REMUNERATION COMMITTEE REPORT AND OUTCOMES
LETTER FROM THE CHAIRPERSON OF THE REMUNERATION COMMITTEE
MRS AZIZA AMOD
This report sets out the Group’s remuneration philosophy and policy with an emphasis on non-executive and executive directors. It also provides a description of how the policy has been implemented and discloses payments made to non executive and executive directors during the year as required by the provisions of King IV™. This report will be considered and voted upon at the forthcoming AGM of shareholders on behalf of the remuneration commitee.
Championing the King IV™ Code on Corporate Governance and in line with our commitment to fair and responsible remuneration, we continuously review our remuneration policy and practices to ensure that they remain relevant and aligned to our strategy. Stakeholder focus remains on ensuring rewards for performance are aligned with shareholder goals and enhanced disclosure. We are committed to maintaining strong relationships with our shareholders, which is built on trust and a clear understanding of the quantum, rationale and drivers of executive remuneration and that our remuneration policy and the practices have been implemented.
It is fundamental to our core remuneration principles that executive remuneration is aligned to the Group’s performance. Our approach to remuneration aligns to our ethics, corporate governance philosophy and shared values – respect and trust, people, integrity, accountability, stakeholders, commitment and investment. Remuneration and reward systems remain sensitive matters, especially in the socio-political environment. We will continue to review and adapt to changes in market conditions to ensure that our policy and principles remain
appropriately aligned with our overall business strategy.
In the face of the deteriorating economic environment and slower growth due to the COVID-19 pandemic, executives, management and employees were requested to take a salary cut during the year under review.