REMUNERATION REPORT Introduction The PPS Group Remuneration Committee (Remco) has been established as a subcommittee of the PPS Insurance Board with delegated responsibility for overseeing the implementation of the PPS Group Remuneration Policy, as approved by the PPS Insurance Board from time to time, and to determine employee and non-executive director/trustee remuneration which is reported to the PPS Group Boards for consideration and final approval. Remco is responsible for advising the PPS Group in relation to: • Matters of executive, senior management and staff remuneration. • The remuneration of non-executive directors and trustees of the PPS Holdings Trust and its subsidiaries, as well as their respective related entities. • Key human resources and employee-related matters, including employment equity and transformation. Members Dr D P du Plessis (Chairman) – BSc (QS), MBA, DBA, CD (SA) Mr C Erasmus – BSc, FIA, FASSA Dr S N E Seoka – B Pharm, PhD Prof H E Wainer – B Acc, CA(SA), Registered Auditor Functions The role of Remco is to assist the PPS Group boards to ensure that: • The PPS Group remunerates non-executive directors and trustees, Group Chief Executive, executives, management and staff fairly, responsibly and competitively. • The disclosure of director/trustee and executive remuneration by the PPS Group is accurate and in accordance with the Companies Act and IFRS. • The functions prescribed by the Prudential Authority in terms of the Prudential Standards are performed. Remco is chaired by an independent non-executive director and is comprised of independent non-executive directors of PPS Insurance. No employee is involved in deciding their own remuneration. The Group Chief Executive Officer and the Group Executive: Human Resources attend the meetings of Remco by invitation, but are recused from any discussions and/or decisions pertaining to their own remuneration. Remco does not assume the functions of management, which remain the responsibility of the executive directors, officers and other members of the senior management. Remco operates in accordance with the Terms of Reference (TOR) approved by the PPS Insurance Board. Remco has complied with the obligations as set out in its TOR and is satisfied that the objectives of the Remuneration Policy have been achieved. The Remco meetings held during the year and attendance thereat were as follows: Group Remuneration Committee 18 Feb 2022 10 May 2022 15 Nov 2022 Dr D P du Plessis (Chairman) P P P Mr C Erasmus P P P Dr S N E Seoka P P P Prof H E Wainer P P P Report to the PPS Insurance members by Remco This report covers the key activities taken by the Remco during the year, the PPS Group’s Remuneration Philosophy and Policy. Remco is satisfied that it fulfilled its duty to provide independent oversight on remuneration related matters. Remuneration Philosophy and Policy The PPS Group is committed to a remuneration philosophy that is competitive in the market and focuses on rewarding individual and corporate performance. People are one of the PPS Group’s strategic differentiators and the achievement of the PPS Group’s objectives is supported by the way in which it rewards people for their contributions. Remuneration is not only important when recruiting people into the organisation, but also in retaining, engaging and motivating them, and therefore forms part of the foundation of the psychological contract between employee and employer. This policy is important for the PPS Employee Value Proposition. Remuneration Framework The total remuneration packages of employees are determined on an annual basis by Remco within the context of a total reward approach, balanced design and pay mix. The PPS Group remuneration structure is based on the following remuneration principles: 98 Remuneration report by the Group Remuneration Committee
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