Mr N G Payne (Chairman)
Mr C Erasmus
Mr E A Moolla
Prof H E Wainer
Chaired by an independent non-executive PPS Insurance director and comprising solely of non-executive directors of PPS Insurance, the Group Remuneration Committee (REMCO) has been established as a sub-committee of the PPS Insurance Board with delegated responsibility for ensuring the implementation of the Remuneration Policy as approved by the PPS Insurance Board from time to time, and making recommendations to the PPS Group boards in regard to employee and non-executive remuneration for consideration and final approval. REMCO is also responsible for advising the PPS Group in relation to matters of executive, senior management and staff remuneration, as well as key human resources and employee related matters.
The PPS Group is committed to a remuneration philosophy that is applied consistently across the group and focuses on rewarding consistent and sustainable individual, team and corporate performance. The remuneration policy underpins the reward strategy and is key to the PPS Employee Value Proposition. Taking due cognisance of the market and the competitive financial services sector, REMCO is responsible for developing a remuneration philosophy and remuneration policies and practices that aim to set appropriate remuneration levels which enable PPS to attract, engage, motivate, reward and retain executives, senior managers, key talent and other competent staff, with the appropriate values. The remuneration policy forms an integral part of PPS’ corporate strategy and risk profile and maintains a sustainable balance between short-term and long-term value creation, building on PPS’ long-term responsibility towards its stakeholders, namely members, employees, society, and other stakeholders.
The detailed responsibilities of REMCO are set out in its Terms of Reference as approved by the PPS Insurance Board from time to time and include ensuring that the remuneration policy:
REMCO’s duties also include:
No employee included in the scope of this policy is involved in deciding his or her own remuneration. The Chief Executive and the Group Executive – Human Resources attend the meetings of REMCO by invitation. The Chief Executive and Group Executive – Human Resources are recused from any discussion and /or decision pertaining to their own remuneration.
REMCO is mandated with responsibility for the determination of the remuneration of the non-executive trustees and directors of the PPS Group for recommendation to the respective boards for approval, and ultimate approval by the respective entities’ members by special resolution at the respective annual general meetings, in advance of making payment of such remuneration to the board members. Non-executive directors/trustees are remunerated on the basis of annual retainers, as well as attendance fees for each meeting attended. Non-executive directors/trustees do not participate in the PPS Group’s long-term or short-term incentive schemes.
The REMCO meetings held during the year and the attendance thereat were as follows:
|Group Remuneration Committee||10 Mar 2016||18 May 2016||14 Sep 2016|
|Mr N G Payne (Chairman)||X||X||X|
|Mr C Erasmus||X||X||X|
|Mr E A Moolla||X||X||X|
|Prof H E Wainer||X||X||X|