| |
| Phantom share scheme |
| Director |
Options at
01.01.2008 |
Options
granted
during
the year |
Options at
31.12.2008 |
Option
price
(cents) |
Vesting
dates |
| A K Olivier |
850 000 |
|
283 300 |
1 625 |
16.03.2010 |
|
|
|
283 300 |
1 625 |
16.03.2011 |
|
|
|
283 400 |
1 625 |
16.03.2012 |
|
|
186 000 |
62 000 |
2 350 |
19.02.2011 |
|
|
|
62 000 |
2 350 |
19.02.2012 |
| |
|
|
62 000 |
2 350 |
19.02.2012 |
| A F Stewart |
50 000 |
|
16 600 |
1 625 |
16.03.2010 |
|
|
|
16 600 |
1 625 |
16.03.2011 |
|
|
|
16 800 |
1 625 |
16.03.2012 |
|
|
94 000 |
31 300 |
2 350 |
19.02.2011 |
|
|
|
31 300 |
2 350 |
19.02.2012 |
| |
|
|
31 400 |
2 350 |
19.02.2012 |
| L R Stuart-Hill |
135 000 |
|
45 000 |
1 625 |
16.03.2010 |
|
|
|
45 000 |
1 625 |
16.03.2011 |
|
|
|
45 000 |
1 625 |
16.03.2012 |
|
|
88 000 |
29 300 |
2 350 |
19.02.2011 |
|
|
|
29 300 |
2 350 |
19.02.2012 |
| |
|
|
29 400 |
2 350 |
19.02.2012 |
| T J T McClure |
130 000 |
|
43 300 |
1 625 |
16.03.2010 |
|
|
|
43 300 |
1 625 |
16.03.2011 |
|
|
|
43 400 |
1 625 |
16.03.2012 |
|
|
90 000 |
30 000 |
2 350 |
19.02.2011 |
|
|
|
30 000 |
2 350 |
19.02.2012 |
| |
|
|
30 000 |
2 350 |
19.02.2012 |
| D A Rennie |
155 000 |
|
51 600 |
1 625 |
16.03.2010 |
|
|
|
51 600 |
1 625 |
16.03.2011 |
|
|
|
51 800 |
1 625 |
16.03.2012 |
|
|
84 000 |
28 000 |
2 350 |
19.02.2011 |
|
|
|
28 000 |
2 350 |
19.02.2012 |
| |
|
|
28 000 |
2 350 |
19.02.2012 |
| J G Jones |
|
53 000 |
17 600 |
2 350 |
19.02.2011 |
|
|
|
17 600 |
2 350 |
19.02.2012 |
| |
|
|
17 800 |
2 350 |
19.02.2012 |
| D A Polkinghorne |
155 000 |
|
51 600 |
1 625 |
16.03.2010 |
|
|
|
51 600 |
1 625 |
16.03.2011 |
|
|
|
51 800 |
1 625 |
16.03.2012 |
|
|
53 000 |
17 600 |
2 350 |
19.02.2011 |
|
|
|
17 600 |
2 350 |
19.02.2012 |
|
|
|
17 800 |
2 350 |
19.02.2012 |
| |
1 475 000 |
648 000 |
2 123 000 |
|
|
|
| |
| DIRECTORS’ INTERESTS IN THE COMPANY |
| At 31 December 2008 the directors held ordinary shares in the company as set out below: |
Director |
2008
Beneficial indirect |
2007
Beneficial indirect |
| H Adams |
100 000 |
|
| I A J Clark |
12 369 900 |
13 930 000 |
| I M Groves (1) |
1 950 000 |
2 850 000 |
| T J T McClure (2) |
1 910 000 |
1 810 000 |
| A K Olivier |
2 334 250 |
2 334 250 |
| D A Rennie (3) |
1 020 000 |
1 079 406 |
| A F Stewart (4) |
1 090 000 |
640 000 |
| L R Stuart-Hill (5) |
987 195 |
1 937 195 |
| Aggregate |
21 761 345 |
24 580 851 |
|
| |
| Zero cost collar options have been entered into in respect of the following shares included in the above shareholdings: |
|
|
Put strike (R) |
Call strike (R) |
|
|
| (1) |
450 000 |
25,85 |
30,24 |
|
Expiry date 4 October 2009 |
| (2) |
300 000 |
21,68 |
26,45 |
|
Expiry date 29 June 2009 |
| (3) |
320 000 |
12,38 |
20,07 |
|
Expiry date 6 April 2009 |
| (4) |
510 000 |
12,65 |
25,97 |
|
Expiry date 24 November 2010 |
| (5) |
500 000 |
23,09 |
28,59 |
|
Expiry date 18 March 2010 |
| |
500 000 |
23,48 |
23,23 |
|
Expiry date 8 June 2009 |
|
| |
| At 31 December 2008, the directors held preference shares in the company as set out below: |
Director |
2008
Beneficial
indirect |
2008
Non-beneficial
indirect |
2007
Beneficial
indirect |
| I A J Clark |
205 931 |
|
186 910 |
| I M Groves |
15 000 |
|
15 000 |
| J G Jones |
10 000 |
4 000 |
10 000 |
| D A Rennie |
10 000 |
|
10 000 |
| L R Stuart-Hill |
8 250 |
|
– |
| T J T McClure |
67 000 |
|
67 000 |
| Aggregate |
316 181 |
4 000 |
288 910 |
|
| |
There were no direct beneficial holdings in the current or prior year.
These ordinary and preference shareholdings were unchanged at 25 February 2009. |
| |
| GENERAL REMUNERATION |
Group companies’ general remuneration levels are determined by market surveys for the particular industry sector in
which they operate. The levels of basic remuneration are reviewed annually based on market movements as reported in
various surveys.
Employment positions are evaluated using recognised evaluation systems. Salary scales are determined using a unified
pay structure which identifies a minimum and maximum range for each position. Individual performance systems
determine the actual pay level within a particular grade.
The group’s salary/wage bill including incentive bonuses and profit share incentives for the reporting year and for 2007
per occupation level for temporary and permanent staff is tabled below: |
R000
Occupational level |
2008
Permanent |
2008
Temporary |
2008
Total |
2007
Permanent |
2007
Temporary |
2007
Total |
| Top management |
112 061 |
6 615 |
118 676 |
140 419 |
4 384 |
144 803 |
| Senior management |
281 091 |
9 535 |
290 626 |
138 533 |
5 166 |
143 699 |
| Middle management |
113 741 |
6 046 |
119 787 |
105 288 |
2 958 |
108 246 |
| Skilled |
216 809 |
8 989 |
225 798 |
217 458 |
7 027 |
224 485 |
| Semi-skilled |
144 303 |
31 280 |
175 583 |
141 340 |
13 154 |
154 494 |
| Least skilled |
52 098 |
2 946 |
55 044 |
37 927 |
4 449 |
42 376 |
| Total |
920 103 |
65 411 |
985 514 |
780 965 |
37 138 |
818 103 |
|
| |
| The total payroll increased by R167 million. The disposal of Sheltam Grindrod, PicPack Grindrod and two units of the
Auto Carrier Transport division (Bachelor Vehicle Deliveries and Vehicle Care Preservation) who employed a large number
of staff, would have reduced the total payroll. However, amounts paid to Island View Shipping executives and general
staff in settlement of the profit share scheme, together with some offshore group companies’ payrolls previously excluded
from the figures, have resulted in the 2008 payroll increasing over the 2007 payroll. This is particularly evident in the senior
management level. |
