27. DIRECTORS’ EMOLUMENTS AND INTERESTS IN THE COMPANY
 

Emoluments accrued to the directors and prescribed officers of the Company for the year to 30 September, are set out below:

Shareholding

  2019   2018  
  Direct Indirect2 Associate
interest		   Direct Indirect2 Associate
interest		  
Executive directors                
SB Viranna1 170 515 224 731  –   11 318 337 096  –  
PP van der Westhuizen 164 746 –  4 832   136 046  26 696  4 832  
  335 261 224 731  4 832   147 364 363 792  4 832  

Total remuneration

  Salaries
R’000		 Bonus and
performance-related
payments
R’000		 Performance-related
accrual
relating to
current year
R’000		 CEO 
acting 
allowance3
R’000 		 Other
allowances
R’000		 Gains on
long-term
incentive
scheme
R'000		 Medical aid
contributions
R’000		 Pension fund
contribution
R’000		 Total
remuneration
R’000		  
2019                    
Executive directors                    
SB Viranna1 5 887 2 624 4 462 – 33 3 038 32 247 16 323  
PP van der Westhuizen 4 084 2 352 2 311 – 95 460 37 174 9 513  
  9 971 4 976 6 773 – 128 3 498 69 421 25 836  
2018                    
Executive directors                    
SB Viranna1 3 485 – 3 878 – 112 – 21 146 7 642  
PP van der Westhuizen 3 486 880 2 748 – 64 418 35 149 7 780  
PP van der Westhuizen3 – – – 2 500 – – – – 2 500  
  6 971 880 6 626 2 500 176 418 56 295 17 922  

1 SB Viranna was appointed as Group Chief Executive Officer on 1 February 2018.
2 The indirect beneficial shareholding is subject to vesting conditions. Refer note 20.
3 PP van der Westhuizen in his capacity as acting Group Chief Executive Officer from 1 July 2017 to 31 January 2018.

  Opening balance at
1 October 2018		   Awards vested during 2019  
Long-term incentive scheme Number of
shares		 Issue price
R/share		   Number of 
shares 
vested 		 Market
price at
vesting
R/share		 Value gained
on vesting
R		  
SB Viranna              
2018 allocation 337 096 26.46   (112 365) 27.04 3 038 050  
Total 337 096     (112 365)   3 038 050  
  Dividends Closing balance at
30 September 2019		  
Long-term incentive scheme Value of 
dividends 
in respect 
of all plans 
(R)		 Number of
shares		 Final
vesting
date		  
SB Viranna        
2018 allocation 258 440  224 731 Feb 2021  
Total 258 440  224 731    
  Opening balance at
1 October 2018		   Awards vested during 2019  
Long-term incentive scheme Number of
shares		 Issue price
R/share		   Number of 
shares 
vested 		 Market
price at
vesting
R/share		 Value gained
on vesting
R		  
PP van der Westhuizen              
2014 allocation 26 696 35.05   (26 696) 27.24 459 350  
Total 26 696     (26 696)   459 350  
  Dividends Closing balance at
30 September 2019		  
Long-term incentive scheme Value of 
dividends 
in respect 
of all plans 
(R)		 Number of
shares		 Final
vesting
date		  
PP van der Westhuizen        
2014 allocation 13 348  – Jan 2019  
Total 13 348  –    
  Total shareholding
Shares		   Directors’ fees  
  2019
   2018
   2019
   2018
  
Non-executive directors                
MA Brey1 4 900 349   6 000 402   1 175   1 116  
PJ Golesworthy2 31 224   31 224   1 080   1 004  
ME Jacobs –   –   507   406  
AM Mothupi –   –   664   517  
JK Netshitenzhe –   –   421   347  
MP Ngatane –   –   493   433  
MEK Nkeli3 –   –   –   310  
M Sello –   –   421   350  
GC Solomon2 143 612   143 612   810   780  
RT Vice –   –   826   719  
  5 075 185   6 175 238   6 397   5 982  

1 MA Brey’s direct beneficial shareholding is 716 370 (2018: 716 423), his indirect beneficial shareholding is 4 084 787 (2018: 5 184 787) and his associate interest is 99 192 (2018: 99 192).
2 PJ Golesworthy and GC Solomon’s total shareholding only includes direct beneficial shares.
3 MEK Nkeli resigned as non-executive director on 31 May 2018.

The directors’ fees are paid by a subsidiary company of Life Healthcare Group Holdings Limited.

Prescribed officers

In line with the requirements of the Companies Act, the Group discloses the remuneration paid to prescribed officers who are defined as the Group’s Chief Executive Officer, the Group’s Chief Financial Officer, Chief Executive Office – southern Africa and Chief Executive Officer – Alliance Medical.

  Total
share-
holding		 Sever-
ance
pay-
ment
R’000		 Salaries
R’000		 Bonus
and
perform-
ance-
related
pay-
ments
R’000		 Perform-
ance
related
accrual
relating
to
current
year
R’000		 Other
allow-
ances
R’000		 Gains on
long-
term
incentive
scheme
R’000		 Medical
aid
contri-
butions
R’000		 Pension 
fund 
contri- 
butions 
R’000 		 Total
remun-
eration
R’000		  
2019                      
SB Viranna   Refer emoluments disclosed under executive directors  
PP van der Westhuizen   Refer emoluments disclosed under executive directors  
AM Pyle4 – – 3 374 1 469 2 357 151 – 37 142  7 530  
MD Chapman5 – – 1 681 – 1 232 61 – – 168  3 142  
2018                      
SB Viranna   Refer emoluments disclosed under executive directors  
PP van der Westhuizen   Refer emoluments disclosed under executive directors  
AM Pyle4 – – 932 – 482 5 – 9 32  1 460  
CLW Bekker4 – – 2 076 1 954 – 750 500 26 6446 5 950  
GE Blomfield7 – 7 920 7 260 – – 202 – – 957  16 339  

4 CLW Bekker retired on 31 October 2018, and AM Pyle was appointed as acting CEO – SA on an interim handover period from 1 July 2018 (permanently from 22 November 2018).
5 MD Chapman was appointed as a prescribed officer from 1 June 2019.
6 Includes contributions paid from the employer surplus account in the Life Healthcare DB Pension Fund.
7 GE Blomfield ceased being a prescribed officer from 4 September 2018.

  Opening balance at
1 October 2017 		  Dividends Closing balance at
30 September 2018		  
Long-term incentive scheme (C-shares) Number of
shares		 Issue price
GBP/share		   Value of
dividends
in respect
of all plans		 Number of
shares		 Final
vesting
date		  
MD Chapman              
C convertible shares 10 000 n/a   n/a 10 000 30 Sept 2021  

No director or prescribed officer has a notice period of more than six months. No director’s service contract includes predetermined compensation as a result of termination that would exceed one year’s salary and benefits.