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Tiger Brands Limited Integrated Annual Report
2014
Remuneration report
Governance
In all areas of remuneration, the remuneration committee takes an active role in reviewing the
remuneration philosophy, policy, strategy and practices for alignment to best practice and
strategic imperatives of the group. The desired outcome of the policy is to facilitate the attraction
and retention of the right talent for the group.
Variation
The above policy may be varied at the discretion of the executive committee (for guaranteed
remuneration) or the remuneration committee (for the incentive schemes) at any time. This may
include the addition or deletion of benefits, as the case may be. The policy will apply to all
employees regardless of the policy that applied at the time of the appointment of such
employees.
The policy is to be read in conjunction with the company’s letter of appointment, disciplinary
code, Code of Ethics, applicable employment legislation, as well as the company’s short-term
and long-term incentive scheme rules.
and 2014 financial years, are set out in note
4.2 of the notes to the annual financial
statements.
Outside of the total remuneration package
structure, executive directors and senior
management participate in a short-term
incentive bonus plan and in the Tiger Brands
2013 Share Plan (and historically the Tiger
Brands (1985) Share Option Scheme and the
Tiger Brands Phantom Cash-settled Option
Scheme). One executive director and four
members of the Tiger Brands executive
committee are also participants in either one
or both of the company’s black manager
empowerment schemes.
Executive remuneration
The total remuneration packages of the
executive directors and senior management are
subject to annual review and independently
benchmarked against external market data
taking into account the size of the company,
its market sector and business complexity.
Individual performance, as reflected by formal
performance ratings, value-add to the business
and organisation as a whole, and overall
responsibility is also taken into consideration.
For consistently high performers, it is the group’s
intention to set guaranteed (non-variable) pay
at above-median levels of remuneration as
reflected by an appropriate external executive
remuneration survey.
Details of remuneration payable to executive
directors, prescribed officers and members of
the executive committee in respect of the 2013