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Hyprop Investments Limited
Integrated annual report 2016
Non-executive directors’ remuneration
June 2016
R000
June 2015
R000
Directors’ remuneration
Independent non-executive
2 399
2 117
Ethan Dube (paid to Vunani Capital Proprietary Limited)
334
284
Lindie Engelbrecht
535
471
Gavin Tipper
562
490
Louis van der Watt* (paid to Atterbury Property Holdings Limited)
233
235
Mike Lewin
334
284
Thabo Mokgatlha
401
353
Non-executive
1 040
847
Kevin Ellerine
314
252
Louis Norval
306
245
Stewart Shaw-Taylor
420
350
* Louis van der Watt resigned from the board of Hyprop on 4 May 2016
Executive directors’ remuneration
June 2016
R000
June 2015
R000
Pieter Prinsloo
Basic salary
3 672
3 464
Performance bonus (paid in December)
3 710
2 625
Phantom share scheme
(1)
3 454
3 436
Pension fund contributions
173
141
Other benefits
122
33
Total
11 131
9 699
Laurence Cohen
Basic salary
2 089
1 958
Performance bonus (paid in December)
2 332
1 650
Pension fund contributions
362
296
Other benefits
69
82
Total
4 852
3 986
Executive directors’ remuneration
15 983
13 685
(1)
Phantom share scheme
The Hyprop board recognises that a key factor in the success of the group is the retention and incentivisation of management and staff.
Accordingly, a scheme was formulated to reward employees who make a meaningful and sustainable contribution to the financial
performance of Hyprop by providing them with the opportunity to participate in its future growth. Senior management and staff were
offered this incentive.
The incentive was directly linked to the performance of Hyprop’s shares. Employees were granted “phantom” Hyprop shares at a notional
strike price (the initial price (IP)). Employees received an award equivalent to the increase in the market value of the Hyprop share over the
initial price. This award was paid in four payments within 30 days after the date on which the relevant payment was calculated.
The payment was calculated as follows:
Cash bonus = 1/4 AS x (P - IP) - relevant taxes
AS = allocated “phantom” shares
P = volume weighted average traded price of Hyprop shares for the 30 JSE trading days prior to the calculation date
IP = initial price
If the market price of the Hyprop share on the relevant calculation date was not greater than the initial price, no payment was made. The award
was only applicable if the employee was in the employ of Hyprop on the payment date. No “phantom” Hyprop shares were in issue at 30 June
2016 (2015: 222 222).
The phantom share scheme has expired, no further payments will be made in terms of the Phantom share scheme.