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The remuneration paid to non-executive directors while in office of the company during the year ended June 30 2016 is analysed as follows:
Non-executive director
Directors’
fees
R’000
PC Baloyi
106
DDB Band
180
NG Payne
120
CWL Phalatse
115
H Wiseman
264
2016 total
785
All non-executive directors were appointed with effect from March 10 2016.
Prescribed officers
Due to the nature and structure of the group and the number of executive directors on the board of the company, the directors have concluded that
there are no prescribed officers of the company.
Share-based payment expense
Accounted for
in the company
Accounted for in
The Bidvest Group Limited
Total
Director
2016
R’000
2015
R’000
2016
R’000
2015
R’000
2016
R’000
2015
R’000
BL Berson
6 428
5 791
5 068
–
11 496
5 791
DE Cleasby
101
–
6 122
3 397
6 223
3 397
B Joffe
373
–
23 326
11 723
23 699
11 723
6 902
5 791
34 516
15 120
41 418
20 911
Details of directors and officers’ outstanding conditional share plan (CSP)
A conditional award is a conditional right to a share, which is awarded subject to performance and vesting conditions.
Conditional share plan awards accounted for in the company
Director
Balance
at June 30
2015
New
awards
Shares*
awarded
Vesting
arising
out of
unbundling**
Forfeited***
Transfer as
a result of
unbundling
Closing
balance
June 30
2016
BL Berson
151 163
35 000
(47 930)
(68 417)
(34 816)
–
35 000
DE Cleasby
–
–
–
–
–
19 000
19 000
B Joffe
–
–
–
–
–
70 000
70 000
151 163
35 000
(47 930)
(68 417)
(34 816)
89 000
124 000
* During 2016 shares were awarded at R342,62 per share.
** As a result of unbundling, The Bidvest Group Limited remuneration committee resolved to restructure the outstanding 2012, 2013, 2014, and 2015
Bidvest CSPs. On May 26 2016 CSPs were awarded at a market price of R346,00 per share.
*** Shares forfeited as a result of performance targets not being met.
Directors’ report
Page 50
| Bidcorp Limited Annual integrated report 2016