ECIC IR 2023

Integrated Report 2023

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Index (CPI), market trends, employees and the Corporation’s performance, internal parity and affordability and takes effect on 1 April each year. Our pay philosophy is to benchmark guaranteed pay to the median of the market at the (50th percentile), and we benchmark annually to ensure our total rewards and benefits package remains aligned to and competitive with the market. As an integral part of total guaranteed pay, the Corporation provides a flexible structure of benefits that can be tailored, within certain limits, to individual requirements. These include:

senior and key employees to compensate for loss of certain accrued benefits Sign-on bonuses for the Executive Director(s), Executives and/ or Prescribed Officers must be approved by the Shareholder Minister.

Payments on termination of employment

On termination of employment, ECIC will pay employees the benefits that were due to them. The Human Resources & Remuneration Committee has discretion regarding all terms of such agreements (to be exercised on a case-by-case basis). Board Remuneration Board members receive a fee for each Board and committee meeting attended, both of which are determined by the Minister of Trade, Industry and Competition. Board members also receive an annual retainer and are compensated for all costs incurred in carrying out their ECIC duties. Part 3: Implementation report This section of the remuneration report sets out the reward decisions taken in 2023 pertaining to the Corporation’s executive director, prescribed officers, and the general workforce. Total remuneration King IV and the Companies Act require that the individual remuneration of all members of executive management should be disclosed. The table below declares the remuneration paid to the Executive Director and Executives during the reporting period. In implementing remuneration for the Executives, there were no deviations from the Corporation’s Remuneration Policies, as approved by the Board:

• retirement funding • group life cover and • medical aid/insurance.

The Corporation pays an Acting Allowance to employees who are required to act in roles that are higher than their designated roles.

Short-term incentives The Short-term incentives aim to cultivate a high performance culture and promote the attainment of short-term targets that will ultimately lead to the achievement of long-term goals. Short term incentives are discretionary and are awarded as a percentage of total guaranteed pay. The actual award is based on a weighted mix of the level of performance achieved by the Corporation and the individual. The pool available for short-term incentives is determined by financial performance against previously set and agreed targets and demonstrated value creation. The Board has the discretion to grant payment of the short-term incentives and it is therefore not an automatic entitlement. The discretion of the Board is dependent on the Corporation’s annual financial results and/or any other factors as determined by the Corporation from time to time. Sign-on, retention and restraint payments The Corporation will offer sign-on bonuses and retention bonuses under exceptional circumstances, and these will be preapproved by the Human Resources & Remuneration Committee. These special-purpose short-term variable remuneration arrangements are typical in the context of hiring

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