% 13 190 826 16 523 664 25%

Transport Annual 3 861 133 4 210 195 9% 6 967 673 8 754 500 26%

Transport Monthly 321 761 350 850 580 639 729 542

Cargo Carriers Bolton 2 350 000 2 278 000 -3% 3 109 000 3 050 000 -2%

Grindrod Olivier 4 618 000 5 269 000 14% 10 176 000 12 977 000 28%

Imperial Holdings Brody 4 901 000 5 212 000 6% 9 737 000 10 716 000 10%

South African Airways Mzimela 3 756 000 4 010 000 7% 4 100 000 4 639 000 13%

Super Group Mountford 2 868 800 2 997 170 4% 6 757 040 8 672 000 28%

Transnet Wells 4 673 000 5 495 000 18% 7 927 000 12 473 000 57%

Cross Sector Total 440 144 694 489 244 497 11% 994 662 112 976 001 974 -2%

Cross Sector Annual Average 5 433 885 5 966 396 11% 12 279 779 11 902 463 -2%

Cross Sector Monthly Average 452 824 497 200 11% 1 023 315 991 872 -2%

* Afrocentric Investments does not have a CEO ** Tsogo Sun Holdings remuneration for 2011 not analysed *** Naspers CEO does not take a salary

17

Appendix 3: Executive Directors

Company and Sector

No. 2011

No. 2012

2011 Total Salary (R)




% Change

2011 Total Rem. (R)

2012 Total Rem. (R)



% Change

Banking & Financial Services

Annual 35 35 123 358 588 127 289 769 3 524 531 3 636 851 3% 372 908 219 257 643 438 10 654 521 7 361 241 -31%

Month 293 711 303 071 887 877 613 437

ABSA 3 3 13 057 869 13 022 649 4 352 623 4 340 883 0% 23 106 230 20 515 607 7 702 077 6 838 536 -11%

African Bank Investments

6 5 13 365 000 13 418 000 2 227 500 2 683 600 20% 21 947 000 20 624 000 3 657 833 4 124 800 13%

Discovery 8 8 26 559 000 30 294 000 3 319 875 3 786 750 14% 52 127 000 64 271 000 6 515 875 8 033 875 23%

FirstRand Bank

2 3 11 486 000 13 206 000 5 743 000 4 402 000 -23% 28 849 000 33 417 000 14 424 500 11 139 000 -23%

Investec 4 4 16 537 719 17 614 120 4 134 430 4 403 530 7% 163 353 989 20 630 831 40 838 497 5 157 708 -87%

Liberty Life 2 2 6 844 000 7 225 000 3 422 000 3 612 500 6% 18 998 000 26 002 000 9 499 000 13 001 000 37%

Nedbank 3 3 11 285 000 11 443 000 3 761 667 3 814 333 1% 25 229 000 27 903 000 8 409 667 9 301 000 11%

RMB Holdings 1 1 3 039 000 3 308 000 3 039 000 3 308 000 9% 6 257 000 7 256 000 6 257 000 7 256 000 16%

Sanlam 4 5 11 503 000 11 414 000 2 875 750 2 282 800 -21% 21 315 000 21 012 000 5 328 750 4 202 400 -21%

Standard Bank Group

2 1 9 682 000 6 345 000 4 841 000 6 345 000 31% 11 726 000 16 012 000 5 863 000 16 012 000 173%

Construction Annual 26 23 61 574 585 60 321 598 2 368 253 2 622 678 11% 157 431 436 124 606 800 6 055 055 5 417 687 -11%

Month 197 354 218 557 504 588 451 474

Aveng 5 5 16 590 000 19 063 000 3 318 000 3 812 600 15% 22 649 000 25 421 000 4 529 800 5 084 200 12%

Basil Read 3 3 7 575 585 7 975 598 2 525 195 2 658 533 5% 19 955 427 10 738 800 6 651 809 3 579 600 -46%

Group Five 2 2 4 949 000 5 966 000 2 474 500 2 983 000 21% 15 598 000 13 771 000 7 799 000 6 885 500 -12%

Murray & Roberts

6 3 18 396 000 11 160 000 3 066 000 3 720 000 21% 28 317 009 17 060 000 4 719 502 5 686 667 20%

18

Company and Sector

No. 2011

No. 2012





% Change

2011 Total Rem. (R)

2012 Total Rem. (R)



% Change

Pretoria Portland Cement

6 5 10 472 000 12 133 000 1 745 333 2 426 600 39% 30 300 000 24 720 000 5 050 000 4 944 000 -2%

WBHO 4 5 3 592 000 4 024 000 898 000 804 800 -10% 40 612 000 32 896 000 10 153 000 6 579 200 -35%


Annual 35 34 135 246 100 153 273 380 3 864 174 4 508 041 17% 248 498 100 344 824 340 7 099 946 10 141 892 43%

Month 322 015 375 670 591 662 845 158

Barloworld Limited

6 6 20 779 000 23 777 000 3 463 167 3 962 833 14% 50 444 000 56 054 000 8 407 333 9 342 333 11%

Bidvest 10 9 36 816 000 46 058 000 3 681 600 5 117 556 39% 80 913 000 95 175 000 8 091 300 10 575 000 31%

Hosken Consolidated Investments

3 3 11 413 000 11 511 000 3 804 333 3 837 000 1% 18 921 000 19 960 000 6 307 000 6 653 333 5%

Remgro 7 6 30 569 000 23 547 000 4 367 000 3 924 500 -10% 38 481 000 30 022 000 5 497 286 5 003 667 -9%


9 10 35 669 100 48 380 380 3 963 233 4 838 038 22% 59 739 100 143 613 340 6 637 678 14 361 334 116%

Educ., Bus. Training & Employment

Annual 4 4 7 020 000 7 665 000 1 755 000 1 916 250 9% 13 921 000 16 617 000 3 480 250 4 154 250 19%

Month 146 250 159 688 290 021 346 188

Adcorp Holdings limited

4 4 7 020 000 7 665 000 1 755 000 1 916 250 9% 13 921 000 16 617 000 3 480 250 4 154 250 19%

Food & Beverage

Annual 29 24 79 104 050 88 369 560 2 727 726 3 682 065 35% 156 523 284 167 832 893 5 397 355 6 993 037 30%

Month 227 311 306 839 449 780 582 753

Anglo-Vaal Industries

3 2 8 987 000 7 308 000 2 995 667 3 654 000 22% 18 539 000 15 201 000 6 179 667 7 600 500 23%

Crookes Brothers

4 2 2 934 000 2 691 000 733 500 1 345 500 83% 4 492 000 5 517 000 1 123 000 2 758 500 146%

Distell 3 2 4 602 000 4 842 000 1 534 000 2 421 000 58% 6 469 000 6 465 000 2 156 333 3 232 500 50%

Illovo 5 6 10 396 000 11 643 000 2 079 200 1 940 500 -7% 15 870 000 30 991 000 3 174 000 5 165 167 63%

Pioneer Foods 3 3 7 985 000 8 784 000 2 661 667 2 928 000 10% 14 884 000 11 183 000 4 961 333 3 727 667 -25%

19

Company and Sector

No. 2011

No. 2012





% Change

2011 Total Rem. (R)

2012 Total Rem. (R)



% Change

SABMiller 2 3 21 263 050 29 947 560 10 631 525 9 982 520 -6% 58 399 284 60 931 893 29 199 642 20 310 631 -30%

Tiger Brands 6 3 10 935 000 9 944 000 1 822 500 3 314 667 82% 19 799 000 13 911 000 3 299 833 4 637 000 41%

Tongaat Hulett

3 3 12 002 000 13 210 000 4 000 667 4 403 333 10% 18 071 000 23 633 000 6 023 667 7 877 667 31%

Health Annual 17 16 49 249 000 50 305 000 2 897 000 3 144 063 9% 99 485 017 93 418 000 5 852 060 5 838 625 0%

Month 241 417 262 005 487 672 486 552

Adcock Ingram

2 2 5 720 000 6 055 000 2 860 000 3 027 500 6% 11 754 017 7 137 000 5 877 009 3 568 500 -39%

AfroCentric Investments Corporation

1 1 1 845 000 1 892 000 1 845 000 1 892 000 3% 3 219 000 2 830 000 3 219 000 2 830 000 -12%

Aspen Holdings

2 3 8 557 000 9 930 000 4 278 500 3 310 000 -23% 19 207 000 21 784 000 9 603 500 7 261 333 -24%

Life Healthcare Group

2 2 3 672 000 4 080 000 1 836 000 2 040 000 11% 11 330 000 11 792 000 5 665 000 5 896 000 4%

Mediclinic 7 5 18 531 000 18 874 000 2 647 286 3 774 800 43% 32 670 000 32 514 000 4 667 143 6 502 800 39%

Network Healthcare Holdings

3 3 10 924 000 9 474 000 3 641 333 3 158 000 -13% 21 305 000 17 361 000 7 101 667 5 787 000 -19%

Hospitality Annual 4 12 12 404 122 25 406 671 3 101 031 2 117 223 -32% 20 106 921 60 259 054 5 026 730 5 021 588 0%

Month 258 419 176 435 418 894 418 466

City Lodge Hotels

2 2 5 078 000 5 466 000 2 539 000 2 733 000 8% 7 668 000 9 745 000 3 834 000 4 872 500 27%

Sun International

2 5 7 326 122 10 460 671 3 663 061 2 092 134 -43% 12 438 921 27 353 054 6 219 461 5 470 611 -12%

Tsogo Sun Holdings

5 9 480 000 1 896 000 23 161 000 4 632 200

20

Company and Sector

No. 2011

No. 2012





% Change

2011 Total Rem. (R)

2012 Total Rem. (R)



% Change

Industrial Annual 28 31 83 560 956 93 457 152 2 984 320 3 014 747 1% 177 488 286 180 102 151 6 338 867 5 809 747 -8%

Month 248 693 251 229 528 239 484 146

AECI 2 2 5 474 000 5 905 000 2 737 000 2 952 500 8% 13 904 000 13 245 000 6 952 000 6 622 500 -5%

African Oxygen

3 5 5 162 000 7 281 000 1 720 667 1 456 200 -15% 15 534 000 14 374 000 5 178 000 2 874 800 -44%

Altron 5 6 18 289 000 21 922 000 3 657 800 3 653 667 0% 27 161 000 28 717 000 5 432 200 4 786 167 -12%

ArcelorMittal SA

2 2 6 442 956 6 602 152 3 221 478 3 301 076 2% 11 328 286 7 091 151 5 664 143 3 545 576 -37%

Denel 2 3 5 761 000 6 983 000 2 880 500 2 327 667 -19% 10 297 000 11 446 000 5 148 500 3 815 333 -26%

Eskom Holdings Limited

2 2 6 911 000 8 827 000 3 455 500 4 413 500 28% 9 906 000 12 481 000 4 953 000 6 240 500 26%

Invicta Holdings

4 4 8 277 000 8 520 000 2 069 250 2 130 000 3% 15 541 000 16 074 000 3 885 250 4 018 500 3%

Reunert 5 4 10 283 000 9 377 000 2 056 600 2 344 250 14% 27 639 000 23 021 000 5 527 800 5 755 250 4%

Sasol 3 3 16 961 000 18 040 000 5 653 667 6 013 333 6% 46 178 000 53 653 000 15 392 667 17 884 333 16%

Media Annual 6 6 12 383 000 12 916 000 2 063 833 2 152 667 4% 18 098 000 21 337 000 3 016 333 3 556 167 18%

Month 171 986 179 389 251 361 296 347

Caxton CTP 4 4 9 329 000 9 502 000 2 332 250 2 375 500 2% 11 944 000 14 137 000 2 986 000 3 534 250 18%

Naspers 1 1 3 054 000 3 414 000 3 054 000 3 414 000 12% 6 154 000 7 200 000 6 154 000 7 200 000 17%

Mining Annual 45 40 220 104 823 230 893 489 4 891 218 5 772 337 18% 531 849 768 459 971 996 11 818 884 11 499 300 -3%

Month 407 602 481 028 984 907 958 275

African Rainbow Minerals

7 8 25 261 000 30 356 000 3 608 714 3 794 500 5% 48 032 000 53 423 000 6 861 714 6 677 875 -3%

Anglo American Platinum

2 3 10 746 136 10 562 975 5 373 068 3 520 992 -34% 18 782 825 26 743 436 9 391 413 8 914 479 -5%

21

Company and Sector

No. 2011

No. 2012





% Change

2011 Total Rem. (R)

2012 Total Rem. (R)



% Change

Anglo American plc

2 2 22 162 791 26 078 947 11 081 395 13 039 474 18% 47 848 837 51 394 737 23 924 419 25 697 368 7%

AngloGold Ashanti

2 2 20 383 000 22 749 000 10 191 500 11 374 500 12% 44 215 000 37 598 000 22 107 500 18 799 000 -15%

BHP Billiton 1 1 14 788 909 17 195 313 14 788 909 17 195 313 16% 37 747 524 24 927 688 37 747 524 24 927 688 -34%

Exxaro 2 2 9 180 411 11 076 872 4 590 206 5 538 436 21% 15 667 847 15 834 998 7 833 924 7 917 499 1%

Gold Fields 2 2 11 537 360 14 775 000 5 768 680 7 387 500 28% 41 491 901 31 902 000 20 745 951 15 951 000 -23%

Harmony 3 4 10 107 000 13 902 000 3 369 000 3 475 500 3% 17 625 000 16 865 000 5 875 000 4 216 250 -28%

Impala Platinum

5 3 14 010 000 13 532 000 2 802 000 4 510 667 61% 24 850 000 25 051 000 4 970 000 8 350 333 68%

Kumba Iron Ore Limited

2 2 7 773 000 4 118 000 3 886 500 2 059 000 -47% 13 288 000 6 421 000 6 644 000 3 210 500 -52%

Lonmin plc 3 2 24 306 611 11 600 641 8 102 204 5 800 321 -28% 50 154 100 19 018 833 16 718 033 9 509 417 -43%

Petra Diamonds

4 4 9 834 912 10 082 914 2 458 728 2 520 728 3% 17 308 471 18 307 321 4 327 118 4 576 830 6%

Trans Hex 3 2 4 317 000 3 422 000 1 439 000 1 711 000 19% 9 159 000 6 302 000 3 053 000 3 151 000 3%

Xstrata 3 3 35 696 693 41 441 828 11 898 898 13 813 943 16% 145 679 263 126 182 984 48 559 754 42 060 995 -13%

Paper & Packaging

Annual 8 9 39 434 014 42 464 444 4 929 252 4 718 272 -4% 82 776 905 91 336 031 10 347 113 10 148 448 -2%

Month 410 771 393 189 862 259 845 704

Mondi Group 3 3 22 846 202 24 307 850 7 615 401 8 102 617 6% 42 071 828 46 509 490 14 023 943 15 503 163 11%

Nampak 3 3 8 199 444 8 507 497 2 733 148 2 835 832 4% 20 143 098 20 977 541 6 714 366 6 992 514 4%

Sappi 2 3 8 388 368 9 649 097 4 194 184 3 216 366 -23% 20 561 979 23 849 000 10 280 990 7 949 667 -23%

Retail 30 31 97 596 800 114 392 900 3 253 227 3 690 094 13% 192 668 900 202 471 100 6 422 297 6 531 326 2%

Cashbuild 6 5 7 708 000 8 275 000 1 284 667 1 655 000 29% 13 297 000 14 433 000 2 216 167 2 886 600 30%

Foschini 3 3 8 064 600 9 812 600 2 688 200 3 270 867 22% 21 698 300 23 888 200 7 232 767 7 962 733 10%

Massmart 2 3 6 489 000 7 260 000 3 244 500 2 420 000 -25% 20 675 000 12 353 000 10 337 500 4 117 667 -60%

22

Company and Sector

No. 2011

No. 2012





% Change

2011 Total Rem. (R)

2012 Total Rem. (R)



% Change

Pick n Pay Stores Ltd

4 6 8 431 200 10 912 300 2 107 800 1 818 717 -14% 12 162 600 24 554 900 3 040 650 4 092 483 35%

Shoprite 6 6 43 508 000 52 960 000 7 251 333 8 826 667 22% 58 049 000 66 457 000 9 674 833 11 076 167 14%

Spar 3 3 5 510 000 6 216 000 1 836 667 2 072 000 13% 8 825 000 13 137 000 2 941 667 4 379 000 49%

Truworths 2 2 5 687 000 7 485 000 2 843 500 3 742 500 32% 20 970 000 24 102 000 10 485 000 12 051 000 15%

Woolworths 4 3 12 199 000 11 472 000 3 049 750 3 824 000 25% 36 992 000 23 546 000 9 248 000 7 848 667 -15%

Technology & Telecoms

Annual 8 7 35 021 332 37 871 525 4 377 667 5 410 218 24% 133 534 217 95 486 118 16 691 777 13 640 874 -18%

Month 364 806 450 852 1 390 981 1 136 740

MTN Group 3 2 14 273 000 13 435 000 4 757 667 6 717 500 41% 85 092 000 37 387 000 28 364 000 18 693 500 -34%

Telkom 2 2 3 900 282 9 402 150 1 950 141 4 701 075 141% 11 436 134 20 451 779 5 718 067 10 225 890 79%

Vodacom Group Limited

3 3 16 848 050 15 034 375 5 616 017 5 011 458 -11% 37 006 083 37 647 339 12 335 361 12 549 113 2%

Transport Annual 26 25 69 104 760 75 967 110 2 657 875 3 038 684 14% 141 918 805 175 125 204 5 458 416 7 005 008 28%

Month 221 490 253 224 454 868 583 751

Cargo Carriers 3 3 2 998 000 3 087 000 999 333 1 029 000 3% 4 065 000 4 192 000 1 355 000 1 397 333 3%

Grindrod 9 9 21 769 000 24 604 000 2 418 778 2 733 778 13% 43 290 783 55 012 000 4 810 087 6 112 444 27%

Imperial Holdings

7 7 26 920 000 28 896 000 3 845 714 4 128 000 7% 62 869 000 75 136 000 8 981 286 10 733 714 20%

South African Airways

2 2 6 027 000 6 649 000 3 013 500 3 324 500 10% 8 292 000 7 678 000 4 146 000 3 839 000 -7%

Super Group 2 2 4 778 760 5 163 110 2 389 380 2 581 555 8% 10 999 022 14 104 204 5 499 511 7 052 102 28%

Transnet 3 2 6 612 000 7 568 000 2 204 000 3 784 000 72% 12 403 000 19 003 000 4 134 333 9 501 500 130%

Cross Sector Total

296 296 1 025 162

130 1 120 593

598

2 347 208 858 2 291 031 125

Cross Sector Average (Annual)

3 463 386 3 785 789 9.3%

7 929 760 7 739 970 -2.4%

Cross Sector Average (Monthly)

288 616 315 482

660 813 644 998

23

Appendix 4: Non-Executive Directors

Company and sector No. 2011 No. 2012 2011 Total Fees (R) 2012 Total Fees (R) 2011 Average Fees (R) 2012 Average Fees (R) % Change

Banking and Financial Services 134 130 112 388 584 121 714 867 838 721 936 268 12%

ABSA 18 15 14 758 337 15 094 400 819 908 1 006 293 23%

African Bank Investments 10 7 4 264 000 4 769 000 426 400 681 286 60%

Discovery 10 12 6 309 000 10 929 000 630 900 910 750 44%

FirstRand Bank 16 17 19 461 000 17 261 000 1 216 313 1 015 353 -17%

Investec 14 13 20 079 247 23 377 467 1 434 232 1 798 267 25%

Liberty Life 7 10 5 606 000 8 448 000 800 857 844 800 5%

Nedbank 15 15 11 412 000 11 764 000 760 800 784 267 3%

RMB Holdings 11 10 1 486 000 1 253 000 135 091 125 300 -7%

Sanlam 16 14 11 663 000 4 798 000 728 938 342 714 -53%

Standard Bank Group 17 17 17 350 000 24 021 000 1 020 588 1 413 000 38%

Construction 45 50 21 700 500 25 637 666 482 233 512 753 6%

Aveng 9 8 4 979 000 5 747 000 553 222 718 375 30%

Basil Read 5 8 2 506 500 3 247 666 501 300 405 958 -19%

Group Five 6 8 3 869 000 4 766 000 644 833 595 750 -8%

Murray & Roberts 11 11 5 020 000 5 306 000 456 364 482 364 6%

Pretoria Portland Cement 9 10 4 180 000 5 056 000 464 444 505 600 9%

WBHO 5 5 1 146 000 1 515 000 229 200 303 000 32%

Diversified Holdings 50 59 27 110 000 34 402 000 542 200 583 085 8%

Barloworld Limited 9 11 5 965 000 6 709 000 662 778 609 909 -8%

Bidvest 15 19 4 526 000 8 906 000 301 733 468 737 55%

Hosken Consolidated Investments 7 7 1 520 000 1 627 000 217 143 232 429 7%

Remgro 11 11 6 150 000 5 276 000 559 091 479 636 -14%

Steinhoff International 8 11 8 949 000 11 884 000 1 118 625 1 080 364 -3%

Education, Bus. Training & Employment 8 9 1 353 000 1 142 000 169 125 126 889 -25%

Adcorp Holdings limited 8 9 1 353 000 1 142 000 169 125 126 889 -25%

Food and Beverage 85 88 40 002 773 50 217 590 470 621 570 654 21%

Anglo-Vaal Industries 11 10 2 610 000 3 159 000 237 273 315 900 33%

Crookes Brothers 7 10 1 092 000 1 507 000 156 000 150 700 -3%

24


Distell 13 14 2 318 000 2 599 000 178 308 185 643 4%

Illovo 10 8 5 248 000 4 851 000 524 800 606 375 16%

Pioneer Foods 9 11 5 058 000 7 772 000 562 000 706 545 26%

SABMiller 14 14 14 732 773 17 160 590 1 052 341 1 225 756 16%

Tiger Brands 9 10 4 817 000 8 603 000 535 222 860 300 61%

Tongaat Hulett 12 11 4 127 000 4 566 000 343 917 415 091 21%

Health 49 50 17 984 000 24 022 600 367 020 480 452 31%

Adcock Ingram 7 9 3 179 000 3 516 600 454 143 390 733 -14%

AfroCentric Investments Corporation 3 5 727 000 1 740 000 242 333 348 000 44%

Aspen Holdings 9 8 2 928 000 2 778 000 325 333 347 250 7%

Life Healthcare Group 11 9 2 732 000 3 108 000 248 364 345 333 39%

Mediclinic 11 11 2 396 000 5 420 000 217 818 492 727 126%

Network Healthcare Holdings 8 8 6 022 000 7 460 000 752 750 932 500 24%

Hospitality 19 30 5 932 706 13 032 775 312 248 434 426 39%

City Lodge Hotels 8 7 1 692 000 1 940 000 211 500 277 143 31%

Sun International 11 11 4 240 706 4 519 775 385 519 410 889 7%

Tsogo Sun Holdings 12 6 573 000 547 750

Industrial 82 91 40 654 835 40 667 835 495 791 446 899 -10%

AECI 9 9 4 009 000 4 641 000 445 444 515 667 16%

African Oxygen 5 5 2 607 000 1 717 000 521 400 343 400 -34%

Altron 10 11 5 719 000 5 240 000 571 900 476 364 -17%

ArcelorMittal SA 6 6 2 657 835 2 657 835 442 973 442 973 0%

Denel 13 17 2 547 000 4 351 000 195 923 255 941 31%

Eskom Holdings Limited 11 19 6 849 000 5 433 000 622 636 285 947 -54%

Invicta Holdings 6 6 1 704 000 1 918 000 284 000 319 667 13%

Reunert 11 9 2 753 000 3 449 000 250 273 383 222 53%

Sasol 11 9 11 809 000 11 261 000 1 073 545 1 251 222 17%

Media 16 17 13 290 000 17 235 000 830 625 1 013 824 22%

Caxton CTP 4 5 400 000 1 520 000 100 000 304 000 204%

Naspers 12 12 12 890 000 15 715 000 1 074 167 1 309 583 22%

25


Mining 145 140 122 819 171 151 691 910 847 029 1 083 514 28%

African Rainbow Minerals 11 9 6 648 000 7 003 000 604 364 778 111 29%

Anglo American Platinum 12 13 5 772 642 5 296 295 481 054 407 407 -15%

Anglo American plc 10 9 15 895 349 25 618 421 1 589 535 2 846 491 79%

AngloGold Ashanti 9 10 9 043 000 1 804 000 1 004 778 180 400 -82%

BHP Billiton 12 12 24 723 493 33 277 219 2 060 291 2 773 102 35%

Exxaro 10 12 4 269 380 4 916 335 426 938 409 695 -4%

Gold Fields 13 12 12 351 931 15 172 000 950 149 1 264 333 33%

Harmony 13 13 5 280 000 6 419 000 406 154 493 769 22%

Impala Platinum 10 11 6 201 000 7 036 000 620 100 639 636 3%

Kumba Iron Ore Limited 8 13 3 918 000 7 706 000 489 750 592 769 21%

Lonmin plc 9 9 9 574 456 11 688 269 1 063 828 1 298 697 22%

Petra Diamonds 2 4 740 741 3 014 469 370 370 753 617 103%

Trans Hex 6 3 985 000 788 000 164 167 262 667 60%

Xstrata 11 10 17 416 180 21 952 902 1 583 289 2 195 290 39%

Paper and Packaging 29 28 22 732 886 25 768 936 783 893 920 319 17%

Mondi Group 7 6 9 580 758 10 160 610 1 368 680 1 693 435 24%

Nampak 9 9 3 830 566 4 362 310 425 618 484 701 14%

Sappi 13 13 9 321 562 11 246 016 717 043 865 078 21%

Retail 65 59 27 813 200 22 557 750 427 895 382 335 -11%

Cashbuild 4 5 1 692 000 2 257 000 423 000 451 400 7%

Foschini 9 9 3 039 400 3 366 500 337 711 374 056 11%

Massmart 11 4 5 183 000 2 795 000 471 182 698 750 48%

Pick n Pay Stores Ltd 9 6 6 070 800 2 127 250 674 533 354 542 -47%

Shoprite 5 7 845 000 1 227 000 169 000 175 286 4%

Spar 8 8 2 343 000 2 968 000 292 875 371 000 27%

Truworths 7 8 2 054 000 2 390 000 293 429 298 750 2%

Woolworths 12 12 6 586 000 5 427 000 548 833 452 250 -18%

Technology and Telecommunications 34 36 22 339 871 26 359 978 657 055 732 222 11%

MTN Group 11 11 12 118 000 13 217 000 1 101 636 1 201 545 9%

Telkom 13 13 7 236 128 8 181 181 556 625 629 322 13%

26


Vodacom Group Limited 10 12 2 985 743 4 961 797 298 574 413 483 38%

Transport 63 60 23 375 000 26 572 500 371 032 442 875 19%

Cargo Carriers 6 6 963 000 934 000 160 500 155 667 -3%

Grindrod 8 9 2 359 000 2 923 000 294 875 324 778 10%

Imperial Holdings 10 10 4 933 000 5 113 000 493 300 511 300 4%

South African Airways 14 13 6 545 000 6 454 000 467 500 496 462 6%

Super Group 5 6 2 850 000 3 032 500 570 000 505 417 -11%

Transnet 20 16 5 725 000 8 116 000 286 250 507 250 77%

Cross sector changes 815 847 499 496 526 581 023 407 612 879 685 978 12%

Appendix 5: Chief Executive Officer “Performance Pay”

Company Salary Cash Bonus LTI Payment Bonus & LTI Bonus as% of

Salary LTI as % of

Salary Bonus plus LTI as

% of Salary Total

Remuneration

Banking & Financial Services 4 616 271 3 656 625 3 644 644 5 680 096 79% 79% 123% 11 967 723

ABSA 6 065 600 10 000 000 10 000 000 165% 165% 16 657 681

African Bank Investments 1 966 000 218 000 218 000 11% 11% 2 184 000

Discovery 3 408 000 4 643 000 2 673 000 7 316 000 136% 78% 215% 11 380 000

FirstRand Bank 6 614 000 9 600 000 94 863 9 694 863 145% 1% 147% 17 175 863

Investec 4 154 108 5 421 687

Liberty Life 4 424 000 519 000 7 000 000 7 519 000 12% 158% 170% 23 693 000

Nedbank 5 376 000 6 250 000 6 250 000 116% 116% 12 497 000

RMB Holdings 3 308 000 2 725 000 100 000 2 825 000 82% 3% 85% 7 356 000

Sanlam 4 502 000 798 000 798 000 18% 18% 5 300 000

Standard Bank Group 6 345 000 4 500 000 2 000 000 6 500 000 71% 32% 102% 18 012 000

27


Salary LTI as % of


% of Salary Total

Remuneration

Construction 3 232 101 3 667 400 594 565 3 905 226 113% 18% 121% 6 885 426

Aveng 4 207 000 789 000 842 000 1 631 000 19% 20% 39% 6 101 000

Basil Read 3 096 604 3 564 428

Group Five 3 799 000 5 045 000 5 045 000 133% 133% 8 844 000

Murray & Roberts 4 000 000 3 000 000 347 129 3 347 129 75% 9% 84% 7 347 129

Pretoria Portland Cement 3 206 000 1 336 000 1 336 000 42% 42% 5 647 000

WBHO 1 084 000 8 167 000 8 167 000 753% 753% 9 809 000

Diversified Holdings 9 639 808 11 033 250 21 405 000 21 669 600 114% 222% 225% 33 580 208

Barloworld Limited 6 323 000 7 871 000 7 871 000 124% 124% 15 557 000

Bidvest 10 754 000 12 383 000 27 126 000 39 509 000 115% 252% 367% 55 118 000

Hosken Consolidated Investments 4 839 000 3 629 000 2 928 000 6 557 000 75% 61% 136% 11 396 000

Remgro 12 706 000 34 161 000 34 161 000 269% 269% 50 382 000

Steinhoff International 13 577 040 20 250 000 20 250 000 149% 149% 35 448 040

Education,Bus Training & Employment 2 416 000 2 557 000 6 991 000 9 548 000 106% 289% 395% 12 689 000

Adcorp Holdings limited 2 416 000 2 557 000 6 991 000 9 548 000 106% 289% 395% 12 689 000

Food & Beverage 5 373 679 5 097 048 14 071 500 9 117 476 95% 262% 170% 14 769 670

Anglo-Vaal Industries 4 686 000 4 918 000 25 955 000 30 873 000 105% 554% 659% 35 973 000

Crookes Brothers 1 712 000 1 134 000 1 134 000 66% 66% 3 380 000

Distell 3 242 000 4 245 000

Illovo 4 163 000 3 705 000 3 705 000 89% 89% 8 674 000

Pioneer Foods 3 944 000 234 000 234 000 6% 6% 5 308 000

SABMiller 14 821 429 20 083 333 20 083 333 136% 136% 40 668 357

Tiger Brands 4 040 000 736 000 736 000 18% 18% 5 792 000

Tongaat Hulett 6 381 000 4 869 000 2 188 000 7 057 000 76% 34% 111% 14 117 000

28


Salary LTI as % of


% of Salary Total

Remuneration

Health 4 280 800 4 197 500 5 500 121 6 658 072 98% 128% 156% 11 692 472

Adcock Ingram 3 297 000 9 342 362 9 342 362 283% 283% 13 291 362

Aspen Holdings 5 234 000 5 869 000 3 260 000 9 129 000 112% 62% 174% 14 979 000

Life Healthcare Group 2 625 000 3 479 000 3 898 000 7 377 000 133% 148% 281% 11 569 000

Mediclinic 3 997 000 2 442 000 2 442 000 61% 61% 6 825 000

Network Healthcare Holdings 6 251 000 5 000 000 5 000 000 80% 80% 11 798 000

Hospitality 4 622 801 4 262 062 8 527 522 9 947 076 92% 184% 215% 18 423 902

City Lodge Hotels 3 014 000 1 871 000 1 736 000 3 607 000 62% 58% 120% 7 141 000

Sun International 5 480 404 2 599 185 15 319 043 17 918 228 47% 280% 327% 33 151 707

Tsogo Sun Holdings 5 374 000 8 316 000 8 316 000 155% 155% 14 979 000

Industrial 4 670 242 2 486 778 5 910 000 4 456 778 53% 127% 95% 10 829 720

AECI 3 250 000 3 124 000 985 000 4 109 000 96% 30% 126% 8 252 000

African Oxygen 3 287 000 406 000 406 000 12% 12% 4 305 000

Altron 6 286 000 1 451 000 1 451 000 23% 23% 8 742 000

ArcelorMittal SA 4 441 177 325 000 325 000 7% 7% 4 772 477

Denel 4 194 000 2 113 000 2 113 000 50% 50% 6 757 000

Eskom Holdings Limited 5 000 000 1 681 000 1 295 000 2 976 000 34% 26% 60% 8 284 000

Invicta Holdings 2 000 000 200 000 15 450 000 15 650 000 10% 773% 783% 17 924 000

Reunert 4 310 000 1 700 000 1 700 000 39% 39% 6 550 000

Sasol 9 264 000 11 381 000 11 381 000 123% 123% 31 881 000

Media 3 000 000 3 000 000

Caxton CTP 3 000 000 3 000 000

29


Salary LTI as % of


% of Salary Total

Remuneration

Mining 8 636 919 4 602 457 20 435 261 15 252 024 53% 237% 177% 26 254 481

African Rainbow Minerals 4 118 000 1 553 000 - 1 553 000 38% 0% 38% 6 316 000

Anglo American Platinum 6 425 963 641 219 221 611 862 830 10% 3% 13% 21 314 456

Anglo American plc 16 013 158 9 802 632 10 552 632 20 355 263 61% 66% 127% 42 026 316

AngloGold Ashanti 14 041 000 2 939 000 22 946 000 25 885 000 21% 163% 184% 43 271 000

BHP Billiton 17 195 313 68 749 867 68 749 867 400% 400% 93 677 555

Exxaro 6 859 647 2 517 124 15 187 718 17 704 842 37% 221% 258% 25 241 573

Gold Fields 9 310 000 8 460 000 25 389 000 33 849 000 91% 273% 364% 45 332 000

Harmony 5 966 000 1 330 000 1 330 000 22% 22% 7 296 000

Impala Platinum 6 313 000 4 060 000 4 060 000 64% 64% 13 138 000

Kumba Iron Ore Limited 2 290 000 1 084 000 1 084 000 47% 47% 3 650 000

Lonmin plc 7 423 077 11 969 308

Petra Diamonds 3 231 506 2 644 444 2 644 444 82% 82% 6 116 049

Trans Hex 2 223 000 1 577 000 1 577 000 71% 71% 3 800 000

Xstrata 19 507 197 18 621 066 18 621 066 95% 95% 44 414 484

Paper & Packaging 6 678 802 5 448 060 51 544 520 22 629 566 82% 772% 339% 32 616 621

Mondi Group 10 131 290 6 123 900 51 544 520 57 668 420 60% 509% 569% 71 997 480

Nampak 3 783 131 6 321 319 6 321 319 167% 167% 10 432 746

Sappi 6 121 984 3 898 960 3 898 960 64% 64% 15 419 637

Retail 8 842 725 5 440 680 10 381 233 8 335 300 62% 117% 94% 18 798 138

Cashbuild 3 834 000 2 607 000 7 569 000 10 176 000 68% 197% 265% 14 517 000

Foschini 4 708 700 6 317 400 6 317 400 134% 134% 12 024 700

Massmart 3 899 000 19 891 000 19 891 000 510% 510% 26 681 000

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Salary LTI as % of


% of Salary Total

Remuneration

Pick n Pay Stores Ltd 3 921 100 3 683 700 3 683 700 94% 94% 18 643 400

Shoprite 40 620 000 40 964 000

Spar 2 702 000 2 183 000 2 183 000 81% 81% 5 693 000

Truworths 5 296 000 10 750 000 10 750 000 203% 203% 20 713 000

Woolworths 5 761 000 5 346 000 5 346 000 93% 93% 11 149 000

Technology & Telecommunications 7 296 967 8 378 570 3 999 829 9 711 846 115% 55% 133% 18 709 938

MTN Group 8 405 000 13 456 000 13 456 000 160% 160% 23 539 000

Telkom 6 402 150 2 253 013 2 253 013 35% 35% 12 067 321

Vodacom Group Limited 7 083 750 9 426 696 3 999 829 13 426 525 133% 56% 190% 20 523 493

Transport 4 210 195 3 811 833 5 149 000 4 670 000 91% 122% 111% 9 612 667

Cargo Carriers 2 278 000 191 000 191 000 8% 8% 3 050 000

Grindrod 5 269 000 6 440 000 5 149 000 11 589 000 122% 98% 220% 18 126 000

Imperial Holdings 5 212 000 4 650 000 4 650 000 89% 89% 10 716 000

South African Airways 4 010 000 257 000 257 000 6% 6% 4 639 000

Super Group 2 997 170 4 860 000 4 860 000 162% 162% 8 672 000

Transnet 5 495 000 6 473 000 6 473 000 118% 118% 12 473 000

Cross Sector Average 4 695 718 12 016 920 9 609 271 84% 191% 161% 17 116 369

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Appendix 6: Company Performance and Changes in CEO pay

Company Market Cap at 3 October 2013 2011 Profit Before

Tax (R) 2012 Profit Before Tax

(R) Change in Profit

% Change in CEO Salary

% Change in CEO Rem.

Banking & Financial Services 8 185 830 225 9 100 685 542 11% 6% -13%

ABSA 124 271 772 034 (as part of

Barclays Africa Group) 14 210 000 000 12 118 000 000 -15% 0% 0%

African Bank Investments 15 794 111 356 3 499 000 000 3 997 000 000 14% 0% 0%

Discovery 48 107 387 859 3 451 000 000 3 354 000 000 -3% 3% 18%

FirstRand Bank 194 283 470 603 8 967 000 000 11 789 000 000 31% 8% 13%

Investec 18 699 143 022 5 240 202 247 3 508 855 422 -33% 20% -86%

Liberty Life 34 304 216 428 4 263 000 000 6 915 000 000 62% 5% 39%

Nedbank 105 377 444 155 8 677 000 000 10 687 000 000 23% 2% 10%

RMB Holdings 66 420 636 407 4 120 100 000 4 503 000 000 9% 9% 16%

Sanlam 100 317 000 000 8 575 000 000 10 084 000 000 18% 1% -6%

Standard Bank Group 198 115 410 526 20 856 000 000 24 051 000 000 15% 13% 132%

Construction 716 398 500 492 215 000 -31% 3% -23%

Aveng 9 706 968 615 1 757 000 000 726 300 000 -59% 10% 13%

Basil Read 1 208 953 500 216 287 000 -210 734 000

0% -70%

Group Five 4 855 784 306 643 338 000 328 761 000 -49% 22% -15%

Murray & Roberts 12 145 743 383 -872 000 000 -410 200 000

-18% -31%

Pretoria Portland Cement 19 142 104 470 1 385 000 000 1 403 000 000 1% 8% 7%

WBHO 10 763 940 000 1 168 766 000 1 116 163 000 -5% 12% -1%

Diversified Holdings 3 081 232 000 4 573 524 200 48% -2% 24%

Barloworld Limited 22 072 958 606 1 593 000 000 2 309 000 000 45% 10% 4%

Bidvest 84 615 767 852 5 302 318 000 6 432 931 000 21% 12% 23%

Hosken Consolidated Investments 16 302 233 912 941 842 000 1 924 690 000 104% 4% 9%

Remgro 93 810 931 086 3 316 000 000 5 295 000 000 60% -35% -31%

Steinhoff International 67 019 628 154 4 253 000 000 6 906 000 000 62% 11% 90%

32






Education, Bus. Training & Employment 3 008 131 075 195 381 000 232 864 000 19% 8% 8%

Adcorp Holdings limited 3 008 131 075 195 381 000 232 864 000 19% 8% 8%

Food & Beverage 4 434 807 367 6 430 727 338 45% 9% 12%

Anglo-Vaal Industries 20 696 303 520 1 098 000 000 1 391 200 000 27% 7% 10%

Crookes Brothers 853 183 556 120 645 000 109 347 000 -9% 4% 31%

Distell 26 377 954 555 1 437 137 000 1 425 225 000 -1% 11% 7%

Illovo 15 059 313 244 962 500 000 951 200 000 -1% 15% 73%

Pioneer Foods 19 404 575 148 1 049 846 000 916 643 000 -13% 0% -26%

SABMiller 812 892 527 593 26 086 330 935 41 503 703 704 59% 12% 6%

Tiger Brands 58 320 114 006 3 592 000 000 3 776 500 000 5% 6% 10%

Tongaat Hulett 13 092 047 850 1 132 000 000 1 372 000 000 21% 10% 33%

Health 1 680 583 667 -431 625 833

9% -2%

Adcock Ingram 12 315 417 484 1 119 081 000 887 341 000 -21% 6% -40%

AfroCentric Investments Corporation 1 080 042 556.00 172 521 000 222 904 000 29%

Aspen Holdings 120 770 778 025 2 736 900 000 3 440 000 000 26% 12% 11%

Life Healthcare Group 39 291 307 575 2 089 000 000 2 412 000 000 15% 10% 0%

Mediclinic 63 262 235 363 2 035 000 000 2 177 000 000 7% 10% 9%

Network Healthcare Holdings 36 508 881 569 1 931 000 000 -11 729 000 000

6% 1%

Hospitality 807 230 000 1 382 447 000 71% 9% 64%

City Lodge Hotels 5 412 846 752 190 690 000 234 341 000 23% 8% 28%

Sun International 10 956 427 680 1 091 000 000 1 305 000 000 20% 24% 134%

Tsogo Sun Holdings 31 035 779 525 1 140 000 000 2 608 000 000 129%

33






Industrial 5 125 550 444 6 413 066 667 25% 19% -11%

AECI 15 229 917 786 1 144 000 000 983 000 000 -14% 8% -4%

African Oxygen 7 364 480 507 295 000 000 419 000 000 42% 88% -39%

Altron 2 536 059 144 1 136 000 000 398 000 000 -65% 9% 0%

ArcelorMittal SA 15 088 709 668 126 000 000 -692 000 000

1% -44%

Denel 110 000 000 49 000 000 -55% 32% 16%

Eskom Holdings Limited 11 673 000 000 18 407 000 000 58% 47% 42%

Invicta Holdings 39 480 958 445 451 254 000 584 200 000 29% -2% -42%

Reunert 13 997 827 158 1 778 700 000 1 566 400 000 -12% 12% -64%

Sasol 29 416 000 000 36 003 000 000 22% 15% 30%

Media 4 239 856 000 3 086 382 500 -27% 0% -4%

Caxton CTP 8 640 479 557 671 712 000 632 765 000 -6% 0% -4%

Naspers 392 628 223 408 7 808 000 000 5 540 000 000 -29%

Mining 31 948 282 775 17 333 682 989 -46% 10% -21%

African Rainbow Minerals 43 238 039 000 5 253 000 000 5 204 000 000 -1% -24% -38%

Anglo American Platinum 109 558 266 188 6 661 000 000 -7 617 000 000

-6% 68%

Anglo American plc 337 493 697 158 77 568 345 324 1 943 089 431 -97% 18% 7%

AngloGold Ashanti 51 301 635 423 16 961 000 000 9 602 200 000 -43% 12% -27%

BHP Billiton 621 587 243 405 218 566 433 566 179 859 375 000 -18% 16% -34%

Exxaro 58 430 125 796 7 019 000 000 5 156 000 000 -27% 21% 4%

Gold Fields 34 719 537 385 12 141 400 000 6 497 200 000 -46% 24% -39%

Harmony 14 146 921 425 246 000 000 1 930 000 000 685% 13% -29%

Impala Platinum 74 209 311 717 9 561 000 000 6 250 000 000 -35% 7% 15%

Kumba Iron Ore Limited 150 897 278 819 32 058 000 000 22 850 000 000 -29% -46% -53%

Lonmin plc 28 541 426 462 2 172 413 793 -5 629 032 258

18% -12%

34






Petra Diamonds 453 521 127 65 625 000 -86% 14% 22%

Trans Hex 355 271 771 -3 860 000 109 285 000

12% -11%

Xstrata 58 618 705 036 16 450 819 672 -72% 17% -37%

Paper & Packaging 1 490 546 465 2 153 667 742 44% 8% 12%

Mondi Group 20 019 738 499 (Ltd) 62 504 385 011 (PLC)

4 616 161 616 3 710 000 000 -20% 9% 14%

Nampak 22 067 515 598 1 390 200 000 1 638 100 000 18% 5% 5%

Sappi 14 456 614 154 -1 534 722 222 1 112 903 226

9% 13%

Retail 1 827 148 763 2 223 676 384 19% 16% 5%

Cashbuild 3 766 380 541 268 329 000 433 330 000 61% -7% -16%

Foschini 24 752 151 001 2 051 100 000 2 501 600 000 22% 21% 9%

Massmart 36 879 426 605 1 504 100 000 1 834 100 000 22% 4% -44%

Pick n Pay Stores Ltd 19 576 190 831 1 356 100 000 1 170 000 000 -14% 11% 240%

Shoprite 96 713 218 470 3 876 368 000 4 481 707 000 16% 27% 12%

Spar 21 730 289 236 1 405 000 000 1 518 700 000 8% 11% 50%

Truworths 42 679 502 104 2 860 000 000 3 190 000 000 12% 9% 7%

Woolworths 63 055 176 097 2 306 000 000 2 870 000 000 24% -15% -42%

Technology & Telecoms. 18 609 333 333 17 896 000 000 -4% 33% 23%

MTN Group 374 722 753 970 39 640 000 000 36 981 000 000 -7% 18% 4%

Telkom 13 139 377 747 3 550 000 000 774 000 000 -78% 148% 83%

Vodacom Group Limited 184 119 427 960 12 638 000 000 15 933 000 000 26% 5% 25%

Transport 1 988 808 333 1 934 051 333 -3% 9% 26%

Cargo Carriers 290 000 000 26 805 000 32 792 000 22% -3% -2%

Grindrod 15 121 262 953 772 087 000 1 070 041 000 39% 14% 28%

Imperial Holdings 46 400 296 332 4 180 000 000 4 770 000 000 14% 6% 10%

35






South African Airways 792 000 000 -1 357 000 000

7% 13%

Super Group 7 873 892 003 469 958 000 847 475 000 80% 4% 28%

Transnet 5 692 000 000 6 241 000 000 10% 18% 57%

Cross Sector Average 72 953 452 094 8 806 989 874 6 663 278 943 -24% 10% -3%

Note: Blanks in profit changes indicate that in either or both years the company experienced a loss and therefore the increase in profit could not be calculated. Negative

percentages indicate that the company profit fell from 2011 to 2012.

Directors' Fees Survey

Documents

Transcript of Directors' Fees Survey