ECIC IR 2023

Integrated Report 2023

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3.2 Remuneration Amendments implemented Short term incentives

2022

Reimbur sive Expenses

Total R’000

Fees

The Human Resources and Remuneration Committee considered the overall operating environment and financial results in determining the short-term incentives payable in the 2023 Financial Year. These were assessed in terms of the respective financial performance scorecards approved. A formulaic determination of the STI pool for the 2023 Financial Year based on actual performance as compared to targets, created a pool of R21 483m (2022: R20 172m). Salary increases for 2023 Financial Year The salary increase process for the 2023 Financial Year was concluded, providing an average increase of 5.8% across the Corporation. In awarding annual salary increases, the increase percentages granted to general staff are generally higher than those granted to senior and executive management, thereby narrowing the pay gap that exists between the highest and lowest paid employees. Disclosure of director’s Remuneration Payments to directors for the year ended 31 March 2023 for services rendered are as follows:

D Dharmalingam 285

0 285

S Mayekiso

302

4 306

S O'Mahony

240

3 243

V Matsiliza

275

32 307

L Mothae

239

0 239

D Subbiah

255

18 273

E Makhubela*

-

4 4

Total

1596

61

* The director is a government representative (National Treasury) and is not paid meeting attendance fees.

The increase in non-executive remuneration in the 2023 financial year when compared to the 2022 financial year is mainly due to the backpay for the 2019 to the 2022 financial years on adjustment of the rates. The Human Resources & Remuneration Committee is satisfied that all benefits are justified and suitably disclosed. Executive Contracts Executives except for the Chief Executive Officers (CEO) are employed on permanent employment contracts with notice periods of one to three months. The CEO is employed on a 5-year fixed term contract and his notice period is 3 months. Employment contracts are offered until the retirement age of 65 years.

2023

Reimbur sive Expenses

Total R’000

Fees

D Dharmalingam 377

4 381

S Mayekiso

416

2 418

S O’Mahony

368

13 381

V Matsiliza

416

3 419

L Mothae

337

1 338

D Subbiah

356

9 365

E Makhubela*

-

1

1

Total

2 270

33 2 303

YOUR EXPORT RISK PARTNER

58