Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2009

« Note 23 Note 25 »
               
24. directors’ emoluments
      2009       2008    
       Non-        Non-    
    Executive   executive   Total   Executive   executive   Total  
      R’000   R’000   R’000   R’000   R’000   R’000  
  Executive directors            
  Fees 880     880   750     750  
  Salaries 15 000     15 000   11 919     11 919  
  Share Scheme bonuses* 20 064     20 064   –     –  
  Retirement fund contributions 3 344     3 344   2 690     2 690  
  Other benefits 1 547       1 547   1 212       1 212  
  Subtotal 40 835     40 835   16 571     16 571  
  Non-executive directors            
  Independent   1 257   1 257     1 175   1 175  
  Non-independent     3 943   3 943       4 429   4 429  
  Total   40 835   5 200   46 035   16 571   5 604   22 175  
  Increase in value – Remgro            
     Share Scheme* 133 530   103 104   236 634   –   –   –  
  * Refer note 25.1            
      2009       2008    
      Salaries       Salaries    
    Fees   and other   Total   Fees   and other   Total  
      R’000   R’000   R’000   R’000   R’000   R’000  
  Paid by:            
  The Company 1 417     1 417   1 325     1 325  
  Subsidiary company 1 280   43 338   44 618   1 200   19 650   20 850  
    2 697   43 338   46 035   2 525   19 650   22 175  
                   
        2009           
        Share     Retire-        
        Sheme     ment   Other      
    Fees   Salaries   bonuses  (9) fund   benefits  (10) Total 
     R’000  R’000  R’000    R’000  R’000    R’000 
  Executive                
  W E Bührmann 160  1 806  6 583    389  289    9 227 
  L Crouse(1) 160  2 750      588  223    3 721 
  J W Dreyer(2) 80  698      132  35    945 
  D M Falck(3)   560      111  80    751 
  J A Preller (Mrs) 160  999  3 659    229  242    5 289 
  T van Wyk 160  1 591  4 694    343  175    6 963 
  M H Visser(4) 160  6 596  5 128    1 552  503    13 939 
  Subtotal  880  15 000  20 064    3 344  1 547    40 835 
  Non-executive                
  (independent)                
  G D de Jager 241              241 
  P K Harris 187              187 
  M M Morobe 160              160 
  D Prins(5) 134              134 
  M Ramos (Mrs)(6) 160              160 
  F Robertson 241              241 
  H Wessels(7) 134                  134 
  Subtotal  1 257                  1 257 
  Non-executive                
  (non-independent)                
  P E Beyers 160  568  –    144  104    976 
  J W Dreyer(2) 80  929  –    218  69    1 296 
  E de la H Hertzog 160  1 059  –    215  77    1 511 
  J Malherbe 160  –  –    –  –    160 
  J P Rupert(8) –  –  –    –  –    – 
  Subtotal  560  2 556  –    577  250    3 943 
  Total  2 697  17 556  20 064    3 921  1 797    46 035 
                   
            2008       
            Retire-        
            ment   Other      
      Fees   Salaries     fund   benefits  (10)  Total 
       R’000  R’000    R’000  R’000    R’000 
  Executive                
  W E Bührmann   150  1 578    341  221    2 290 
  L Crouse(1)                
  J W Dreyer(2)                
  D M Falck(3)   150  2 027    436  319    2 932 
  J A Preller (Mrs)   150  910    210  221    1 491 
  T van Wyk   150  1 329    293  182    1 954 
  M H Visser(4)   150  6 075    1 410  269    7 904 
  Subtotall    750  11 919    2 690  1 212    16 571 
  Non-executive                
  (independent)                
  G D de Jager   225            225 
  P K Harris   175            175 
  M M Morobe   150            150 
  D Prins(5)   250            250 
  M Ramos (Mrs)(6)   150            150 
  F Robertson   225            225 
  H Wessels(7)                     
  Subtotal    1 175               1 175 
  Non-executive                
  (non-independent)                
  P E Beyers   150  514    131  102    897 
  J W Dreyer(2)   150  1 395    306  102    1 953 
  E de la H Hertzog   150  1 000    204  75    1 429 
  J Malherbe   150  –    –  –    150 
  J P Rupert(8)   –  –    –  –    – 
  Subtotal    600  2 909    641  279    4 429 
  Total    2 525  14 828    3 331  1 491    22 175 
  1. Mr L Crouse was appointed as financial director on 18 June 2008.
  2. Mr J W Dreyer was appointed as executive director on 25 November 2008. Prior to this date he served on the Board as a non-independent non-executive director.
  3. Mr D M Falck retired as financial director on 18 June 2008. In terms of the rules of the Remgro Share Scheme, participants who retired from the employment of the Group have one year after their retirement in which to exercise shares offered to them.
  4. Mr M H Visser earned, in addition to the above, a director’s fee of GBP78 750 (2008: GBP75 000) from BAT. He retired as a director of BAT on 30 April 2009.
  5. Mr D Prins retired as a non-executive director on 22 August 2008. He was the chairman of the Audit and Risk Committee.
  6. Mrs M Ramos retired as an independent non-executive director on 26 February 2009.
  7. Mr H Wessels was appointed as an independent non-executive director on 22 August 2008. He was also appointed as the chairman of the Audit and Risk Committee.
  8. Mr J P Rupert receives no emoluments.
  9. This bonus represents the gain paid to participants to the Remgro Share Scheme relating to ordinary shares in Remgro Limited purchased by participants after 30 September 2004, which have not vested by 6 August 2008. The gain was calculated as the difference between the original offer price of the shares and the five-day volume weighted average price up to 27 October 2008, being the last day to trade in order to have qualified for the BAT unbundling. The treatment as described was approved by Remgro shareholders on 7 October 2008.
  10. Benefits include medical aid contributions and vehicle benefits.