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FINANCIAL OVERVIEW
Directors’ report
Directors’ service contracts
B Joffe
In consequence of a mutually agreed transition, Mr B Joffe has relinquished his role as executive chairman with effect from June 30 2017. His
executive service agreement has been terminated from June 30 2017. In terms of the service agreement, Mr Joffe continues as a participant in
the Bidcorp Conditional Share Plan in respect of his awards received prior to June 30 2017. All other benefits accruing in terms of the service
agreement up to June 30 2017 have been honoured. Mr Joffe has agreed to provide advisory consulting services to the company for the period
July 1 2017 to June 30 2018 and will receive a fee of R4,0 million payable in equal monthly instalments.
BL Berson
A new employment contract was concluded with Mr BL Berson. Under the terms of the new employment agreement, six months’ notice is required
upon termination of employment or retirement.
No other directors have fixed-term contracts.
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.
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 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.
Change in directorate
At the annual general meeting (AGM), Mrs CWL Phalatse retired from the board. The board thanked Mrs Phalatse for her contribution.
Mrs DD Mokgatle and Mr S Koseff were appointed as independent non-executive directors with effect from October 4 2016 and August 16 2017
respectively.
FINANCIAL STAT MENTS
Annual integrated report 2017
Bid Corporation Limited
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