| Executive directors' remuneration |
| The executive directors' remuneration is determined by
Remco in the same manner as all employees, and approved
by the board within the framework and philosophy as set out
in the table on the previous page. All executive directors are
employed under the general terms and conditions of
employment applicable to all group employees and none of
them have any special service contracts. The notice period for executive directors is one calendar month and they are
required to retire from the board upon reaching the age of
65 years. |
| |
| Basic remuneration, benefits and bonuses paid
executive directors |
| The components of executive directors' remuneration were
as follows: |
| |
| For the year ended 30 September 2007 |
| R000 |
Date
appointed
to the
board |
Cash
package |
Retirement
and medical
contribu-
tions |
Total
cost to
company
package |
Annual
cash
bonus
(note 1) |
Total |
| Gordon Schachat |
01/07/1995 |
1 890 |
110 |
2 000 |
3 000 |
5 000 |
| (executive deputy chairman) |
|
|
|
|
|
|
| Leon Kirkinis |
01/07/1997 |
2 064 |
120 |
2 184 |
3 500 |
5 684 |
| (chief executive officer) |
|
|
|
|
|
|
| Toni Fourie |
21/10/2003 |
2 041 |
206 |
2 247 |
2 000 |
4 247 |
| Tami Sokutu |
19/05/2003 |
1 833 |
135 |
1 968 |
1 450 |
3 418 |
| Dave Woollam (note 4) |
01/11/2002 |
1 583 |
143 |
1 726 |
1 600 |
3 326 |
| Total |
|
9 411 |
714 |
10 125 |
11 550 |
21 675 |
| For the year ended 30 September 2006 |
| R000 |
Date
appointed
to the
board |
Cash
package |
Retirement
and medical
contribu-
tions
|
Total
cost to
company
package |
Annual
cash
bonus
(note 3) |
Total |
| Gordon Schachat |
01/07/1995 |
1 922 |
79 |
2 001 |
2 500 |
4 501 |
| (executive deputy chairman) |
|
|
|
|
|
|
| Leon Kirkinis |
01/07/1997 |
2 098 |
87 |
2 185 |
3 000 |
5 185 |
| (chief executive officer) |
|
|
|
|
|
|
| Toni Fourie |
21/10/2003 |
1 892 |
228 |
2 120 |
2 000 |
4 120 |
| Tami Sokutu |
19/05/2003 |
1 721 |
135 |
1 856 |
1 400 |
3 256 |
| Dave Woollam |
01/11/2002 |
2 000 |
130 |
2 129 |
1 600 |
3 729 |
| Johan de Ridder |
22/04/2002 |
1 042 |
73 |
1 1162 |
n/a |
1 116 |
| Augus Herselman |
06/06/2003 |
972 |
143 |
1 1152 |
n/a |
1 115 |
| Dawn Marole |
17/03/2004 |
946 |
104 |
1 0502 |
n/a |
1 050 |
| Total |
|
12 592 |
979 |
13 572 |
10 500 |
24 072 |
|
| Notes |
| 1. |
These performance incentives relate to the financial year ended 30 September 2007 and were approved by the board (based on Remco's
recommendation) on 8 November 2007 and paid at the end of November 2007. This will be expensed in full, in terms of IFRS, in the 2008
financial year. |
| 2. |
These directors resigned from the board on 25 April 2006. |
| 3. |
These performance incentives relate to the financial year ended 30 September 2006 and were approved by the board (after Remco approval)
on 9 November 2006 and paid at the end of November 2006. This has been expensed in full, in terms of IFRS, in the 2007 financial year. |
| 4. |
Dave Woollam took three months' unpaid leave during the current financial year, just prior to taking up his new role as business
development executive. |
|
| |
| Share options |
| None of the directors had any options outstanding under
the existing share option scheme for any part of the current
financial year. |
| |
| Converted options |
| The following table sets out the details of converted options
held by executive directors as at 30 September 2007, and
movements during the current year. The weighted average
market price of an ABIL ordinary share on the date of
vesting was R30,72. |
| |
| Name |
Issue date |
Strike
price
R |
Number of ABIL shares (000’s) |
Balance as at
30 Sep 2006 |
Vested and
payable during
the year (note 1) |
Balance as at
30 Sep 2007 |
| Toni Fourie |
Sep 03 |
4,82 |
340 |
(340) |
0 |
|
Jun 04 |
10,38 |
200 |
(100) |
100 |
| |
|
|
540 |
(440) |
100 |
| Tami Sokutu |
Sep 03 |
4,82 |
600 |
(600) |
0 |
| |
|
|
600 |
(600) |
0 |
| Dave Woollam |
Nov 02 |
3,97 |
500 |
(500) |
0 |
|
Sep 03 |
4,82 |
200 |
(200) |
0 |
| |
|
|
700 |
(700) |
0 |
|
| Note |
| 1. |
The amounts that had vested on 30 September 2007 were paid during October 2007 and have been recorded as a liability as at
30 September 2007. |
|
| |
| LTIP scheme |
| The allocations to executive directors for the year ended 30 September 2007, together with movements in their LTIP portfolios
are reflected in the table below. |
| |
| For the year ended 30 September 2007 |
| R000 |
Value
as at
1 Oct
2006 |
2007
LTIP
award
(note 1) |
Change in
value of
LTIPs |
LTIPs
vested and
payable
(note 2) |
LTIPs
forfeited |
Value
as at
30 Sep
2007 |
| Gordon Schachat |
|
|
|
|
|
|
| (executive deputy chairman) |
0 |
0 |
0 |
0 |
0 |
0 |
| Leon Kirkinis |
|
|
|
|
|
|
| (chief executive officer) |
0 |
0 |
0 |
0 |
0 |
0 |
| Toni Fourie |
6 228 |
3 300 |
3 921 |
(2 691) |
0 |
10 759 |
| Tami Sokutu |
3 159 |
2 000 |
2 496 |
(1 371) |
0 |
6 283 |
| Dave Woollam |
5 184 |
2 500 |
4 072 |
(2 318) |
0 |
9 438 |
| Total |
14 571 |
7 800 |
10 489 |
(6 380) |
0 |
24 480 |
|
| |
| For the year ended 30 September 2006 |
| R000 |
Value
as at
1 Oct
2005 |
2006
LTIP
award
(note 3) |
Change in
value of
LTIPs |
LTIPs
vested and
payable
(note 4) |
LTIPs
forfeited |
Value
as at
30 Sep
2006 |
| Gordon Schachat |
|
|
|
|
|
|
| (executive deputy chairman) |
0 |
0 |
0 |
0 |
0 |
0 |
| Leon Kirkinis |
|
|
|
|
|
|
| (chief executive officer) |
0 |
0 |
0 |
0 |
0 |
0 |
| Toni Fourie |
2 500 |
4 000 |
561 |
(832) |
0 |
6 228 |
| Tami Sokutu |
1 300 |
2 000 |
291 |
(433) |
0 |
3 159 |
| Dave Woollam |
|
|
|
|
|
|
| (financial director) |
2 450 |
3 000 |
549 |
(816) |
0 |
5 184 |
| Total |
6 250 |
9 000 |
1 401 |
(2 081) |
0 |
14 571 |
|
| Notes |
| 1. |
The LTIP 2007 awards relate to performance for the year ended 30 September 2007, and were approved by the board (based on Remco's
recommendations) on 8 November 2007. |
| 2. |
This includes the LTIPs that vested on 30 September 2007 which were paid in October 2007. |
| 3. |
The LTIP 2006 awards relate to performance for the year ended 30 September 2006, and were approved by the Board (based on Remco's
recommendations) on 9 November 2006. |
| 4. |
This was vested on 30 September 2006 and paid in October 2006. |
|
| |
 ABIL's human capital
culture promotes individual
accountability and recognises
initiative and innovation. |
| |
| |
