REMUNERATION REPORT (continued) Remuneration of non-executive directors and trustees Non-executive directors/trustees are remunerated based on annual retainers, as well as attendance fees for each meeting attended. The value of the annual retainers and the attendance fees are benchmarked against fees paid in the financial and insurance industry by companies of a similar size to PPS. Non-executive directors/trustees do not participate in the PPS Group’s long-term or short-term incentive schemes. The trustees’ fees for the PPS Holdings Trust Board and its committees are subject to the ultimate approval by the Ordinary Members of PPS Holdings Trust at its annual general meeting (AGM) and for the remainder of the PPS Group companies at their respective AGMs. On behalf of the PPS Group Remuneration Committee: Dr D P du Plessis Chairman of Remco 3 April 2024 PPS Group manages total cost to company (TCTC), which incorporates base pay, retirement, medical aid and other optional benefits. Increases are determined by REMCO in conjunction with executive management and take into consideration market related increases, individual and PPS Group performance and other economic indicators. REMCO reviews staff increases as determined by management and approves increases for PPS Group Executives and senior management. The PPS Group provides its employees with additional elements of remuneration, including retirement fund and risk benefits. These benefits form part of the TCTC package. Employees also participate in reward and recognition schemes to enable performance and motivation to drive PPS Group initiatives and objectives and living up to the PPS Group’s values. There are many other non-financial benefits that are offered to staff - focusing on personal development and different aspects of wellbeing, such as financial, physical, social, emotional, and mental health The key objectives of the long-term incentives are to focus participants on longterm key performance indicators in line with the vision, strategy, roles, expectations, financial and risk parameters of the organisation and to retain key members of management. Long-term incentives are structured to ensure alignment of the interests of key management with members’ interests. REMCO has final discretion over the participation of eligible employees in long-term incentives and the allocation values. PPS Group’s short-term incentives aim to reward short-term performance in the form of an annual cash bonus. This is linked to achieving financial, strategic, and operational objectives against objectives set by line management, influenced by the financial performance of the PPS Group and encouraging a high-performance culture across the Group, allowing for sufficient differentiation between performers and non-performers. 101 Remuneration report by the Group Remuneration Committee
RkJQdWJsaXNoZXIy MTY2ODY3Ng==