Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2010

25.	directors’ emoluments
		Executive R’000	2010 Non- executive R’000	Total R’000	Executive R’000	2009 Non- executive R’000	Total R’000
	Executive directors
	Fees	1 104		1 104	880		880
	Salaries	20 107		20 107	15 000		15 000
	Share Scheme bonuses*	–		–	20 064		20 064
	Retirement fund contributions	4 135		4 135	3 344		3 344
	Other benefits	1 269		1 269	1 547		1 547
	Subtotal	26 615		26 615	40 835		40 835

	Non-executive directors
	Independent		1 361	1 361		1 257	1 257
	Non-independent		2 839	2 839		3 943	3 943
	Total	26 615	4 200	30 815	40 835	5 200	46 035

	Increase in value – Remgro Share Scheme*	–	–	–	133 530	103 104	236 634

	* Refer note 26.1
		Fees R’000	2010 Salaries and other R’000	Total R’000	Fees R’000	2010 Salaries and other R’000	Total R’000
	Paid by:
	The Company	1 533		1 533	1 417		1 417
	Subsidiary company	1 448	27 834	29 282	1 280	43 338	44 618
		2 981	27 834	30 815	2 697	43 338	46 035

	Fees R’000	Salaries R’000	2010 Retire- ment fund R’000	Other benefits R’000	⁽¹³⁾	Total R’000	Fees R’000	Salaries R’000	2009 Share Scheme bonuses R’000	⁽¹²⁾	Retire- ment fund R’000	Other benefits R’000	⁽¹³⁾	Total R’000
Executive
W E Bührmann	172	1 957	422	225		2 776	160	1 806	6 583		389	289		9 227
L Crouse⁽¹⁾	172	3 070	642	225		4 109	160	2 750			588	223		3 721
J W Dreyer⁽²⁾	172	1 926	416	106		2 620	80	698			132	35		945
J J Durand⁽³⁾	72	2 122	313	75		2 582
D M Falck⁽⁴⁾								560			111	80		751
J A Preller (Mrs)	172	1 074	247	225		1 718	160	999	3 659		229	242		5 289
T van Wyk	172	1 896	410	141		2 619	160	1 591	4 694		343	175		6 963
M H Visser⁽⁵⁾	172	8 062	1 685	272		10 191	160	6 596	5 128		1 552	503		13 939
Subtotal	1 104	20 107	4 135	1 269		26 615	880	15 000	20 064		3 344	1 547		40 835

Non-executive (independent)
G D de Jager⁽⁶⁾	93					93	241							241
G T Ferreira⁽⁷⁾	84					84
P K Harris	201					201	187							187
N P Mageza⁽⁷⁾	96					96
P J Moleketi⁽⁷⁾	96					96
M M Morobe	172					172	160							160
M A Ramphele (Dr)⁽⁷⁾	72					72
D Prins⁽⁸⁾							134							134
M Ramos (Mrs)⁽⁹⁾							160							160
F Robertson	259					259	241							241
H Wessels⁽¹⁰⁾	288					288	134							134
Subtotal	1 361					1 361	1 257							1 257

Non-executive
(non-independent)
P E Beyers	172	610	155	106		1 043	160	568	–		144	104		976
J W Dreyer⁽²⁾							80	929	–		218	69		1 296
E de la H Hertzog	172	1 141	232	79		1 624	160	1 059	–		215	77		1 511
J Malherbe	172	–	–	–		172	160	–	–		–	–		160
J P Rupert⁽¹¹⁾	–	–	–	–		–	–	–	–		–	–		–
Subtotal	516	1 751	387	185		2 839	560	2 556	–		577	250		3 943
Total	2 981	21 858	4 522	1 454		30 815	2 697	17 556	20 064		3 921	1 797		46 035

	⁽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 J J Durand was appointed as an executive director on 4 November 2009.
	⁽⁴⁾ Mr D M Falck retired as financial director on 18 June 2008.
	⁽⁵⁾ Mr M H Visser earned, in addition to the above, a director’s fee of GBP7 500 (2009: GBP78 750) from BAT. He retired as a director of BAT on April 2009.
	⁽⁶⁾ Mr G D de Jager retired as an independent non-executive director on 5 August 2009.
	⁽⁷⁾ Messrs N P Mageza, P J Moleketi, G T Ferreira and Dr M A Ramphele were appointed as independent non-executive directors on November 2009.
	⁽⁸⁾ Mr D Prins retired as a non-executive director on 22 August 2008. He was the chairman of the Audit and Risk Committee.
	⁽⁹⁾ Mrs M Ramos retired as an independent non-executive director on 26 February 2009.
	⁽¹⁰⁾ 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.
	⁽¹¹⁾ Mr J P Rupert receives no emoluments.
	⁽¹²⁾ 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.
	⁽¹³⁾ Benefits include medical aid contributions and vehicle benefits.

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Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2010

25.

directors’ emoluments