Our Capitals
Remuneration report: Rewarding our people fairly for skills, experience and delivery
Our Capitals
Remuneration report: Rewarding our people fairly for skills, experience and delivery
Non-Executive Director remuneration
Non-Executive Directors (NEDs) who serve on the Board are compensated for their contributions. Their remuneration aligns with the requirements of the Companies Act No. 71 of 2008 and the King IV™ Report on Corporate Governance for South Africa, 2016. The SANBS NED Remuneration Policy aims to attract and retain qualified and experienced directors through fair and transparent compensation.
The remuneration for NEDs consists of a monthly retainer, meeting fees, and special fees, with the National Council approving all associated fees. PricewaterhouseCoopers has assisted in assessing NED remuneration levels during FY23. The comparator group chosen for this benchmarking exercise consisted of various companies of approximately the same size from mainly the health and logistics industries.
Fair & Transparent
Aligned with the Companies Act and King IV™ for integrity and openness.
Structured Compensation
Includes monthly retainers, meeting, and special fees.
Benchmarking Exercise
PwC assesses remuneration levels across health and logistics industries.
Accountability and disclosure
In the spirit of accountability, SANBS discloses the remuneration of its Directors and Prescribed Officers in its Annual Financial Statements. The attendance of NEDs at Board and committee meetings is reported in the governance section of these statements, ensuring transparency.
Looking forward
As SANBS looks ahead, performance will be measured against the implementation of the 2025-2030 strategy, ensuring that all aspects of remuneration are aligned with the company's goals and the needs of its employees. This strategic approach supports SANBS in its mission to save lives while maintaining a committed workforce dedicated to the company’s values and objectives.
Changing expectations of employees is considered in context when there is consideration/assessment of the various elements of our reward philosophy.
The company aims to determine the most suitable mix of rewards for its diverse workforce while also considering the prevailing economic climate. This includes exploring ways to offer employees greater flexibility in their remuneration structures, all while educating them about options for securing their financial futures. Work is ongoing to determine an allowance to attract people to critical and scarce roles in SANBS.
Ongoing refinement of the remuneration philosophy will ensure that pay scales remain appropriate through continuous benchmarking. SANBS values input from employees and collaborates with labour partners to gather feedback on perceived suitable rewards, in alignment with the THREAD values.