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Our people and their remuneration
continued
Furthermore, in line with the approval received in 2015, for each financial period, two computations would apply:
•
Computation if the board declares bonuses based of achievement on minimum company performance
levels being met.
•
Computations if the board does not declare bonuses, i.e. minimum Company performance levels are
not met.
These three scenarios are summarised as follows:
Description
Minimum 4% payment
in lieu
of shares
1
Requirements if a
bonus is declared
by the board
Requirements if a
bonus is not declared
by the board
Individual
performance
applies
Yes, an individual
minimum performance
score is required
Yes, an individual
minimum performance
score is required
Yes, an individual
minimum performance
score is required
Earning range as a
% of applicable
annual salary
Exactly 4%
From 0% to 12%
From 0% to 6%
Percentage
payable at target
achievement
Not applicable
9%
4,5%
1
The 4% minimum was payable with effect from December 2015, subject to approval of each opco board. The changes as applicable to
the performance bonus were effective for the 2015 financial year.
December incentive scheme
A 4% of annual remuneration payment in December remained a key vehicle of incentivising our general
staff at employee levels 1 and 2. In accordance with the approved rules:
•
This payment was conditional on minimum individual performance set by the Company and on the
basis that the employee was still in the employment of the Company at payment date.
•
All computations are based on the individual’s previous year’s (i.e. 2015) earnings and IPF scores.
Remuneration report
continued
MTN Group Limited
Integrated Report 2016
78