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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