{"id":3038,"date":"2022-06-20T11:08:29","date_gmt":"2022-06-20T09:08:29","guid":{"rendered":"https:\/\/famousbrands.co.za\/iar2022\/remuneration-committee-report\/"},"modified":"2022-06-21T13:51:00","modified_gmt":"2022-06-21T11:51:00","slug":"remuneration-committee-report","status":"publish","type":"page","link":"https:\/\/famousbrands.co.za\/iar2022\/governance-and-remuneration\/remuneration-committee-report\/","title":{"rendered":"Remuneration Committee report"},"content":{"rendered":"
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The key focus of the Committee was to review the suitability of our remuneration structures and targets in light of the steady return of our businesses to normal trading.<\/p>\n<\/p><\/div>\n

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Mandate<\/div>\n

The purpose of the Remuneration Committee is to assist the Board in discharging its oversight responsibilities relating to all compensation matters, including reviewing all components of remuneration, proposing measures for the STI and LTI schemes, implementing all relevant employee compensation policies, ensuring alignment with market best practices and compliance with King IV.<\/p>\n<\/div>\n\n\n\n\n
Members<\/strong><\/td>\nInvitees<\/strong><\/td>\nRelevant skills profile of members<\/strong><\/td>\n<\/tr>\n
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Chairman <\/strong><\/p>\n

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  • TE Mashilwane*\u2002<\/li>\n
  • 1\/3 CH Boulle*\u20022\/3<\/li>\n<\/ul>\n

    Members<\/strong><\/p>\n

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    • SL Botha <\/li>\n
    • F Petersen-Cook** <\/li>\n<\/ul>\n<\/td>\n
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  • CEO <\/li>\n
  • Group HR Executive <\/li>\n
  • Company Secretary<\/li>\n
  • Group Financial Director<\/li>\n<\/ul>\n<\/td>\n
Committee members are highly skilled in business and strategy, legal, risk and governance, marketing, and finance.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
*<\/sup><\/td>\nEmma Mashilwane stepped down from the Board and as Chairman of the Remuneration Committee on 23 July 2022, she was replaced by Chris Boulle as the incoming Chairman. <\/td>\n<\/tr>\n
**<\/sup><\/td>\nFagmeedah Petersen-Cook joined the Remuneration Committee on 1 June 2022. <\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Focus areas for 2022 <\/strong><\/td>\n<\/tr>\n
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General <\/strong><\/p>\n<\/td>\n<\/tr>\n

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  • Reviewed and approved the Committee Charter and annual Committee work plan.<\/li>\n
  • Reviewed and approved remuneration-related disclosures in the IAR and AFS, and the Remuneration report for presentation at the AGM for purposes of passing non-binding advisory votes.<\/li>\n
  • Follow up on delayed temporary employee relief scheme payments (TERS) from the Unemployment Insurance Fund (UIF). <\/li>\n
  • Noted the changes in the BBBEE scorecard related to employment equity. <\/li>\n
  • The King IV guidance paper on effective stakeholder engagement within the context of remuneration was tabled and noted.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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Remuneration amendments <\/strong><\/p>\n<\/td>\n<\/tr>\n

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Non-executive directors fees <\/strong><\/p>\n<\/td>\n<\/tr>\n

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  • Approved the reinstatement of non-executive director fees to 100% following the COVID-19 reduction in 2021.<\/li>\n
  • Recommended and approved a 4% increase in non-executive director fees and approved an hourly rate of R2 500 for non-executive directors who perform consulting services to the Company.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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Executive performance <\/strong><\/p>\n<\/td>\n<\/tr>\n

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  • Reviewed the CEO\u2019s performance scorecard for 2021 and set his scorecard for 2022. <\/li>\n
  • Reviewed the previous Group Financial Director\u2019s performance scorecard for 2021 (Lebo Ntlha) and set her scorecard for 2022.<\/li>\n
  • Set the new Group Financial Director\u2019s performance scorecard for 2022 (Deon Fredericks). <\/li>\n
  • Approved the 2022 scorecard for Exco in consultation with the Exco team. The Exco scorecard applies similar principles to the CEO scorecard with the focus on fiscal discipline and alignment to the three-year strategic plan, and the inclusion of EBITDA and HEPS as part of STI and absolute TSR and ROCE as part of LTI weightings.<\/li>\n
  • Oversaw psychometric assessments for Exco members to inform a Leadership Development Programme.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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Succession <\/strong><\/p>\n<\/td>\n<\/tr>\n

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