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REMUNERATION REPORT
Remuneration report
continued
82
Tiger Brands Limited Integrated Annual Report
2014
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Total remuneration packages are reviewed annually in October of each year. Interim reviews
to total remuneration packages may be undertaken to retain talent, adjust to market, and
upon promotion of employees.
Short-term incentive
The group’s short-term incentive scheme is designed to drive improvement of the group results
on an annual basis. The scheme is governed by the scheme rules which are reviewed and
approved by the group’s remuneration committee annually.
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Eligibility for participation is based on the attainment of annual targets, both financial and
strategic objectives.
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Only qualifying employees who are rated full performer, strong performer or exceptional
performer during the year under review participate in the short-term incentive scheme.
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Need development performers and under-performers do not participate in the short-term
incentive scheme.
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Employees who have been found guilty of gross misconduct will not be allowed to
participate in the incentive scheme.
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No adjustments are made for extraneous factors; the short-term incentive is based on
reported earnings.
Long-term incentive
The long-term incentive scheme is designed to retain employees in the medium to long term,
to focus their attention on longer-term strategic imperatives and to ensure sustained future growth
of the organisation. This scheme is governed by rules which are reviewed and updated by the
remuneration committee as necessary for alignment with best practice.
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The group’s executives and senior managers are eligible for participation in the group’s
long-term incentive scheme.
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Eligibility criteria, the quantum of allocations and grants, as well as the conditions governing
each allocation and grant, are determined by the remuneration committee.
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Allocations are made annually.
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The board determines appropriate measures in dealing with allocations and grants made
to employees who have subsequently been found guilty of gross misconduct.
Recognition and rewards
The group has in place mechanisms for recognising and rewarding its employees for excellence
in various categories including high performance, living the values, continuous improvement, etc.
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The group encourages participation in motivational programmes by individual businesses.
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The businesses are encouraged to align their programmes to Tiger Stripes, the group’s
values-based recognition programme.
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Businesses should invest in the development of employees to ensure sustained performance
and growth.
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All people development initiatives should align to the business goals and be based on the
personal development plans.