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Executive directors’ long-term incentives accounted for in The Bidvest Group Limited
Director
Share-
based
payment
expense
R’000
Benefit
arising
from
award
of CSP
R’000
Benefit
arising
from
restructure
of CSPs
R’000
Benefit
arising
from the
exercise
of options*
R’000
Gross
benefits
R’000
Previous
share-based
payment
expense
in respect
of awards
R’000
Actual LTI
benefit
R’000
2016
BL Berson
5 068
–
–
–
5 068
–
5 068
DE Cleasby
6 122
10 699
12 920
–
29 741
(12 976)
16 765
B Joffe
23 326
30 637
50 284
11 408
115 655
(47 424)
68 231
2016 total
34 516
41 336
63 204
11 408
150 464
(60 400)
90 064
2015
DE Cleasby
3 397
15 969
–
–
19 366
(8 704)
10 662
B Joffe
11 723
31 939
–
–
43 662
(17 407)
26 255
2015 total
15 120
47 908
–
–
63 028
(26 111)
36 917
* Includes taxable benefits arising on the settlement of The Bidvest Group Limited incentive scheme loans.
Directors’ service contracts
B Joffe’s employment agreement includes a contract term of three years, normal inflation related increases and a performance-related bonus.
No other executive directors have a fixed-term contract.
Directors and officers’ disclosure of interest in contracts
During the financial year no contracts were entered into in which directors and officers of the company had an interest and which significantly
affected the business of the group. The directors had no interest in any third party or company responsible for managing any of the business activities
of the group.
Logistics United Kingdom
Management irregularities were identified and investigated during the year, some of which relate to a recent acquisition and others to operational
activities, all of which significantly impacted the Logistics division. These irregularities are subject to ongoing legal processes. Any impact on non-
current assets is continually being monitored by management. In respect of the net operating assets, management has provided for the worst case
scenario based on management’s best estimate for the year then ended, notwithstanding potential recoveries from legal action and insurance claims.
Secretary
During the year under review, and in compliance with paragraph 3.84(i) and (j) of the JSE Listings Requirements, the board evaluated Mrs AK Biggs,
the company secretary, and is satisfied that she is competent, suitably qualified and experienced.
Furthermore, since she is not a director, nor is she related to or connected to any of the directors, thereby negating a potential conflict of interest, it
was agreed that she maintains an arm’s-length relationship with the board.
The business and postal addresses of the secretary, which are also the registered addresses of the company, are 2nd Floor, North Wing, 90 Rivonia
Road, Sandton, 2196 and Postnet Suite 136, Private Bag X9976, Sandton, 2146, respectively.
Directors’ report
Page 52
| Bidcorp Limited Annual integrated report 2016