Telkom Integrated Annual Report 2017

Remuneration
structure

The remuneration structure is aligned with the group strategy and the agreed risk appetite, which seeks to reward success fairly, responsibly and transparently, while avoiding paying more than is necessary. The objectives of the policy are:

• to promote sustainable value creation through transparent alignment with agreed corporate strategy
• to ensure that proper risk management processes are in place and that remuneration is appropriately aligned with both short and long-term performance
• to ensure that all employees are remunerated competitively relative to industry benchmarks, provided with appropriate incentives to encourage enhanced performance, and rewarded for their individual contributions to the success of the company
• to ensure that remuneration is affordable and reasonable in terms of sustainable value creation for shareholders

We follow a holistic, balanced approach across the following remuneration elements:

Elements			Type			Participants and composition of pay			Desired outcome
Guaranteed package			Fixed			All employees Guaranteed packages consist of a basic pensionable salary, retirement provision and flexible benefits, which include a non-pensionable allowance and a travel allowance where applicable.			Influenced by the scope of the role and the knowledge, skills and experience required. Salary levels are positioned at a market median.
Short-term incentives (STIs)			Variable			All employees STIs comprise a cash payment that is payable after finalisation of audited results. The STI plan is designed and aligned with the shareholders’ expectations.			Delivers rewards on the achievement of annual performance targets. The level of achievement determines the level of payment against each weighted company performance measure.
Long-term incentives (LTIs)			Variable			All employees LTI plan senior leadership, M3 to M0 employees Employee share ownership plan (ESOP) middle management and bargaining unit employees, A to M4/S4			Motivate long-term sustainable stretch performance and align the interests of management with those of shareholders.

Guaranteed packages are influenced by the scope of the role and the knowledge, skills and experience required of the position holder. The packages reflect the market median which is determined through external market research that yields market data and appropriate salary ranges for specific positions.

Guaranteed packages

Introduction

Gauranteed packages
The guaranteed packages consist of a basic pensionable salary, retirement provision and flexible benefits		Basic pensionable salary company contributions to retirement other flexible benefits: travel allowance non-pensionable allowance medical aid housing allowance management provident fund

Employees are not entitled to annual guaranteed package increases. Annual increases are subject to industry market conditions, employee performance, internal equity, strategic investments and the company’s overall financial position, financial performance and ability to pay. The packages are reviewed against individual performance, set against a market median, and determined on a total cost-to-company basis.

Employees can structure their packages within the framework of the applicable policies, practices and regulatory requirements. Remuneration adjustments outside the annual remuneration review process may be considered in exceptional circumstances and will be subject to the agreed authorisation.

All positions are evaluated to determine their relative value and contribution in terms of complexity and required outcomes. Positions are evaluated using the company’s job evaluation system, which correlates with the Paterson Grading System as follows:

Hierarchical level			Level of leadership			Telkom grade
Group chief executive officer			Executive committee			MO
Chief officers			Executive management			M1
Managing directors/group/managing executives						M2
Executives			Executive leadership			M3
Senior manager/manager			Frontline leadership			M4/5
Operations manager/supervisor			Frontline leadership			M6
Support staff/technician/specialist			Operational			OP/2/A

Exco

Guaranteed packages are in line with similar roles in the comparable market according to organisational size, profitability and complexity. They are influenced by the scope of the role and knowledge, skills and experience required of the employee. Guaranteed packages are reviewed against individual performance, and set against market median. For full details on exco refer to page 123. The average guaranteed package increase was 0 percent (FY2016: 6 percent).

Management employees

Guaranteed packages for management levels are reviewed annually as part of the company’s overall remuneration review process and are assessed against individual performance. The average guaranteed package increase was 0 percent (FY2016: 6 percent).

Bargaining unit employees

Telkom follows a balanced approach in granting annual salary increases for bargaining unit employees with due consideration of the Consumer Price Index (CPI), market movements and affordability. The company entered into a two-year collaboration partnership agreement with organised labour in June 2016. The agreement will expire on 31 March 2018. As part of this agreement, no fixed salary increases were implemented for FY2017 and a 6 percent salary increase for FY2018 based on market functional areas’ 50th percentile will be implemented.

Telkom introduced a variable-based incentive scheme for bargaining unit employees, known as Performance Pays. Performance Pays focuses on customer satisfaction and productivity metrics, and replaces the current STI scheme, which is primarily driven by group financial performance. This empowers and enables bargaining unit employees to be more in control of their own destiny and rewards, and gives more direct and clear linkage between individuals’ efforts and their monthly pay.

The Performance Pays incentives vary between 0 percent and 9 percent based on individual performance and are payable per quarter. In addition, employees who perform at or above a three performance rating each year, will each receive a ‘14th cheque’, payable in June 2017. This 14th cheque will be calculated based on individual total package value subject to the company meeting its financial performance targets.

Benchmarking

Executive compensation is benchmarked to data provided in national executive compensation surveys, and information disclosed in the annual reports of companies listed on the JSE.

Ensuring an appropriate peer group to retain the integrity and appropriateness of the benchmark data is a key task of the remco. Executive pay is benchmarked annually.

Telkom introduced a variable-based incentive scheme for bargaining unit employees, known as Performance Pays. Performance Pays focuses on customer satisfaction and productivity metrics, and replaces the current STI scheme, which is primarily driven by group financial performance.

Performance management

Introduction

Telkom embarked on a performance management initiative in order to review the system and processes.

The focus is on defining key performance indicators (KPIs) for the GCEO, MDs and their direct reports, as well as the frontline staff. The purpose of the initiative is to implement a high-performance management culture that is outcome-oriented, consistent, simple and practical.

A monthly/weekly dashboard will be used to manage the business units and the focus will be on five to 10 critical and consistent KPIs (based on priorities which may change throughout the year).

Overall performance management process
Clear process definition Calendar Stakeholders Decision rights			Compliance Checks Reminders and follow-up Implications of non-compliance			Rewards and consequences Reviews and coaching Financial impact Promotions
Transparency on bonus ranges, calibration and bonus pool

Principles for KPI design and cascading include:

• Strategic - KPIs (flight plan) must be aligned with group strategy and financial objectives, and must contain a mix of customer, financial, operational and people metrics
• Focused - Metrics per individual are limited to between four and six KPIs (spread across categories). There should be at least one or two relevant shared/team KPIs (for example, consumer EBITDA)
• Practical - Employees must be able to directly influence their KPIs (other than group/BU KPIs). New KPI system was implemented from 1 June 2016

GCEO

The GCEO is rewarded on the delivery of the strategic and operational objectives in line with shareholder expectations and business strategy. The remuneration strategy for the GCEO is designed to align remuneration with long-term shareholder growth and sustainable profitability. The reward should demonstrate the critical and pivotal role the GCEO plays in the achievement of the company’s strategic objectives and operational goals. The following key performance areas were contracted with the GCEO:

Weighting			Category			Key metrics
40%			Financial			EBITDA (total company) headline earnings per share (HEPS) return on assets (ROA)
25%			Executing key strategic milestones			define and implement journey of independence company structure and operating model implement strategic shareholder model fit-for-purpose strategic shareholder centre bias to give business units full autonomy and as much control as possible
20%			Customer experience			NPS
15%			People goals (leadership and employees)			workforce transformation culture shaping and change management talent management elite leadership development accelerated development emerging talent development career planning and development

GCFO

The following key performance areas were contracted with the GCFO:

Weighting			Category			Key metrics
40%			Financial			net revenue EBITDA margin capital expenditure to revenue net debt to EBITDA
25%			Executing key strategic milestones			capital investment cash and liquidity financial framework stakeholder relationship
20%			Customer experience			NPS
15%			People goals (leadership and employees)			workforce transformation culture shaping and change management talent management

The STI component is an incentive that rewards the achievement of annual performance targets for management employees.

STIs

Introduction

The level of achievement determines the level of payment against each weighted company performance measure. The STI plan is designed and aligned with shareholder expectations.

It emphasises a remuneration policy that is performance driven, supports alignment between senior management and shareholders, and links STI to company performance.

The FY2017 plan was approved by remco and the board, with the following clearly defined principles:

• Both EBITDA and Profit after tax (PAT) targets must be achieved at the group company level to trigger any STI payment.
• No STI will be payable if the achievement is less than the hurdle rate.

STIs
STIs comprise cash payment that is payable after finalisation of audited results Hurdle rate to qualify for any STI payment is 95% Budget target – 100% Stretch target – 110% Maximum cap – 120% Base payment set at 7.4% of PAT			Bargaining unit employees, employees who perform at or above a three performance rating received a 14th cheque.

Telkom introduced a 25 percent interim STI payment for all management employees based on the achievement of interim EBITDA and PAT targets.

The size of the STI pool will depend on the achievement of PAT measures and will be variable. In line with the remuneration policy, the overall company performance will be measured at company, business unit and divisional level as indicated below.

		Business unit			Corporate centre			Total
Group financials		20%			20%			20%
Business unit/corporate centre		60%			60%			80%
Divisional		20%			20%
Total		100%			100%			100%

The rules, targets and measurements are tabled annually on the recommendation of remco to the board for approval, subject to the actual audited company performance reflected in the plan under review.

STIs plan awarded for FY2017

In accordance with the approved company STI plan, STIs were allocated to business units based on their actual achievement and divisional performance. Individual performance is recognised in the respective business units based on the achievement of individual performance contracts. FY2017 STI targets and achievements (excluding BCX and Trudon) are shown below:

Interim results

Performance criteria			Plan weighting %			Interim target FY2017* Rm			Actual FY2017* achievement Rm			Percent achievement (%)
PAT			50			1 428			1 923			134.7%
EBITDA			50			4 615			5 311			5.1%

Final annual result

Performance criteria			Plan weighting %			Baseline FY2016 Rm			Target FY2017 RM			Actual FY2017* achievement			Percent achievement (%)
PAT			50			2 306			2 117			3 224			152.3
EBITDA			50			8 424			8 344			9 005			107.9

* The target and achievements exclude the results of BCX and Trudon.

Telkom’s share incentive plans are structured to optimise the company’s overall position, while providing benefits that will assist the company to attract, retain and incentivise executives and top talented employees.

LTIs

Introduction

The plan is designed to support the principle of alignment between management and shareholder interests, with the ultimate aim of ensuring growth in shareholder value. The objectives are to motivate long-term sustainable performance, align the interests of top management with those of shareholders, and retain business-critical and top talented employees. In terms of the forfeitable share plan (FSP), a free transfer of shares is awarded to employees, under the condition of forfeiture in the case of termination of service before the vesting/release date; and achievement of the company’s pre-determined performance levels.

From the grant date, the employee has shareholder rights in respect of the forfeitable shares to receive dividend rights and voting rights. The Telkom LTI plan is an FSP, which has two components:

• LTI plan component (senior leadership, M3 to M0)
• ESOP component (middle management and bargaining unit, A to M/S4)

LTI
Long-term incentives LTI Plan ESOP			LTI plan component (M3 – M0)			ESOP (A – M4)

Vesting of awards

The performance conditions are measured after three years and the number of shares to vest is based on the extent to which the performance conditions are met.

Vesting period: LTI Plan
Award (M3 - M0)			FY2016			FY2017			FY2018			FY2019			FY2020			FY2021			Total
FY2013			50%			30%			20%												100%
FY2014						50%			30%			20%									100%
FY2015									50%			30%			20%						100%
FY2016												50%			30%			20%			100%
Total			50%			80%			100%			100%			50%			20%

Vesting period: ESOP
Award (A - M4)			FY2016			FY2017			FY2018			FY2019			Total
FY2013			100%												100%
FY2014						100%									100%
FY2015									100%						100%
FY2016												100%			100%
Total			100%			100%			100%			100%

The following performance condition was set for the vesting of the FY2017 share awards, which were awarded in June 2016:

• Participants in the ESOP will only be measured on operational targets on which they have a direct influence.

Category

Performance condition

Weight

Target - Rand value

F2017

F2018

F2019

F2020

F2021

Financial 70%

Total shareholder return (TSR)

20%

Risk free* +4%

Risk free* +4%

Risk free* +4%

Risk free* +4%

Risk free* +4%

HEPS

30%

As per the business plan

Free cash flow (FCF)

10%

As per the business plan

Return on invested capital

10%

As per the business plan

Operational 30%

Customer first

Customer Loyalty Measure (CLM) – Telkom overall quality (Revenue weighted composite score)

15%

62.1%

63.8%

65.2%

66.6%

66.6%

Baseline 58.6 (FY2015)

TSA 100 Index

15%

Composite score: 1

Composite score: 1

Composite score: 1

Composite score: 1

Composite score: 1

Assurance Index

Fulfilment Index

Threshold: 0.90

Threshold: 0.90

Threshold: 0.90

Threshold: 0.90

Threshold: 0.90

*	Risk-free rate: Government bond (R203) with a three-year term to maturity to correspond with term of vesting. A risk-free rate of 7.34 percent plus 4 percent equates to a CPI plus 5.74 percent (real return).

Total number of shares issued up to 31 March 2017

Year awarded			FY2014			FY2015			FY2016			FY2017
Date awarded			November 2013			April 2015			June 2015			June 2016
Total number of shares available			26 039 195			19 479 905			14 794 171			10 061 728
Shares awarded			6 559 290			4 685 734			4 732 443			4 886 209
Remaining shares available for future allocations			19 479 905			14 794 171			10 061 728			5 175 519

Total number of shares may fluctuate annually based on forfeiture of shares due to non-performance and resignations, and vesting of shares due to the achievement of performance conditions and pro-rata vesting for good leavers.

Vesting of 2013 forfeitable shares

In accordance with the Telkom FSP, the following shares vested in 2016 based on the achievement of the following performance vesting condition:

• Additional shares award (ASA) for exco members
  100 percent if a share price of R50 is achieved after the three-year performance period – the full award vested based on the actual achievement of the performance condition:

Vesting of 2013 forfeitable shares – Performance conditions achieved

ASA award price			ASA target price			Share price as at 31 March 2016
R23.80			R50.00			R57.57

• LTI Plan (M0 to M3 level management employees):

50 percent of the shares vested in 2016 subject to the extent that the TSR was met over the three-year performance period:

Year			TSR target			TSR achievement			Percent achieved
March 2014			RFR (6 percent) +6 percent on a share price of R27.30 (19/11/2013)			R33.65			23%
March 2015			RFR (6 percent) +6 percent on a share price of R27.30 (19/11/2013)			R80.00			193%
March 2016			RFR (6 percent) +6 percent on a share price of R27.30 (19/11/2013)			R57.57 + R2.45 dividend declaration			120%

The full 50 percent forfeitable shares vested for qualifying employees.

• ESOP (M4 – A level employees):
  100 percent of forfeitable shares will vest in year three based on achievements of NPS - customer index

Segment: NPS

Actual 2013/14

Actual 2014/15

Actual 2015/16

Target 2015/16

Target achieved

Total Telkom composite score

9

5.7

3.8

6.6

No

NPS target was not met and therefore, 0 percent of the ESOP shares vested.

A total of 796 224 forfeitable shares vested (excluding shares that vested to good leavers) on 6 June 2016 at a share price of R59.63

• ASA – 133 341 shares
• LTI Plan – 637 811 shares
• ESOP – 0 shares
• Performance shares – 25 072 shares

Section 02

Telkom’s share incentive plans are structured to optimise the company’s overall position, while providing benefits that will assist the company to attract, retain and incentivise executives and top talented employees.

The Performance Pays incentives vary between 0 percent and 12 percent based on individual performance and are payable per quarter. In addition, employees who perform at or above a three performance rating each year, will each receive a ‘14th cheque’, payable in June 2017.

Pay mix for executive directors and prescribed officers

 

 

Executive directors’ remuneration

Remuneration and benefits paid and STIs approved in respect of the 2017 financial year are set out in the following table.

Rand			Guaranteed package			STI*			Fringe and other benefits			LTI (vested shares)			Total 2017			Total 2016
Executive directors
SN Maseko			7 441 200			8 813 911			11 997			9 637 818			25 904 926			14 510 729
DJ Fredericks			5 250 000			4 365 753			11 997			3 857 167			13 484 917			9 456 765
Total			12 691 200			13 179 665			23 993			13 494 985			39 389 842			23 967 494

Prescribed officers’ remuneration (excluding executive directors)

The aggregate remuneration, benefits paid and STIs and LTIs approved for the 2017 financial year are set out in the following table. Executive and prescribed officers’ emoluments are set out in the financial statements in note 39.

2017 emoluments per prescribed officer

Company			Remuneration* R			Incentive bonus R			Fringe and      other      benefits** R			LTI (vested shares) R			Total R			Pension –      TRF      13 percent*** Rm
BC Armstrong			5 001 345			4 249 353			11 997			1 037 264			10 299 959			319 086
LM de Villiers			3 288 448			2 681 058			11 997			3 635 999			9 617 502			447 229
AN Samuels			4 500 000			4 433 738			11 997			–			8 945 735			339 300
IM Russell			4 153 353			4 103 244			11 997			1 236 249			9 504 843			323 961
J Henning1			1 900 000			594 660			96 371			921 224			3 512 255			172 841
A Vitai			5 830 000			5 777 314			11 997			–			11 619 311			–
NM Lekota2			266 667			179 207			–			–			445 874			28 000
I Mophatlane			5 804 827			5 341 562			519 909			–			11 666 298			246 371
T Seopa			3 460 184			–			–			–			3 460 184			260 898
Total			34 204 823			27 360 137			676 265			6 830 736			69 071 961			2 137 686

2016 emoluments per prescribed officer

Company			Remuneration* R			Incentive bonus R			Fringe and      other      benefits** R			Total R			Pension –        TRF        13 percent*** Rm
BC Armstrong			5 001 345			3 340 323			481 830			8 823 498			455 122
LM De Villiers			3 288 448			2 051 514			321 557			5 661 519			447 229
TE Msubo3			1 383 071			–			317 475			1 700 546			107 880
GJ Rasethaba3			1 192 156			692 669			274 338			2 159 163			89 888
AN Samuels			4 291 667			3 489 288			350 649			8 131 604			524 667
V Scarcella3			1 430 000			1 011 458			329 038			2 770 496			111 540
IM Russell			4 153 353			3 000 011			402 977			7 556 341			323 961
MA Altman3			1 197 396			347 857			272 522			1 817 775			124 529
IC Coetzee			1 039 819			625 000			738 597			2 403 416			78 402
J Henning4			1 295 455			1 091 071			11 997			2 398 523			–
A Vitai4			2 650 000			1 911 922			11 997			4 573 919			–
Total			26 922 710			17 561 113			3 512 977			47 996 800			2 263 218

Rand			Guaranteed package			Short-term incentive			Long-term incentive			Fringe and other benefits			Total FY2017			Total FY2016
Executive management team			97 994 421			57 542 795			23 595 644			21 661 733			200 794 593			167 580 855
Number of employees															47			41

*Remuneration has been apportioned based on the period served as prescribed officers. Comparative information has been provided for members identified       as prescribed officers. ** Fringe and other benefits include motor car insurance and flexible allowance. *** The pension contribution is a company contribution.

1 Stepped down following merger of enterprise with BCX. 2 Appointed to exco 1 March 2017. 3 Ceased to be prescribed officers on 31 August 2015. 4 Appointed to exco 19 October 2015.

Non-executive directors’ fees

Non-executive directors’ remuneration key principles and policies
The board of directors, on the recommendation of Remco, determines the fees of the non-executive directors.

Fees for Telkom’s non-executive directors are determined by the board based on market practice, within the restrictions contained in Telkom’s MOI. Telkom’s non-executive directors receive no pay or benefits other than directors’ fees, with the exception of reimbursement of expenses incurred in connection with their directorships. The non-executive directors participate in neither the LTI share plan nor the STI plan outlined herein, and are not eligible for pension scheme membership.

The remuneration structure is considered to be fair and reasonable and in the best interest of the company.

		FY2017 Rm				FY2016 Rm
Chair of the board		1 250 000				1 250 000
Non-executive director of the board		366 000				366 000
International board member		505 408				505 408
Audit committee chair		220 600				220 600
Audit committee member		134 900				134 900
Remuneration committee chair		200 000				200 000
Remuneration committee member		120 000				120 000
Nominations committee chair		133 050				133 050
Nominations committee member		90 000				90 000
Investment and transactions committee chair		138 138				138 138
Investment and transactions committee member		90 000				90 000
Social and ethics committee chair		200 000				200 000
Social and ethics committee member		120 000				120 000
Risk committee chair		200 000				200 000
Risk committee member		120 000				120 000

Refer to note 39 of the consolidated annual financial statements (available online) for fees paid to non-executive directors during the year.

 

Committee

Scheduled meetings

Fee per meeting

Special meetings

Fee per meeting

Board

5

Annual retainer

2

Chairman: R23 400

Audit

6

Chairman: R55 150 Member: R33 725

1

Board members: R17 500

Risk

4

Chairman: R50 000 Member: R30 000

–

Remuneration

4

Chairman: R50 000 Member: R30 000

1

Nominations

3

Chairman: R44 350 Member: R30 000

2

Investment and transactions

4

Chairman: R46 046 Member: R30 000

4

Social and ethics

4

Chairman: R50 000 Member: R30 000

–

Where any board member voluntarily attends a meeting of a committee of which he/she is not a member, there is no attendance fee payable. All fees are paid proportionally to the period in which office is held.

Beneficial shareholding

Directors’ shareholding as at 31 March 2017

Directors’ interest and prescribed officers			Beneficial						Non-beneficial
			Direct			Indirect			Direct			Indirect
Group and company
Number of shares
Directors' shareholding
2017
Executive
SN Maseko			52 520			–			–			–
DJ Fredericks			48 7111			267			–			–
			101 231			267			–			–
Non-executive
JA Mabuza			26 000			–			–			–
I Kgaboesele			12 000			–			–			–
KW Mzondeki			267			–			–			–
			38 267			–			–			–

The beneficial interest for one of our executive directors, DJ Fredericks, has increased from 9 607 to 48 711 in July 2016. In terms of the Telkom share plan and as disclosed in our FY2016 integrated report, 64 685 shares vested for DJ Fredericks and he disposed of 25 581 shares on 5 July 2016. The balance of 39 104 shares added to the 9 607 shares which he already held brought his total shares to 48 711.

There have been no changes in the above since 31 March 2017 to the date of approval of the consolidated annual financial statements.

Directors’ interest and prescribed officers

Beneficial

Non-beneficial

Direct

Indirect

Direct

Indirect

2016

Executive

SN Maseko

52 520

–

–

–

DJ Fredericks

9 607

267

–

–

62 127

267

–

–

Non-executive

JA Mabuza

26 000

–

–

–

F Petersen-Lurie

–

–

–

400

I Kgaboesele

12 000

–

–

–

KW Mzondeki

267

–

–

–

38 267

–

–

400

In terms of the Telkom share plan 161 627 and 64 685 shares vested for SN Maseko and DJ Fredericks respectively. On 4 July 2016 SN Maseko disposed of 145 907 shares. On 5 July 2016, SN Maseko and DJ Fredericks disposed of 15 720 and 25 581 shares respectively.

Shares awarded

		Year of the award			Shares awarded			Share award price R			Face value of award R			Vested shares
SN Maseko
FSP		2013			163 866			23.80			3 900 011			81 933
ASA		2013			54 622			23.80			1 300 004			54 622
FSP		2014			138 352			76.11			10 529 971			–
FSP		2015			150 428			74.20			11 161 758			–
Performance shares		2015			50 143			74.20			3 720 611			25 072
FSP		2016			197 066			56.64			11 161 818			–
Performance shares		2016			65 689			56.64			3 720 625			–
Total					820 166						45 494 798			161 627
DJ Fredericks
FSP		2013			74 898			23.80			1 782 572			37 449
ASA		2013			27 236			23.80			648 217			27 236
FSP		2014			86 705			76.11			6 599 118			–
FSP		2015			53 066			74.20			3 937 497			–
FSP		2016			69 043			57.03			3 937 522			–
Total					310 948						16 904 926			64 685
BC Armstrong
FSP		2013			15 126			23.80			359 999			7 563
ASA		2013			9 832			23.80			234 002			9 832
FSP		2014			82 717			76.11			6 295 591			–
FSP		2015			50 553			74.20			3 751 033			–
FSP		2016			65 773			-			3 751 034			–
Total					224 001						14 391 658			17 395
LM de Villiers
FSP		2013			70 603			23.80			1 680 351			35 302
ASA		2013			25 674			23.80			611 041			25 674
FSP		2014			54 569			76.11			4 153 247			–
FSP		2015			33 239			74.20			2 466 334			–
FSP		2016			43 246			57.03			2 466 319			–
Total					227 331						11 377 292			60 976
AN Samuels
FSP		2014			55 629			76.11			4 233 923			–
FSP		2015			40 431			74.20			2 999 980			–
FSP		2016			59 179			57.03			3 374 978			–
Total					155 239						10 608 882
IM Russell
FSP		2013			24 005			30.35			728 552			12 003
ASA		2013			8 729			30.35			264 925			8 729
FSP		2014			68 922			76.11			5 245 653			–
FSP		2015			41 981			74.20			3 114 990			–
FSP		2016			54 621			57.03			3 115 036			–
Total					198 258						12 469 156			20 732
A Vitai
FSP		2013			–			–			–			–
ASA		2013			–			–			–			–
FSP		2014			95 374			76.11			7 258 915			–
FSP		2015			58 929			74.20			4 372 532			–
FSP		2016			76 670			57.03			4 372 490			–
Total					230 973						16 003 937
J Henning
FSP		2013			30 897			23.80			735 349			15 449
ASA		2013			–			–			–			–
FSP		2014			23 680			76.11			1 802 285			–
FSP		2015			13 443			74.20			997 471			–
FSP		2016			17 491			57.03			997 512			–
Total					85 511						4 532 616			15 449
NM Lekota
FSP		2016			21 042			57.03			1 200 025			–
Total					21 042						1 200 025
LI Mophatlane
FSP		2016			255 384			65.34			16 686 791			–
Total					255 384						16 686 791
TS Seopa
FSP		2016			147 805			70.23			10 380 552			–
Total					147 805						10 380 552

Vesting date

Vesting price R

Value of vested shares R

Closing number

SN Maseko

FSP

2016-06-06

59.63

4 885 665

81 933

ASA

2016-06-06

59.63

3 257 110

-

FSP

–

–

–

138 352

FSP

–

–

–

150 428

Performance shares

2016-06-06

59.63

1 495 043

25 071

FSP

–

–

–

197 066

Performance shares

–

–

–

65 689

Total

9 637 818

658 539

DJ Fredericks

FSP

2016-06-06

59.63

2 233 084

37 449

ASA

2016-06-06

59.63

1 624 083

–

FSP

–

–

–

86 705

FSP

–

–

–

53 066

FSP

–

–

–

69 043

Total

3 857 167

246 263

BC Armstrong

FSP

2016-06-06

59.63

450 982

7 563

ASA

2016-06-06

59.63

586 282

–

FSP

–

–

–

82 717

FSP

–

–

–

50 553

FSP

–

–

–

65 773

Total

1 037 264

206 606

LM de Villiers

FSP

2016-06-06

59.63

2 105 058

35 301

ASA

2016-06-06

59.63

1 530 941

–

FSP

–

–

–

54 569

FSP

–

–

–

33 239

FSP

–

–

–

43 246

Total

3 635 999

166 355

AN Samuels

FSP

–

–

–

55 629

FSP

–

–

–

40 431

FSP

–

–

–

59 179

Total

155 239

IM Russell

FSP

2016-06-06

59.63

715 739

12 002

ASA

2016-06-06

59.63

520 510

–

FSP

–

–

–

68 922

FSP

–

–

–

41 981

FSP

–

–

–

54 621

Total

1 236 249

177 526

A Vitai

FSP

–

–

–

–

ASA

–

–

–

–

FSP

–

–

–

95 374

FSP

–

–

–

58 929

FSP

–

–

–

76 670

Total

230 973

J Henning

FSP

2016-06-06

59.63

921 224

15 448

ASA

2016-06-06

–

–

–

FSP

–

–

–

23 680

FSP

–

–

–

13 443

FSP

–

–

–

17 491

Total

921 224

70 062

NM Lekota

FSP

–

–

–

21 042

Total

21 042

LI Mophatlane

FSP

–

–

–

255 384

Total

255 384

TS Seopa

FSP

–

–

–

147 805

Total

147 805