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Our people and their remuneration
continued
Remuneration report
continued
The Group has implemented the following schemes:
Share Appreciation Rights Scheme (SARS) and Share Rights Plan (SRP)
Objective:
To promote the achievement of MTN Group’s strategic objectives measured using the Company’s
growth in share price. Participating employees share in the appreciation of the Company’s share price
between grant and vest.
Eligible participants
Date
implemented
Performance
conditions
Last vesting
date
Expiry period
All employees at
junior management level
and above
2006 – SARS
2008 – SRP
Share price
based
2013
2015
2018
2020
Both the SARS and SRP were fully vested as at 2016 and are exercisable. Refer to
AFS
for the full reconciliation
of 2016 trading.
Performance Share Plan (PSP)
The PSP scheme is the current active and allocating plan, and is summarised as follows:
Objective:
To promote the achievement of MTN Group’s strategic objectives measured using the Company’s
growth in share price and cash flow. Participating employees share in the Company’s achievement of the set
financial indicators over three years.
Eligible participants
Date
implemented
Performance
conditions
Last vesting
date
Expiry period
All employees at
junior management level
and above
2010
Total shareholder
return (TSR)
Adjusted free
cash flow (AFCF)
2017
Not applicable
Details about the PSP
•
Share awards are at the discretion of the MTN Group board and the operating entities.
•
Participation is limited to managerial employees and those in more senior positions only.
•
Performance is measured using TSR and AFCF. An additional service element is applicable for non-executive
participating employees.
•
Weightings are attached to each condition based on the seniority of the participant.
•
The scheme has a three-year vesting period. Once the shares are vested and the board is satisfied with the
achievement of the performance conditions, participating employees receive either shares or the cash
equivalent if the respective employee instructs the Company to dispose of their shares on the employee’s
behalf.
MTN Group Limited
Integrated Report 2016
80