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REMUNERATION REPORT
Remuneration report
continued
100
Tiger Brands Limited Integrated Annual Report
2014
The maximum aggregate number of shares
which may be acquired by participants under
the 2013 Share Plan and any other share
plan is not to exceed 5 500 000 (five million
five hundred thousand) shares; and for any
one participant in terms of the 2013 Share
Plan and any other share plan is not to exceed
550 000 (five hundred and fifty thousand)
shares. In the determination of these limits,
shares which have been acquired through the
JSE and transferred to participants shall not be
taken into account. As at 30 September 2014,
the actual number of shares which may be
acquired by participants under the 2013 Share
Plan and under the Tiger Brands (1985) Share
Option Scheme amounts to, in aggregate,
1 486 082 shares (2013: 1 048 900
shares).
Retirement benefits
During the year, the group made contributions
on behalf of the executive directors to an
umbrella retirement scheme operated by
Investment Solutions. The scheme is a defined
contribution retirement plan, with the company
contributing 15,7% (2013: 15,7%) of gross
pensionable remuneration for retirement funding
purposes. The cost of these contributions
forms a component of the directors’ total
remuneration packages. The three prescribed
officers are also members of the above-
mentioned umbrella retirement scheme.
In addition, four other members of the executive
committee participate in the above-mentioned
umbrella retirement scheme. The remaining
member of the executive committee belongs to
the Tiger Brands Management Provident Fund,
which is a defined contribution plan. The
company contributed on average 16,1%
(2013: 15,9%) of gross pensionable
remuneration to the Tiger Brands Management
Provident Fund for retirement funding purposes.
Details of contributions made during the year
ended 30 September 2014 on behalf of
executive directors, prescribed officers and
other members of the executive committee are
set out under note 4.2 of the notes to the
annual financial statements.
Other benefits
The executive directors, prescribed officers and
other members of the executive committee
enjoy various other benefits, including medical
aid cover, permanent health insurance, death
in service and funeral cover, as well as the
entitlement to a travel allowance where
applicable. Post-retirement death benefits are
also provided in respect of the Company
Secretary, Mr IWM Isdale.
The total values of other benefits paid in
respect of the executive directors, prescribed
officers and other members of the executive
committee are set out under note 4.2 of the
notes to the annual financial statements.