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OUR GOVERNANCE
OUR GOVERNANCE
As we reflect and adapt to a new way of work, the SANBS is reviewing its reward and recognition approach to ensure that it remains competitive in the marketplace. SANBS has also supported employees in providing additional work tools and other resources as we responded to the Covid-19 pandemic by providing appropriate home office furniture for eligible employees.
The remuneration landscape in SANBS has been reviewed and looking ahead, various elements of the reward philosophy will be explored to come up with the most appropriate rewards mix for employee demographics.
As we reflect and adapt to a new way of work, the SANBS is reviewing its reward and recognition approach to ensure that it remains competitive in the marketplace. SANBS has also supported employees in providing additional work tools and other resources as we responded to the Covid-19 pandemic by providing appropriate home office furniture for eligible employees.
The remuneration landscape in SANBS has been reviewed and looking ahead, various elements of the reward philosophy will be explored to come up with the most appropriate rewards mix for employee demographics.
Further to the remuneration of SANBS employees, the Non-Executive Directors (NEDs) who comprise the governing body are remunerated for the work they do. To ensure fair remuneration commensurate with their responsibilities, the SANBS ensures that the requirements of the Companies Act No. 71 of 2008 and King IV Report on Corporate Governance for South Africa, 2016, Principle 14, are aligned with the organisation’s policy and practices in this regard.
To this end, the SANBS has a NED Remuneration Policy which sets out the key principles related to the fees of NEDs and to provide a framework for the Company to attract and retain qualified and experienced NEDs to drive the Company forward, while keeping it under effective control.
The principles that underpin this Policy are:
NED fees consist of three components – a monthly retainer, meeting fees and special fees. The National Council in accordance with the Memorandum of Incorporation approves the fees of the NEDs.
Further to the remuneration of SANBS employees, the Non-Executive Directors (NEDs) who comprise the governing body are remunerated for the work they do. To ensure fair remuneration commensurate with their responsibilities, the SANBS ensures that the requirements of the Companies Act No. 71 of 2008 and King IV Report on Corporate Governance for South Africa, 2016, Principle 14, are aligned with the organisation’s policy and practices in this regard.
To this end, the SANBS has a NED Remuneration Policy which sets out the key principles related to the fees of NEDs and to provide a framework for the Company to attract and retain qualified and experienced NEDs to drive the Company forward, while keeping it under effective control.
The principles that underpin this Policy are:
NED fees consist of three components – a monthly retainer, meeting fees and special fees. The National Council in accordance with the Memorandum of Incorporation approves the fees of the NEDs.
In the interest of transparency, below in the table, containing the elements of NED fees, are the amounts paid to each director during the reporting period, with comparative figures for the prior year.
PricewaterhouseCoopers is the independent external consultant that assisted with the NED fee benchmarking. This was undertaken in September 2019.
The peer groups chosen for the benchmarking are a comparator group of JSE-listed companies. The number of Board meetings and committee meetings attended by the various NEDs are reported in our Governance Report 
.
| Name | 31 March 2022 R’000 | 31 March 2021 R’000 |
|---|---|---|
|
A Ramalho |
693 |
783 |
|
F Burn |
506 |
503 |
|
J Black (Joined 20.11.2021) |
105 |
n/a |
|
S Fakie (Joined 23.11. 2020) |
551 |
168 |
|
W Gumede (Retired 09.07.2020) |
n/a |
228 |
|
C Henry (Joined 20.11.2021) |
98 |
n/a |
|
P Knox (Retired 20.11.2021) |
411 |
568 |
|
G Leong |
456 |
566 |
|
T Mokgatlha (Joined 02.12. 2021) |
429 |
n/a |
|
Y Moodley (Retired 30.06.2020) |
n/a |
92 |
|
P Mthethwa |
447 |
529 |
|
G Simelane |
n/a |
559 |
|
R Theunissen (Retired 20.11.2021) |
415 |
677 |
|
M Vaithilingum |
492 |
408 |
|
Total |
4 603 |
5 081 |
In the interest of transparency, below in the table, containing the elements of NED fees, are the amounts paid to each director during the reporting period, with comparative figures for the prior year.
PricewaterhouseCoopers is the independent external consultant that assisted with the NED fee benchmarking. This was undertaken in September 2019.
The peer groups chosen for the benchmarking are a comparator group of JSE-listed companies. The number of Board meetings and committee meetings attended by the various NEDs are reported in our Governance Report .
| Name | 31 March 2022 R’000 | 31 March 2021 R’000 |
|---|---|---|
|
A Ramalho |
693 |
783 |
|
F Burn |
506 |
503 |
|
J Black (Joined 20.11.2021) |
105 |
n/a |
|
S Fakie (Joined 23.11. 2020) |
551 |
168 |
|
W Gumede (Retired 09.07.2020) |
n/a |
228 |
|
C Henry (Joined 20.11.2021) |
98 |
n/a |
|
P Knox (Retired 20.11.2021) |
411 |
568 |
|
G Leong |
456 |
566 |
|
T Mokgatlha (Joined 02.12. 2021) |
429 |
n/a |
|
Y Moodley (Retired 30.06.2020) |
n/a |
92 |
|
P Mthethwa |
447 |
529 |
|
G Simelane |
n/a |
559 |
|
R Theunissen (Retired 20.11.2021) |
415 |
677 |
|
M Vaithilingum |
492 |
408 |
|
Total |
4 603 |
5 081 |