26.3 TRADE WITH DIRECTORS
Balances with directors
These comprise of production credit, mortgages and other accounts for which customers of the company qualify.
Credit extension terms and interest rates in respect of loans are aligned with the company’s credit policy. These amounts
are included in trade and other receivables according to normal credit terms and conditions.
GROUP
2020
R’m
2019
R’m
Related parties – trade and other accounts receivable 93 93
Transactions with directors
Due to the nature of the business, the directors form part of the normal customer/client base of the group.
The transactions with directors comprise of revenue from the sale of mechanisation whole goods and spares, handling, storage,
sales and purchases of grain as well as, interest and financing transactions.
GROUP
2020
R’m
2019
R’m
Income 283 298
Purchases 102 86
Total transactions with directors 385 384
26.4 DIRECTORS’ REMUNERATION
(EXECUTIVE AND NON-EXECUTIVE)
GROUP
COMPANY
2020
2019
2020
2019
R’m
R’m
R’m
R’m
Salaries * 9 8 - -
Short-term incentive 4 4 - -
Long-term incentive 6 5 - -
Equity-settled share-based payment 6 5 - -
Executive directors 19 17 - -
Non-executive directors 8 6 1 1
Directors’ remuneration: Senwesbel and Senwes 27 23 1 1
Directors’ remuneration: Subsidiaries 11 6 - -
Directors’ remuneration: Group 38 29 1 1
* Pension costs are included in salaries. These amounts will be less than R1 million when rounded and are therefore not disclosed
in a separate line.
75
SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06