Notes to the group financial statements l Note 10.2

10.2 Emoluments, equity compensation and dealings in ordinary shares
 

Directors’ emoluments and related payments

   Date 
appointed 		    Salaries 
R000 		 Post- 
employ- 
ment 
benefits 
R000 		 Other  
benefits*
R000  		 Bonuses 
R000 		 Sub- 
total 
R000 		 Share 
gains 
R000 		 Total 
R000 		   
2017                               
Executive directors                               
RA Shuter#  13/03/2017     11 528  1 225  10 581  17 122  40 456  –  40 456    
RT Mupita  03/04/2017     5 944  673  384  10 672  17 673  –  17 673    
PF Nhleko^^^∞@  09/11/2015     19 950  –  –  22 477  42 427  –  42 427    
Total        37 422  1 898  10 965  50 271  100 556  –  100 556    
* Includes medical aid and unemployment insurance fund.
^^^ Fees paid to Captrust Investments Proprietary Limited.
∞ Contractual service fees and bonus in accordance with the agreement between the group and Captrust Investments Proprietary Limited.
@ Executive director until 12/03/2017.
# Other benefits include an amount paid in lieu of forfeited benefits from previous employer.

  Date
appointed		   Retainer#
R000 		 Attend- 
ance#
R000 		 Special
board
R000		 Strategy
session
R000		 Ad hoc
work
R000		 Total
R000		  
2017                  
Non-executive directors                  
KC Ramon@ 01/06/2014   385 489 12 106 44 1 036  
KP Kalyan 13/06/2006   449 433 12 106 – 1 000  
AT Mikati*† 18/07/2006   823 387 11 221 62 1 504  
AF van Biljon** 01/11/2002   212 226 12 106 60 616  
J van Rooyen 18/07/2006   397 661 12 106 52 1 228  
MLD Marole 01/01/2010   370 597 12 106 – 1 085  
NP Mageza 01/01/2010   408 577 – – – 985  
A Harper* 01/01/2010   932 497 11 222 4 1 666  
S Kheradpir* 08/07/2015   961 306 7 228 19 1 521  
PF Nhleko^ 28/05/2013   2 694 1 042 12 280 – 4 028  
PB Hanratty* 01/08/2016   986 457 11 236 65 1 755  
SP Miller* 01/08/2016   855 352 11 229 27 1 474  
NL Sowazi 01/08/2016   324 359 12 106 – 801  
Total     9 796 6 383 135 2 052 333 18 699  
^ Fees paid to Captrust Investments Proprietary Limited.
@ Fees paid to AngloGold Ashanti Limited.
* Fees have been paid in euro.
† Fees are paid to M1 Limited.
# Retainer and attendance fees for board and committee representation and meetings.
** Resigned on 31 December 2017.

  Date
appointed		 Salaries
R000		 Post-
employ-
ment
benefits
R000		 Other 
benefits*
R000 		 Bonuses
R000		 Sub-total
R000		 Share
gains
R000		 Total
R000		  
2016                  
Executive directors                  
RS Dabengwa^ 1/10/2001 – – 19 564± – 19 564 – 19 564  
BD Goschen^^ 22/07/2013 5 975 716 3 458  – 10 149 – 10 149  
PF Nhleko^^^∞ 9/11/2015 30 000 – –  38 191 68 191 – 68 191  
Total   35 975 716 23 022  38 191 97 904 – 97 904  
* Includes medical aid and unemployment insurance fund.
^ Resigned 09/11/2015.
^^ Resigned 30/09/2016.
^^^ Fees paid to Captrust Investments Proprietary Limited.
± Represents compensation for loss of office comprising notice pay and a restraint of trade payment.
∞ Contractual service fees and bonus in accordance with the agreement between MTN and Captrust Investments Proprietary Limited.

  Date
appointed		 Retainer#
R000 		 Attend- 
ance#
R000 		 Special
board
R000		 Strategy
session
R000		 Ad hoc
work
R000		 Total
R000		  
2016                
Non-executive directors                
PF Nhleko^ 28/05/2013 2 568 638 351 420 – 3 977  
KC Ramon@ 01/06/2014 325 429 174 159 – 1 087  
KP Kalyan 13/06/2006 346 451 178 159 – 1 134  
AT Mikati*† 18/07/2006 1 302 764 295 368 480 3 209  
MJN Njeke˜ 13/06/2006 130 219 20 54 – 423  
JHN Strydom˜ 11/03/2004 125 241 28 54 – 448  
AF van Biljon 01/11/2002 213 267 178 159 120 937  
J van Rooyen 18/07/2006 373 486 166 159 120 1 304  
MLD Marole 01/01/2010 349 644 178 159 – 1 330  
NP Mageza 01/01/2010 408 547 166 159 – 1 280  
A Harper* 01/01/2010 1 304 696 291 368 763 3 422  
NL Sowazi& 01/08/2016 107 122 73 – – 302  
SP Miller*& 01/08/2016 485 256 247 – – 988  
PB Hanratty*& 01/08/2016 488 264 251 – – 1 003  
S Kheradpir* 08/07/2015 1 275 565 138 239 1 166 3 383  
Total   9 798 6 589 2 734 2 457 2 649 24 227  
^ Fees paid to Captrust Investments Proprietary Limited.
@ Fees paid to AngloGold Ashanti Limited.
* Fees have been paid in euro.
† Fees are paid to M1 Limited.
˜ Retired on 25/05/2016.
& Appointed on 01/08/2016.
# Retainer and attendance fees for board and committee representation and meetings.

Prescribed officers’ emoluments and related payments

  Salaries
R000		 Post-
employ-
ment
benefits
R000		 Other 
benefits#
R000 		 Bonuses
R000		 Sub-
total
R000		 Share
gains
R000		 Total
R000		  
2017                
Prescribed officers                
PD Norman 5 232 616 3 920@ 5 090 14 858 – 14 858  
J Schulte-Bockum* 8 218 876 303    10 492 19 889 – 19 889  
E Asante** 1 451 113 329    2 744 4 637 – 4 637  
G Motsa*** 6 384 722 5 294## 6 409 18 809 – 18 809  
F Sekha^ 3 440 389 183    1 884 5 896 – 5 896  
M Fleischer 6 706 789 478    6 204 14 177 – 14 177  
M Nyati^^ 765 87 694    – 1 546 – 1 546  
I Jaroudi 10 481 – 1 517@ 6 686 18 684 – 18 684  
K Toriola 6 236 72 1 178    3 781 11 267 – 11 267  
F Moolman 9 032 448 518    7 604 17 602 – 17 602  
S van Coller 7 723 874 612    10 276 19 485 – 19 485  
G Engling∞ 1 092 124 294    1 200 2 710 – 2 710  
JA Desai+ 526 – –    – 526 – 526  
Total 67 286 5 110 15 320    62 370 150 086 – 150 086  
* Appointed on 16/01/2017.
** Appointed on 01/10/2017.
*** Appointed on 01/01/2017.
^ Appointed on 01/06/2017.
^^ Resigned on 10/03/2017.
∞ Ceased to be prescribed officer on 03/04/2017.
+ Ceased to be prescribed officer on 16/01/2017.
@ Other benefits include compensation in lieu of employment agreement amendments in respect of revised notice period and restraint of trade.
## Other benefits include a retention payment made in lieu of forfeiture of performance bonus from previous employer. Payment to be spread over three years.
# Includes medical aid and Unemployment Insurance Fund.

  Salaries
R000		 Post-
employ-
ment
benefits
R000		 Other 
benefits#
R000 		 Compen-
sation
for
loss of
office
R000		 Bonuses
R000		 Sub-
total
R000		 Share
gains
R000		 Total
R000		  
2016                  
Prescribed officers                  
JA Desai 10 783 1 078 2 225 – – 14 086 – 14 086  
PD Norman 4 731 564 286 – – 5 581 – 5 581  
MD Fleischer1 6 089 710 10 454 – – 17 253 – 17 253  
M Nyati 3 855 444 3 584 – – 7 883 – 7 883  
I Jaroudi 11 083 – 1 418 – 6 353 18 854 – 18 854  
K Toriola 6 017 695 4 838 – 1 969 13 519 – 13 519  
F Moolman 6 700 548 2 882 – – 10 130 – 10 130  
S van Coller2, 3 1 846 208 13 071 – – 15 125 – 15 125  
G Engling4 687 64 26 – – 777 – 777  
M Ikpoki5 – – – 4 064 – 4 064 – 4 064  
Total 51 791 4 311 38 784 4 064 8 322 107 272 – 107 272  
1 Other benefits include a long-term retention amount of R10 million, of which a portion is forfeitable.
2 Appointed on 01/10/2016.
3 Other benefits include an amount of R13 million paid in lieu of forfeited benefits from previous employer.
4 Appointed on 01/10/2016.
5 Mutual separation on 31/12/2015.
# Includes medical aid and Unemployment Insurance Fund.

Directors, prescribed officers, company secretary of the MTN Group and directors and company secretaries of major subsidiaries’ shareholding and dealings in ordinary shares

  December
2017		   December
2016		 Beneficial  
NP Mageza 400   400 Indirect  
PD Norman#* 300 970   300 970 Direct  
PD Norman#* 10 000   – Indirect  
S Ntsele# 6 000   6 000 Direct  
KC Ramon 3 244   3 244 Direct  
KC Ramon 9 901   9 901 Indirect  
KP Kalyan 1 373   1 373 Direct  
SB Mtshali 3 199   3 199 Direct  
BD Goschen@ –   44 393 Direct  
MJN Njeke^ –   10 Direct  
RT Mupita#* 41 670   – Direct  
RT Mupita#* 680   – Indirect  
G Motsa#* 269   – Direct  
Total 377 706   369 490    
* Prescribed officer.
# Major subsidiary director.
^ Retired on 25/05/2016.
@ Resigned on 30/09/2016.

Subsequent to year-end there were no changes in the directors’ beneficial interest in MTN Group.

Directors, prescribed officers, company secretary of the MTN Group and directors and company secretaries of major subsidiaries’ shareholding relating to MTN Zakhele Futhi

The following persons, being directors of MTN Group Limited and its major subsidiaries and the company secretary, were allocated the following number of MTN Zakhele Futhi shares which has a shareholding in MTN Group Limited shares:

Beneficiary December
2017		   December
2016		 Beneficial  
KP Kalyan 83 967   83 967 Direct  
NP Mageza 155 870   155 870 Indirect  
SB Mtshali 39 703   39 703 Indirect  
J van Rooyen 500   500 Indirect  
KC Ramon 23 500   23 500 Direct  
LWC Phalatse 5 000   5 000 Direct  
LWC Phalatse 5 000   5 000 Indirect  
SA Fakie 6 061   1 000 Direct  
SA Fakie 13 031   2 000 Indirect  
RT Mupita 33 562   – Indirect  
Total 366 194   316 540    

Subsequent to year-end there were no changes in the directors’ beneficial interest in MTN Zakhele Futhi.

Equity compensation benefits for executive directors and directors of major subsidiaries in respect of the share appreciation rights and share rights schemes

Offer date Strike
price
R		 Vesting
date		 Number
outstanding
as at
31 December
2016		 Exercised
2017		 Forfeited Exercise
date		 Exercise
price
R		   Number
outstanding
as at
31 December
2017		  
F Moolman                    
19/03/2008 126,99 19/03/2010 10 200 – – – –   10 200  
19/03/2008 126,99 19/03/2011 10 200 – – – –   10 200  
19/03/2008 126,99 19/03/2012 15 300 – – – –   15 300  
19/03/2008 126,99 19/03/2013 15 300 – – – –   15 300  
Total     51 000 – – – –   51 000  

Equity compensation benefits for executive directors, prescribed officers, company secretary of the MTN Group and directors of major subsidiaries in respect of the performance share plan

Offer date Vesting
date		 Number
outstanding
as at
31 December
2016		 Offered Exercised Forfeited  Exercise
date		 Exercise
price
R		   Number
outstanding
as at
31 December
2017		  
PD Norman                    
20/12/2013 19/12/2016 28 400 – – (28 400) – –   –  
19/12/2014 18/12/2017 27 000 – – –  – –   27 000  
29/06/2016 29/12/2018 46 100 – – –  – –   46 100  
28/12/2016 28/12/2019 56 300 – – –  – –   56 300  
18/12/2017 18/12/2020 – 57 700 – –  – –   57 700  
Total   157 800 57 700 – (28 400) – –   187 100  
RA Shuter*                    
29/09/2017 31/12/2019 – 213 600 – –  – –   213 600  
18/12/2017 18/12/2020 – 200 200 – –  – –   200 200  
Total   – 413 800 – –  – –   413 800  
RT Mupita**                    
18/12/2017 18/12/2020 – 118 300 – –  – –     118 300  
Total   – 118 300 – –  – –   118 300  
J Schulte-Bockum***                    
18/12/2017 18/12/2020 – 125 500 – –  – –     125 500  
Total   – 125 500 – –  – –   125 500  
G Motsa^^                    
09/03/2017 28/12/2019 – 66 500 – –  – –   66 500  
18/12/2017 18/12/2020 – 69 700 – –  – –   69 700  
Total   – 136 200 – –  – –   136 200  
F Sekha#                    
28/12/2016 28/12/2019 27 200 – – –  – –   27 200  
18/12/2017 18/12/2020 – 40 400 – –  – –   40 400  
Total   27 200 40 400 – –  – –   67 600  
M Nyati^                    
19/12/2014 18/12/2017 21 900 – – (21 900) – –   –  
29/06/2016 29/12/2018 37 500 – – (37 500) – –   –  
28/12/2016 28/12/2019 45 800 – – (45 800) – –   –  
Total   105 200 – – (105 200) – –   –  
* Appointed on 13/03/2017. On appointment, RA Shuter was granted a cash-settled share-based payment incentive in lieu of unvested stocks or equity relinquished upon resignation from previous employment. The value of the incentive will be determined based on the market value of 327 214 ordinary listed shares in MTN Group Limited. The incentive will be paid on 12/03/2020.
** Appointed on 03/04/2017. On appointment, RT Mupita was granted a cash-settled share-based payment incentive in lieu of unvested stocks or equity relinquished upon resignation from previous employment. The value of the incentive will be determined based on the market value of 446 027 ordinary listed shares in MTN Group Limited. The incentive will be paid on 28/10/2019.
*** Appointed on 16/01/2017. On appointment, J Schulte-Bockum was granted a cash-settled share-based payment incentive in lieu of unvested stocks or equity relinquished upon resignation from previous employment. The value of the incentive will be determined based on the market value of 64 423 ordinary listed shares in MTN Group Limited. The incentive will be paid on 15/01/2020.
^^ Appointed on 01/01/2017.
# Appointed on 01/06/2017.
^ Resigned on 10/03/2017.

Offer date Vesting
date		 Number
outstanding
as at
31 December
2016		 Offered Exercised Forfeited  Exercise
date		 Exercise
price
R		   Number
outstanding
as at
31 December
2017		  
JA Desai*                    
20/12/2013 19/12/2016 44 400   – – (44 400) – –   –  
19/12/2014 18/12/2017 44 500   – – (3 208) – –   41 292  
29/06/2016 29/12/2018 90 400   – – (45 003) – –   45 397  
28/12/2016 28/12/2019 107 300   – – (80 182) – –   27 118  
Total   286 600   – – (172 793) – –   113 807  
M Fleischer                    
19/12/2014 18/12/2017 30 400    – – –  – –   30 400  
29/06/2016 29/12/2018 51 900    – – –  – –   51 900  
28/12/2016 28/12/2019 75 200    – – –  – –   75 200  
18/12/2017 18/12/2020 –    73 000 – –  –     73 000  
Total   157 500    73 000 – –  – –   230 500  
F Moolman                    
20/12/2013 19/12/2016 15 700    – – (15 700) – –   –  
19/12/2014 18/12/2017 15 700    – – –  – –   15 700  
29/06/2016 29/12/2018 44 700    – – –  – –   44 700  
28/12/2016 28/12/2019 66 400@ – – –  – –   66 400  
18/12/2017 18/12/2020 –     66 100 – –  – –   66 100  
Total   142 500    66 100 – (15 700) – –   192 900  
SB Mtshali                    
20/12/2013 19/12/2016 6 000    – (1 500) (4 500) 14/03/2017 122,23   –  
19/12/2014 18/12/2017 5 800    – – –  – –   5 800  
29/06/2016 29/12/2018 10 100    – – –  – –   10 100  
28/12/2016 28/12/2019 12 800    – – –  – –   12 800  
18/12/2017 18/12/2020 –    12 600 – –  – –   12 600  
Total   34 700   12 600 (1 500) (4 500) – –   41 300  
* Retired on 16/01/2017.
@ Restated. 28/12/2016 award reduced by 200.

Offer date Vesting
date		 Number
outstanding
as at
31 December
2016		 Offered Exercised Forfeited  Exercise
date		 Exercise
price
R		   Number
outstanding
as at
31 December
2017		  
S Ntsele                    
20/12/2013 19/12/2016 5 300 – (1 325) (3 975) 14/03/2017 122,23   –  
19/12/2014 18/12/2017 5 000 – – –  – –   5 000  
29/06/2016 29/12/2018 25 500 – – –  – –   25 500  
28/12/2016 28/12/2019 31 400 – – –  – –   31 400  
18/12/2017 18/12/2020 – 30 700 – –  – –   30 700  
Total   67 200 30 700 (1 325) (3 975) – –   92 600  
K Toriola                    
20/12/2013 19/12/2016 15 500 – – (15 500) – –   –  
19/12/2014 18/12/2017 22 300 – – –  – –   22 300  
29/06/2016 29/12/2018 54 700 – – –  – –   54 700  
28/12/2016 28/12/2019 55 900 – – –  – –   55 900  
18/12/2017 18/12/2020 – 69 100 – –  – –   69 100  
Total   148 400 69 100 – (15 500) – –   202 000  
S van Coller                    
28/12/2016 28/12/2019 100 800 – – –  – –   100 800  
18/12/2017 18/12/2020 – 108 600 – –  –     108 600  
Total   100 800 108 600 – –  – –   209 400  
G Engling*                    
20/12/2013 19/12/2016 10 700 – – (10 700) – –   –  
19/12/2014 18/12/2017 10 000 – – –  – –   10 000  
29/06/2016 29/12/2018 28 800 – – –  – –   28 800  
28/12/2016 28/12/2019 21 400 – – –  – –   21 400  
Total   70 900 – – (10 700) – –   60 200  
I Jaroudi                    
20/12/2013 19/12/2016 19 600 – – (19 600) – –   –  
19/12/2014 18/12/2017 24 600 – – –  – –   24 600  
29/06/2016 29/12/2018 60 000 – – –  – –   60 000  
28/12/2016 28/12/2019 89 000 – – –  – –   89 000  
18/12/2017 18/12/2020 – 77 600 – –  – –   77 600  
Total   193 200 77 600 – (19 600) – –   251 200  
* Ceased to be a prescribed officer on 03/04/2017.

Notes to the group financial statements l Note 10.2