The Committee oversees the formulation of a remuneration philosophy and human resources strategy to ensure that the establishment of fair and equitable reward levels that will attract motivate and retain high calibre employees.
The implementation of a formal remuneration structure remains an important Group initiative. As the structure is implemented across the Group, ongoing communication to employees continues, this will ensure that employees understand the structure and its link to Group strategic priorities whilst ensuring its successful implementation.
In aligning to the primary objectives of the Group remuneration programmes, which include providing competitive and equitable remuneration based on an employee’s skills, performance and contributions to the Group, and attracting and retaining the talent necessary to achieve the Group’s business objectives, we were delighted to extend participation in the ‘Long-term incentive scheme’ to skilled/junior management level employees, increasing the portion of their remuneration linked to Group strategic priorities and shareholder interest.
The Remuneration Committee’s full report detailing, inter alia, a background statement with the Remuneration Committee Chairman’s letter to the shareholders; an overview of Massmart’s remuneration philosophy and policy; and Massmart’s implementation of the remuneration policy during 2018 is set here. The Committee confirms that in the execution of its statutory duties and in accordance with its Charter, the Committee effectively discharged its responsibilities over the past financial year.
Chairman of the Social and Ethics Committee
04 April 2019