REMUNERATION REPORT
REMUNERATION REPORT
The board , through the Senwes Remco , taking cognisance of the groups ’ performance and general economic and political environment , is committed to ensuring that the remuneration of executive managers is fair and reasonable in the context of overall employee remuneration . The committee is tasked by the board to independently approve and oversee the implementation of a remuneration policy that will encourage the achievement of the group ’ s strategy .
Our remuneration policy is reviewed annually to ensure that the objectives of remuneration , namely to attract , retain , motivate and reward talented and high-performing staff , to achieve the company ’ s strategic objectives , deliver expected shareholder returns and ensure sustainable performance and shareholder value-creation in the long term , are achieved .
The group ’ s philosophy is to encourage sustainable long-term performance that is consistently aligned with the interest of shareholders . Senwes adopts a holistic and total reward philosophical approach to remuneration , which takes into consideration financial and non-financial , direct and indirect , as well as intrinsic and extrinsic rewards , based on and in support of the employee value proposition .
Senwes Total Remuneration Framework
CAREER GROWTH OPPORTUNITIES
SHORT-TERM INCENTIVES
LEARNING AND DEVELOPMENT OPPORTUNITIES
LONG-TERM INCENTIVES
GUARANTEED REMUNERATION
PERFORMANCE RECOGNITION
GUIDING PRINCIPLES
� The remuneration policy is governed through the governance structures to ensure alignment with the vision , commitment , values , strategic direction and objectives of the company ;
� The remuneration policy and practice must be compliant with relevant regulations , economically sensible , ethically aligned and market related ;
� The group uses a total reward approach , applying an appropriate reward mix for the various employees , based on and in support of the employee value proposition ;
� The group ’ s remuneration policy must be transparent and implemented fairly and consistently , based on the factors of role , qualifications , experience , scarcity of skills , individual contribution , level of performance and talent potential ;
� Remuneration of employees will be based on relevant and appropriate market benchmarks to strive for competitiveness of the total reward positioning , within the parameters of affordability ;
� Total remuneration must be aligned with individual , business unit and corporate performance .
REMUNERATION POLICY
Scope :
� The policy outlines the governance framework through which remuneration is determined and managed throughout the group and across all levels of the organisation ;
� The policy is approved by the board and management has the responsibility to implement it ;
� The policy is aligned with the Senwes strategy and is part of Senwes ’ operating philosophy , policies and standards .
The committee is mandated by the board to oversee all aspects of remuneration in accordance with the approved terms of reference . In establishing a remuneration philosophy and policy , the Senwes Group considers the following :
� Remuneration that is compliant with regulations and aligned with codes of best practice ;
� Fair , reasonable and market-related remuneration ;
� Policies and practices that strive for internal equity ;
� Remuneration that is economically affordable and aligned with the company ’ s code of ethics ; and
� Aligns executive long-term wealth interests with the long-term interests of the shareholders .
STRATEGIC OBJECTIVES
The strategic objectives of the remuneration policy are :
� To ensure that the business has the right mix of skills ;
� To attract and retain the right talent ;
� To develop a high-performance culture , which rewards individual , team and corporate performance ;
� To motivate result-oriented behaviour and pursuit of excellence ;
� To encourage long-term focus that ensures sustainability of performance , effective risk alignment and management ;
� To encourage behaviour that is aligned with the culture and objectives of the company ;
� To align employees ’ interests with the interests of the shareholders .
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