CORPORATE GOVERNANCE
REMUNERATION GOVERNANCE
Board of Directors
� The board has the final authority for the approval of the remuneration philosophy and policy.
� The board delegates responsibility for this policy to the Remuneration Committee (“Remco”).
� The board provides oversight for the execution of the policy.
Remco
Remco has the following responsibilities, which are aligned with the Remco Charter:
� Accountability for all remuneration matters in the company, including
oversight of the implementation of the remuneration
policy;
� Determination of the remuneration of executive and non-executive
directors and recommendation of the non-executive
directors’ remuneration to the board and subsequently to the
shareholders at the AGM for approval;
� Approval of the remuneration structure of the company;
� Ensuring that there is an appropriate, adequate and effective
remuneration system in place;
� Ensuring that the remuneration strategy is economical and ethical
and that the policy is applied consistently and fairly throughout
the organisation;
� Benchmarking and evaluation of the income differential rate
between the executives and the employees;
Executive Committee
� The Senwes executives, under the supervision of the Senwes
CEO, have the responsibility of proposing and implementing
the remuneration policy and strategies, as envisaged by Remco,
on behalf of the board.
� Working in consultation with other board committees and
rele vant internal functions in ensuring co-operative and
responsible remuneration policy design, planning, decision-making
and execution;
� Approval of the benchmarking methodology, including the
comparator group of companies used for the purpose of
determining external market competitiveness of the group’s
remuneration;
� Engaging with independent external advisors and relevant
stakeholders on any matters of remuneration as they deem
necessary in order to ensure that the remuneration policy and
practices are aligned with the group’s objectives;
� Reporting to shareholders on behalf of the board on remuneration
matters.
Human Resources
(Remuneration Management)
� Developing policy proposals, providing guidelines, tools and
support to management in the implementation of the remuneration
policy;
� Undertaking of annual benchmarks to ensure market competitiveness;
� Formulation of a wage negotiation strategy and engaging
in collective bargaining processes which are aligned with the
mandate approved by Remco.
COMPOSITION OF SENWES REMCO
Name Director status Qualifications
Nico Liebenberg Non-executive director B.Com. (Hons), M. Sustainable Agriculture Committee Chairman
Steve Booysen Independent non-executive director B.Compt. (Hons), D.Com, CA (SA) Member
Jaco Minnaar Non-executive director B.Eng. (Agriculture) Member
Thabo van Zyl Non-executive director B.Sc. Agric (Agricultural Economics) Member
Francois Strydom Chief Executive Officer Permanent invitees with no voting power. They are excluded when matters
Corné Kruger Chief Financial Officer
relating to their own remuneration are discussed.
The meetings are also attended by the Group Executive: Human Resources, who is responsible for remuneration, as well as external advisors
from time to time, as deemed necessary by Remco.
SENWES INTEGRATED REPORT 2020
69