Clover’s board is responsible for setting executive remuneration and oversees emoluments across the organisation. The backdrop against which Clover’s Remuneration Policy is set is continuously evolving, driven by macro- and socio-economic factors, regulation and practical considerations.
In working to balance the dual objectives of attracting and retaining scarce or specialist skills whilst optimising shareholder returns, it is the Remuneration Committee’s duty to ensure that Clover’s Remuneration Policy articulates and practically gives effect to fair, responsible and transparent remuneration.
This report ultimately aims to provide all stakeholders, and specifically shareholders, with sufficient information to make informed decisions when casting their non-binding vote on Clover’s Remuneration Policy.
This Remuneration Report applies to the period 1 July 2016 to 30 June 2017 and complies with the King III recommendations on remuneration. The report should be read in conjunction with note 33 to the Annual Financial Statements included in this Integrated Report, which contains various statutory disclosures regarding Clover’s remuneration.
Additional information is available in Clover’s letter of appointment, disciplinary code, ethics policy, employment legislation, such as the Labour Relations Act, and the Basic Conditions of Employment Act, as well as Clover’s amended short- and long-term incentive scheme rules.
King IV was released in November 2016 and builds on the current principles contained in King III, aligning shifts in the approach to capitalism towards inclusive, integrated thinking across all six capitals, new governance structures, emerging risks and opportunities from new technologies and new reporting and disclosure requirements.
Complying with King IV is a JSE Listings Requirement which is effective for financial years commencing from 1 April 2017, but only with regard to Integrated Reports to be published after 1 October 2017. The Remuneration Committee has concluded a gap analysis and no material concerns or insufficiencies were identified regarding Clover’s current disclosure and application of principles. The new reporting requirements will be adopted during the current reporting period and disclosed in the amended Report on Remuneration for the period ending 30 June 2018.