Page 31 - Niveus - Integrated report 2013

Non-executive board fees for the year ending 31 March 2013, effective from
1
October 2012, are set out below in rand:
Name
Board
Subcommittee
Total
JA Copelyn
43 000
17 000
60 000
MJA Golding
43 000
43 000
Y Shaik
43 000
17 000
60 000
J Ngcobo
43 000
17 000
60 000
LM Molefi
43 000
17 000
60 000
Total
215 000
68 000
283 000
Note: Payment of the non-executive board fees are subject to shareholder approval, which was granted on 26 April 2013.
Directors’ interest in Niveus share capital at the end of the financial year was:
Director
Number of
shares
Percentage
holding
Executive
A van der Veen
(
direct)
847 151
0,8
Non-executive
JA Copelyn
(
direct)
6 980 946
6,2
MJA Golding
(
direct)
8 712 704
7,7
MJA Golding
(
indirect)
1 764 283
1,6
The remuneration committee further approved bonuses and annual increases for
senior management.
Niveus and Johnnic Holdings Management Services Limited (“the administrator”)
entered into an administrative agreement to provide various services, including
company secretarial support, the provision of cash management services as well
as developing and advising Niveus in relation to appropriate capital management
strategies, and interacting with key stakeholders.
According to the agreement, the chief executive officer and the financial director
perform investment management and advisory services for Niveus in their capacity
as executive directors of Niveus.
As the executive directors are remunerated by the administrator, the remuneration
committee does not determine or approve the executive directors’ remuneration.
CORPORATE GOVERNANCE
Niveus Investments Limited integrated Report 2013
27