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Integrated Report 2024

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Shareholder engagement We aim to foster constructive engagement with our shareholder to better understand their perspectives and ensure our remuneration practices balance their legitimate expectations with the business’s strategy and performance. The shareholder is invited to take part in a non-binding advisory vote at our Annual General Meeting (AGM) on our remuneration policy, the implementation thereof, and non-executive directors’ fees. Key focus areas for the 2024/25 FY The Committee anticipates the following key focus areas for the next year: • In the year ahead, the Corporation will review the Employee Value Proposition to ensure it remains competitive and creates a conducive work environment in line with best practice, the new world of work and the Corporation’s long-term sustainability goals; • Human capital policies and processes will require revision to incorporate the new ways of working e.g., Leave Policy; • Efforts to enable a high-performance culture and facilitate and entrench leadership capacitation and development are ongoing priorities; • In driving this future focus, a comprehensive review and implementation of the performance management policy, practice and process will be concluded. This will drive greater alignment between corporate, team and individual performance; • The Committee remains mindful of the need to retain talent through an enhanced employee value proposition that includes continuously aligning the Corporation’s total rewards strategy with the Corporation’s overall objectives. In addition, reviewing the high-level organisational structure to ensure business capacitation will be a priority; • Deliberately focus on succession planning, talent development and employee engagement; and • Focus on reinforcing the desired culture and encourage ethical behaviour consistent with the Corporation’s values. For the year under review, the committee is satisfied that it has fulfilled its obligations in terms of its mandate.

Part 2: Remuneration Philosophy, Policy and Framework Remuneration Philosophy and Policy ECIC’s remuneration philosophy is to remunerate and reward employees in line with market norms. ECIC recognises that remuneration, reward, and recognition have a direct link to attraction, performance, engagement, motivation, and retention of talented individuals. Consequently, the Corporation remunerates, recognises and reward employees in line with the norms prevailing in the competitive market and the value they create for the stakeholders. The total remuneration approach includes a competitive mix of base salary, variable pay, employee benefits and recognition awards. The Remuneration Policy sets out the methodology, agreed by Board, to remunerate employees and it ensures that value is appropriately shared between the Corporation and employees. Executive and Staff Remuneration ECIC adheres to a ‘total cost to company’ methodology, which we refer to as the guaranteed pay. All employees, including the executive director, receive guaranteed pay based on their role in the Corporation. Contributions to medical aid, retirement funding and insured benefits are included in the guaranteed pay. In addition to the guaranteed pay, the Corporation offers annual short-term incentives. Remuneration Structure Our remuneration structure comprises broadly of fixed guaranteed pay and short-term incentives (STI) as detailed below: Guaranteed Pay The Corporation seeks to attract and retain the best talent with market-related pay. Guaranteed pay is made up of base pay and benefits such as medical aid and provident fund. It is set considering the size, scope, and complexity of the role, benchmarked to market. Remuneration is reviewed on an annual basis, considering Consumer Price Index (CPI), market trends, employees and the Corporation’s performance, internal parity and affordability and takes effect on 1 April each year.

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