Remuneration Committee

The Committee’s mandate is to ensure that remuneration arrangements support the strategic aims of the business and enable the recruitment, motivation and retention of Senior Executives while complying with regulatory and governance principles. It has oversight regarding new Board appointments. There are three members in the Committee, two of whom are independent Non-executive Directors and one Non-executive Director. In terms of the King III requirements, the composition of the Committee is required to comprise a majority of independent Non-executive Directors. As at 30 June 2016, the Group complied with this requirement.

Two meetings were held in the year under review.

The Committee has access to independent surveys and consultants. The Chairperson reports to the main Board on the activities and recommendations made by the Committee. The duties and responsibilities as contained in the terms of reference/charter include:

Agree and develop the Group’s general policy on executive and senior management and employee remuneration. This general policy will be referred to shareholders in order for such shareholders to pass a non-binding advisory vote on AfroCentric’s annual remuneration policy

Determine the specific remuneration packages for Executive Directors of the Company

Identify the criteria necessary to measure the performance of Executive Directors in discharging their functions and responsibilities

Review (at least annually) the terms and conditions of Executive Directors’ service agreements, taking into consideration information from comparable companies, where relevant


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