BANKSETA AR 31 AUGUST

ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2022

24.

REMUNERATION OF MEMBERS OF MANAGEMENT

24.1 Remuneration of management The senior management group consists of the SETA’s Chief Executive Officer, the Chief Financial Officer and the following General Managers: General Manager: Operations and General Manager: Corporate Services. The aggregate remuneration of members of the senior management group and the number of managers receiving remuneration within this category are:

Post employment benefits pensions

Bonuses and performance related amounts

Other short-term benefits

Basic salary remuneration

Total remuneration

Total remuneration

2021/22

2021/22

2021/22

2021/22

2021/22

2020/21

R’000

R’000

R’000

R’000

R’000

R’000

CEO

1 709

209

102

601

2 621

449 **

Acting CEO

-

-

-

-

-

1 431 *

CFO

1 382

171

93

485

2 131

2 197

GM Operations GM Corporate Services

1 361

168

122

485

2 136

2 205

1 136 5 588

140 688

374 692

-

1 651 8 538

2 205 ***

Total

1 571

8 487

* The HR Manager acted as the CEO for a period of 9.5 months of the 2020/21 year. ** The CEO position was vacant for 9,5 months in 2020/21 financial year. *** The GM Corporate Services position was vacant for 2 months in 2021/22 financial year

25. TRANSACTIONS WITH STAKEHOLDERS REPRESENTED ON THE ACCOUNTING AUTHORITY

BANKSETA has, in the normal course of its operations, entered into certain transactions with entities which had a nominated representative serving on BANKSETA’s accounting authority.

2021/22

2020/21

Amount of the transaction

Amount receivable/ (payable)

Amount of the transaction

Amount receivable/ (payable)

Related party

Nature of relationship

Transaction type Discretionary and mandatory grants Discretionary and mandatory grants Discretionary and mandatory grants

R’000

R’000

R’000

R’000

ABSA - not applicable for 2021/22

(Authority member)

-

-

(3 121)

(3 121)

Standard Bank South African Reserve Bank

Accounting Authority member Accounting Authority member

(11 014)

(11 014)

(6 837)

(6 837)

(325)

(325)

(303)

(303)

190

PART E: FINANCIAL INFORMATION | BANKSETA ANNUAL REPORT 2021/22