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DIRECTORS’ REMUNERATION REPORT |
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Share Incentive Scheme interests |
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THE AVI LIMITED SHARE
INCENTIVE SCHEMES
Name |
Date of
grant |
Exercise
price per
share
R |
Instruments1
outstanding at 30 June 2007
number |
Granted
number |
Exercised
number |
|
Instruments1
outstanding at 30 June 2008
number |
| SL Crutchley |
27 September 2001 |
6,21 |
21 406 |
– |
– |
|
21 406 |
| |
01 July 2004 |
10,02 |
114 285 |
– |
– |
|
114 285 |
| |
31 May 2005 |
12,62 |
211 953 |
– |
– |
|
211 953 |
| |
1 April 2008 |
16,26 |
– |
508 155 |
– |
|
508 155 |
| RS Katzen |
1 July 2004 |
10,02 |
117 781 |
– |
(117 781) |
|
– |
| |
31 May 2005 |
12,62 |
141 968 |
– |
– |
|
141 968 |
| |
1 April 2008 |
16,26 |
– |
153 911 |
– |
|
153 911 |
| OP Cressey |
10 October 2005 |
15,19 |
47 508 |
– |
– |
|
47 508 |
| |
1 October 2007 |
21,12 |
– |
114 168 |
– |
|
114 168 |
| |
|
|
654 901 |
776 234 |
(117 781) |
|
1 313 354 |
|
|
| 1 |
Includes options and unexercised scheme shares. |
| • |
Unless specifically noted, all options are vested or vest three years after grant date, and lapse on the tenth anniversary (issued before 2007) or on the
fourth anniversary (issued after 2006) of the grant date. |
| • |
None of the non-executive directors has share incentive scheme interests. |
| • |
The shareholdings of the directors, are given in the directors’ report. |
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THE AVI FINANCIAL SERVICES
CASH-SETTLED
SHARE APPRECIATION RIGHTS PLAN
Name |
Date of
grant |
Exercise
price
R |
Instruments
outstanding at 30 June 2007
number |
Granted
number |
|
Instruments
outstanding at 30 June 2008
number |
| SL Crutchley |
1 October 2005 |
13,21 |
161 989 |
– |
|
161 989 |
| |
1 April 2006 |
16,32 |
209 099 |
– |
|
209 099 |
| |
1 April 2007(1) |
19,39 |
– |
314 595 |
|
314 595 |
| RS Katzen |
1 April 2006 |
16,32 |
120 634 |
– |
|
120 634 |
| |
1 April 2007(1) |
19,39 |
– |
129 738 |
|
129 738 |
| OP Cressey |
1 May 2006 |
16,85 |
69 332 |
– |
|
69 332 |
| |
1 October 2006 |
15,91 |
123 743 |
– |
|
123 743 |
| |
|
|
684 797 |
444 333 |
|
1 129 130 |
|
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| (1)Allocation was due in April 2007 but awarded in current financial year after finalisation of scheme rules. |
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| The above scheme is a cash-settled scheme in a subsidiary that is accounted for in terms of IFRS 2 – Share-Based Payments, since the share
appreciation rights are directly linked to the AVI Ltd share price. The options are exercisable in their entirety three years after the grant date.
Any rights not exercised on the tenth anniversary (issued before 2007) or on the fourth anniversary (issued after 2006) of such date will lapse. |
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THE AVI OUT PERFORMANCE SCHEME
Name |
Date of
grant |
Grant
price
R |
Granted
number |
|
Instruments
outstanding at 30 June 2008 |
| SL Crutchley |
31 October 2007 |
21,35 |
98 810 |
|
98 810 |
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25 June 2008 |
14,47 |
97 194 |
|
97 194 |
| RS Katzen |
31 October 2007 |
21,35 |
43 414 |
|
43 414 |
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25 June 2008 |
14,47 |
25 622 |
|
25 622 |
| OP Cressey |
31 October 2007 |
21,35 |
45 175 |
|
45 175 |
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25 June 2008 |
14,47 |
53 324 |
|
53 324 |
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363 539 |
|
363 539 |
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| All instruments vest three years after grant date. Instruments are converted to shares if the performance requirements are met on the
measurement date. |
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Emoluments |
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| Paid to directors of the Company by the Company and its subsidiaries |
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Salary
R’000 |
Bonus and
performance
related
payments*
R’000 |
2008
Pension
fund
contri-
butions
R’000 |
Gains on
exercise
of share
options
R’000 |
Other
benefits
and
allowances
R’000 |
Total
R’000 |
2007
R’000 |
| EXECUTIVE DIRECTORS |
|
|
|
|
|
|
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| SL Crutchley |
2 913 |
2 179 |
377 |
– |
226 |
5 695 |
5 444 |
| OP Cressey |
1 578 |
1 112 |
188 |
– |
163 |
3 041 |
1 792 |
| RS Katzen |
1 560 |
544 |
181 |
1 187 |
113 |
3 585 |
2 899 |
| |
6 051 |
3 835 |
746 |
1 187 |
502 |
12 321 |
10 135 |
NON-EXECUTIVE
DIRECTORS’ AND
COMMITTEE FEES |
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| AWB Band (chairman) |
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|
425 |
425 |
| MH Buthelezi |
|
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|
190 |
160 |
| NJM Canca |
|
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|
140 |
130 |
| AR Evans3 |
|
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|
49 |
145 |
| AKL Fihla1 |
|
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|
– |
75 |
| PM Goss |
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|
140 |
130 |
| JR Hersov |
|
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|
110 |
100 |
| SD Jagoe |
|
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|
170 |
140 |
| NT Moholi4 |
|
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|
64 |
– |
| A Nühn5 |
|
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|
|
233 |
– |
| GR Tipper2 |
|
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|
155 |
25 |
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1 676 |
1 330 |
| |
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13 997 |
11 465 |
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1Resigned 22 March 2007
2Appointed 26 March 2007
3Retired 24 October 2007
4Appointed 1 December 2007
5Appointed 16 November 2007
*Bonuses paid during the year under review relate to the 2007 financial year. |
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| Details relating to the Group’s remuneration practices are set out in the Corporate Governance report. |
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