Exxaro Resources Limited
Group and company annual financial statements for the year ended 31 December 2025
14.5.1 Remuneration policy
The remuneration committee has a defined mandate from the board of directors aimed at:
14.5.2 Summary of remuneration
|
NCOE/guaranteed remuneration plus circumstantial |
Short-term incentives |
Long-term incentives |
||||||
|---|---|---|---|---|---|---|---|---|
|
2025 |
Basic salary R |
Benefits and allowances1 R |
Retirement fund contributions R |
Performance bonuses2 R |
Gains on management share schemes R |
|||
|
Executive directors |
||||||||
|
B Magara8 |
8 374 572 |
103 847 |
521 581 |
7 680 067 |
|
|||
|
PA Koppeschaar |
6 799 141 |
448 459 |
542 782 |
4 870 269 |
5 071 913 |
|||
|
Dr N Tsengwa9 |
1 446 782 |
55 911 |
112 519 |
|
|
|||
|
Total executive directors' remuneration |
16 620 495 |
608 217 |
1 176 882 |
12 550 336 |
5 071 913 |
|||
|
Prescribed officers |
||||||||
|
S Govender |
3 647 784 |
614 487 |
338 194 |
2 080 170 |
1 354 968 |
|||
|
L Groenewald |
5 294 473 |
180 269 |
533 124 |
5 438 043 |
2 576 092 |
|||
|
RE Lilleike |
4 703 793 |
104 677 |
341 300 |
3 295 882 |
|
|||
|
PK Masia10 |
1 741 243 |
|
134 725 |
|
|
|||
|
JG Meyer |
4 636 394 |
367 958 |
425 540 |
2 552 074 |
2 472 872 |
|||
|
NM Monareng11 |
699 720 |
8 846 |
58 102 |
|
|
|||
|
MH Nana |
3 271 363 |
|
254 420 |
1 416 203 |
|
|||
|
F Ntlhoro12 |
650 448 |
10 000 |
41 134 |
|
|
|||
|
TT Ratsheko13 |
1 128 246 |
109 419 |
70 269 |
433 228 |
2 725 772 |
|||
|
JA Rock |
4 330 970 |
182 139 |
315 337 |
2 327 333 |
|
|||
|
RC Shirindza14 |
1 199 169 |
15 000 |
88 098 |
|
|
|||
|
M Veti |
4 602 878 |
|
406 675 |
2 414 627 |
2 298 672 |
|||
|
Total prescribed officers' remuneration |
35 906 481 |
1 592 795 |
3 006 918 |
19 957 560 |
11 428 376 |
|||
|
Other |
Long-term incentives |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2025 |
Exit payment paid3 R |
Recognition4 R |
Other5 R |
Total remuneration R |
VARP expense6 R |
Share-based payment expense7 R |
Gains on management share schemes R |
Total remuneration expense R |
||||
|
Executive directors |
||||||||||||
|
B Magara8 |
|
|
|
16 680 067 |
2 590 484 |
|
19 270 551 |
|||||
|
PA Koppeschaar |
|
2 000 |
|
17 734 564 |
5 876 279 |
(5 071 913) |
18 538 930 |
|||||
|
Dr N Tsengwa9 |
|
|
1 102 454 |
2 717 666 |
(19 604 362) |
|
(16 886 696) |
|||||
|
Total executive directors' remuneration |
|
2 000 |
1 102 454 |
37 132 297 |
(11 137 599) |
(5 071 913) |
20 922 785 |
|||||
|
Prescribed officers |
|
|||||||||||
|
S Govender |
|
2 000 |
94 254 |
8 131 857 |
1 359 878 |
(1 354 968) |
8 136 767 |
|||||
|
L Groenewald |
|
4 760 |
|
14 026 761 |
14 937 237 |
406 421 |
(2 576 092) |
26 794 327 |
||||
|
RE Lilleike |
|
2 000 |
|
8 447 652 |
3 269 860 |
|
11 717 512 |
|||||
|
PK Masia10 |
9 762 711 |
2 000 |
136 059 |
11 776 738 |
(7 874 297) |
|
3 902 441 |
|||||
|
JG Meyer |
|
2 000 |
|
10 456 838 |
2 626 831 |
(2 472 872) |
10 610 797 |
|||||
|
NM Monareng11 |
|
|
|
766 668 |
464 881 |
|
1 231 549 |
|||||
|
MH Nana |
|
2 000 |
|
4 943 986 |
665 118 |
|
5 609 104 |
|||||
|
F Ntlhoro12 |
|
|
|
701 582 |
|
|
701 582 |
|||||
|
TT Ratsheko13 |
|
2 000 |
131 555 |
4 600 489 |
479 896 |
(2 725 772) |
2 354 613 |
|||||
|
JA Rock |
|
2 000 |
1 383 179 |
8 540 958 |
2 332 184 |
|
10 873 142 |
|||||
|
RC Shirindza14 |
|
|
926 836 |
2 229 103 |
|
|
2 229 103 |
|||||
|
M Veti |
|
2 000 |
|
9 724 852 |
3 082 510 |
(2 298 672) |
10 508 690 |
|||||
|
Total prescribed officers' remuneration |
9 762 711 |
20 760 |
2 671 883 |
84 347 484 |
14 937 237 |
6 813 282 |
(11 428 376) |
94 669 627 |
||||
|
2025 |
Fees for services R |
Fees for services rendered to subsidiaries R |
Total R |
|
|---|---|---|---|---|
|
Non-executive directors |
||||
|
GJ Fraser-Moleketi |
1 940 162 |
|
1 940 162 |
|
|
KM Ireton |
947 951 |
|
947 951 |
|
|
B Magara8 |
306 545 |
|
306 545 |
|
|
IN Malevu |
987 413 |
|
987 413 |
|
|
B Mawasha |
1 273 006 |
|
1 273 006 |
|
|
N Ketwa |
1 244 685 |
|
1 244 685 |
|
|
Dr P Mnganga |
1 215 519 |
|
1 215 519 |
|
|
VZ Mntambo15 |
338 430 |
231 645 |
570 075 |
|
|
N Molope |
969 148 |
|
969 148 |
|
|
MLB Msimang16 |
625 679 |
|
625 679 |
|
|
CJ Nxumalo |
1 178 957 |
|
1 178 957 |
|
|
MG Qhena (Chairman) |
2 543 129 |
|
2 543 129 |
|
|
PCCH Snyders |
1 389 021 |
|
1 389 021 |
|
|
Total non-executive directors' remuneration |
14 959 645 |
231 645 |
15 191 290 |
1 Includes leave days purchased as well as travel and acting allowances.
2 All incentive schemes are performance related and were approved by the board of directors.
3 Includes a mutual separation package.
4 Includes LTIFR rewards.
5 Includes leave encashments, sign-on bonuses and retention allowances.
6 Relates to the energy business VARP long-term incentive.
7 Amount recognised for share-based payment expenses, in terms of IFRS 2, in respect of equity-settled share-based payment schemes for services rendered during the year. The employee will only be entitled to the options once all vesting conditions have been met.
8 Appointed as CEO on 1 April 2025 and stepped down as independent non-executive director.
9 Resigned on 5 February 2025.
10 Resigned on 24 April 2025.
11 Appointed as designate executive head: sustainability on 1 November 2025. Remuneration from November 2025.
12 Appointed as executive head: commercial on 1 November 2025. Remuneration from November 2025.
13 Retired on 31 May 2025.
14 Appointed as executive head: coal on 1 November 2025. Remuneration from October 2025.
15 Retired on 15 May 2025.
16 Resigned on 15 September 2025.
Retirement amounts relate to defined contribution retirement funds.
|
NCOE/guaranteed remuneration plus circumstantial |
Short-term incentives |
Long-term incentives |
|||||
|---|---|---|---|---|---|---|---|
|
2024 |
Basic salary R |
Benefits and allowances1 R |
Retirement fund contributions R |
Performance bonuses2 R |
Gains on management share schemes R |
||
|
Executive directors |
|||||||
|
Dr N Tsengwa8 |
8 551 807 |
330 488 |
665 091 |
|
13 910 110 |
||
|
PA Koppeschaar |
6 353 469 |
262 198 |
508 121 |
4 010 572 |
8 318 829 |
||
|
Total executive directors' remuneration |
14 905 276 |
592 686 |
1 173 212 |
4 010 572 |
22 228 939 |
||
|
Prescribed officers |
|||||||
|
S Govender9 |
2 938 993 |
311 091 |
274 245 |
1 313 392 |
2 219 214 |
||
|
L Groenewald |
4 950 085 |
212 973 |
496 690 |
4 514 049 |
3 507 115 |
||
|
RE Lilleike |
4 459 427 |
55 833 |
323 570 |
2 724 180 |
|
||
|
PK Masia |
5 283 171 |
|
419 190 |
|
|
||
|
JG Meyer |
4 361 194 |
357 219 |
401 225 |
2 305 816 |
4 198 909 |
||
|
MH Nana10 |
2 072 179 |
|
161 157 |
916 388 |
|
||
|
AT Ndoni11 |
3 018 327 |
159 836 |
220 722 |
|
2 259 892 |
||
|
TT Ratsheko12 |
2 605 792 |
48 254 |
162 293 |
997 402 |
1 896 597 |
||
|
JA Rock |
4 098 884 |
210 598 |
301 110 |
2 076 548 |
|
||
|
M Veti |
4 339 876 |
|
383 438 |
2 042 298 |
4 517 623 |
||
|
Total prescribed officers' remuneration |
38 127 928 |
1 355 804 |
3 143 640 |
16 890 073 |
18 599 350 |
||
|
Other |
Long-term incentives |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2024 |
Exit payment paid3 R |
Recognition4 R |
Other5 R |
Total remuneration R |
VARP expense6 R |
Share-based payment expense7 R |
Gains on management share schemes R |
Total remuneration expense R |
||||
|
Executive directors |
||||||||||||
|
Dr N Tsengwa8 |
|
4 260 |
15 879 |
23 477 635 |
|
11 885 251 |
(13 910 110) |
21 452 776 |
||||
|
PA Koppeschaar |
|
4 260 |
|
19 457 449 |
|
5 846 252 |
(8 318 829) |
16 984 872 |
||||
|
Total executive directors' remuneration |
|
8 520 |
15 879 |
42 935 084 |
|
17 731 503 |
(22 228 939) |
38 437 648 |
||||
|
Prescribed officers |
||||||||||||
|
S Govender9 |
|
82 060 |
|
7 138 995 |
|
1 483 280 |
(2 219 214) |
6 403 061 |
||||
|
L Groenewald |
|
4 260 |
|
13 685 172 |
1 728 524 |
179 395 |
(3 507 115) |
12 085 976 |
||||
|
RE Lilleike |
|
|
|
7 563 010 |
|
2 185 083 |
|
9 748 093 |
||||
|
PK Masia |
|
4 260 |
|
5 706 621 |
|
5 435 663 |
|
11 142 284 |
||||
|
JG Meyer |
|
4 260 |
|
11 628 623 |
|
2 808 681 |
(4 198 909) |
10 238 395 |
||||
|
MH Nana10 |
|
|
2 420 000 |
5 569 724 |
|
264 036 |
|
5 833 760 |
||||
|
AT Ndoni11 |
1 884 174 |
4 260 |
2 114 268 |
9 661 479 |
|
(898 016) |
(2 259 892) |
6 503 571 |
||||
|
TT Ratsheko12 |
|
4 260 |
|
5 714 598 |
|
1 201 206 |
(1 896 597) |
5 019 207 |
||||
|
JA Rock |
|
|
1 383 179 |
8 070 319 |
|
1 432 369 |
|
9 502 688 |
||||
|
M Veti |
|
4 260 |
|
11 287 495 |
|
3 066 706 |
(4 517 623) |
9 836 578 |
||||
|
Total prescribed officers' remuneration |
1 884 174 |
107 620 |
5 917 447 |
86 026 036 |
1 728 524 |
17 158 403 |
(18 599 350) |
86 313 613 |
||||
|
2024 |
Fees for services R |
Fees for services rendered to subsidiaries R |
Total R |
|---|---|---|---|
|
Non-executive directors |
|||
|
GJ Fraser-Moleketi |
1 495 520 |
|
1 495 520 |
|
KM Ireton |
891 534 |
|
891 534 |
|
B Magara13 |
1 100 503 |
|
1 100 503 |
|
IN Malevu |
707 165 |
|
707 165 |
|
B Mawasha |
917 671 |
|
917 671 |
|
L Mbatha14 |
282 759 |
123 785 |
406 544 |
|
N Ketwa |
1 147 289 |
|
1 147 289 |
|
Dr P Mnganga |
1 121 908 |
|
1 121 908 |
|
VZ Mntambo |
768 756 |
218 535 |
987 291 |
|
N Molope15 |
913 632 |
|
913 632 |
|
MLB Msimang |
895 573 |
|
895 573 |
|
CJ Nxumalo |
1 106 079 |
|
1 106 079 |
|
MG Qhena (Chairman) |
2 397 450 |
|
2 397 450 |
|
PCCH Snyders |
1 311 845 |
|
1 311 845 |
|
Total non-executive directors' remuneration |
15 057 684 |
342 320 |
15 400 004 |
1 Includes leave days purchased as well as travel and acting allowances.
2 All incentive schemes are performance related and were approved by the board of directors.
3 Includes a mutual separation package.
4 Includes long service awards and LTIFR rewards.
5 Includes leave encashments, sign-on bonuses and retention allowances.
6 Relates to the energy business VARP long-term incentive.
7 Amount recognised for share-based payment expenses, in terms of IFRS 2, in respect of equity-settled share-based payment schemes for services rendered during the year. The employee will only be entitled to the options once all vesting conditions have been met.
8 Resigned on 5 February 2025.
9 Appointed as acting chief coal operations officer on 15 November 2024. Remuneration information relates to the full year.
10 Appointed as group company secretary on 1 May 2024.
11 Resigned on 30 November 2024.
12 Appointed as acting chief strategic resilience and governance officer on 25 September 2024. Remuneration information relates to the full year.
13 Appointed as CEO on 1 April 2025 and stepped down as independent non-executive director.
14 Retired on 23 May 2024.
15 Appointed on 3 January 2024.
Retirement amounts relate to defined contribution retirement funds.
14.5.3 Directors’ interests in Exxaro shares
|
2025 |
2024 |
|||||
|---|---|---|---|---|---|---|
|
At 31 December |
Direct number |
Indirect number |
Direct number |
Indirect number |
||
|
Beneficial interests (number of shares) |
||||||
|
PA Koppeschaar |
94 891 |
19 618 |
74 446 |
8 023 |
||
|
B Magara |
12 345 |
|||||
|
VZ Mntambo |
4 448 839 |
|||||
|
Dr N Tsengwa |
179 578 |
6 401 |
||||
|
At 31 December |
2025 % |
2024 % |
|
|---|---|---|---|
|
Percentages of direct and indirect shareholdings |
|||
|
PA Koppeschaar |
0.033 |
0.02 |
|
|
B Magara |
0.004 |
||
|
VZ Mntambo |
1.27 |
||
|
Dr N Tsengwa |
|
0.05 |
There have been no changes in the directors’ interests in Exxaro shares between the end of the financial year 2025 and the date on which the annual financial statements were approved.
The following options and rights in shares in the company were exercised or are outstanding in favour of directors and prescribed officers of the company under the company’s share option schemes:
Management share scheme – LTIP
| 2025 | Rights held at 31 December1 Number |
Exercisable period |
Proceeds if exercisable at 31 December2 R |
Pre-tax gain if exercisable at 31 December2 R |
Options exercised during the year Number |
Shares forfeited3 Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
| Executive directors | |||||||||
| B Magara | 188 726 | 13/05/2028 | 33 781 954 | 33 781 954 | |||||
| 188 726 | 33 781 954 | 33 781 954 | |||||||
| PA Koppeschaar | 01/04/2025 | 32 757 | 9 059 | 146.88 | 4 811 348 | 13/05/2025 | |||
| 51 829 | 01/04/2026 | 9 277 391 | 9 277 391 | ||||||
| 61 258 | 01/04/2027 | 10 965 182 | 10 965 182 | ||||||
| 75 319 | 13/05/2028 | 13 482 101 | 13 482 101 | ||||||
| 188 406 | 33 724 674 | 33 724 674 | 32 757 | 9 059 | 4 811 348 | ||||
| Dr N Tsengwa | 01/04/2025 | 14 224 | |||||||
| 01/04/2025 | 78 093 | ||||||||
| 01/04/2026 | 112 157 | ||||||||
| 01/04/2027 | 132 640 | ||||||||
| 337 114 | |||||||||
| Prescribed officers | |||||||||
| S Govender | 01/04/2025 | 8 490 | 2 348 | 146.88 | 1 247 011 | 13/05/2025 | |||
| 13 531 | 01/04/2026 | 2 422 049 | 2 422 049 | ||||||
| 15 993 | 01/04/2027 | 2 862 747 | 2 862 747 | ||||||
| 19 480 | 13/05/2028 | 3 486 920 | 3 486 920 | ||||||
| 49 004 | 8 771 716 | 8 771 716 | 8 490 | 2 348 | 1 247 011 | ||||
| L Groenewald | 01/04/2025 | 13 186 | 3 646 | 149.07 | 1 965 637 | 01/04/2025 | |||
| 13 186 | 3 646 | 1 965 637 | |||||||
| RE Lilleike | 38 223 | 01/10/2026 | 6 841 917 | 6 841 917 | |||||
| 41 604 | 01/04/2027 | 7 447 116 | 7 447 116 | ||||||
| 50 915 | 13/05/2028 | 9 113 785 | 9 113 785 | ||||||
| 130 742 | 23 402 818 | 23 402 818 | |||||||
| PK Masia | 01/04/2025 | 34 170 | |||||||
| 01/04/2025 | 34 170 | ||||||||
| 01/04/2026 | 42 264 | ||||||||
| 01/04/2027 | 49 954 | ||||||||
| 160 558 | |||||||||
| JG Meyer | 01/04/2025 | 16 535 | 4 572 | 146.88 | 2 428 661 | 13/05/2025 | |||
| 26 308 | 01/04/2026 | 4 709 132 | 4 709 132 | ||||||
| 31 094 | 01/04/2027 | 5 565 826 | 5 565 826 | ||||||
| 37 874 | 13/05/2028 | 6 779 446 | 6 779 446 | ||||||
| 95 276 | 17 054 404 | 17 054 404 | 16 535 | 4 572 | 2 428 661 | ||||
| NM Monareng | 33 060 | 01/11/2028 | 5 917 740 | 5 917 740 | |||||
| 33 060 | 5 917 740 | 5 917 740 | |||||||
| MH Nana | 12 417 | 01/05/2027 | 2 222 643 | 2 222 643 | |||||
| 18 547 | 13/05/2028 | 3 319 913 | 3 319 913 | ||||||
| 30 964 | 5 542 556 | 5 542 556 | |||||||
| TT Ratsheko | 01/04/2025 | 6 724 | 1 859 | 146.88 | 987 621 | 13/05/2025 | |||
| 01/04/2026 | 5 929 | 4 779 | 147.04 | 871 800 | 01/06/2025 | ||||
| 01/04/2027 | 4 919 | 7 730 | 147.04 | 723 290 | 01/06/2025 | ||||
| 13/05/2028 | 15 407 | ||||||||
| 17 572 | 29 775 | 2 582 711 | |||||||
| JA Rock | 24 928 | 16/10/2026 | 4 462 112 | 4 462 112 | |||||
| 27 591 | 01/04/2027 | 4 938 789 | 4 938 789 | ||||||
| 33 702 | 13/05/2028 | 6 032 658 | 6 032 658 | ||||||
| 86 221 | 15 433 559 | 15 433 559 | |||||||
| RC Shirindza | 7 662 | 01/10/2028 | 1 371 498 | 1 371 498 | |||||
| 7 662 | 1 371 498 | 1 371 498 | |||||||
| M Veti | 01/04/2025 | 15 372 | 4 251 | 146.88 | 2 257 839 | 13/05/2025 | |||
| 24 271 | 01/04/2026 | 4 344 509 | 4 344 509 | ||||||
| 28 687 | 01/04/2027 | 5 134 973 | 5 134 973 | ||||||
| 34 942 | 13/05/2028 | 6 254 618 | 6 254 618 | ||||||
| 87 900 | 15 734 100 | 15 734 100 | 15 372 | 4 251 | 2 257 839 |
| 1 | Option strike price is nil. |
| 2 | Based on a share price of R179.00 which prevailed on 31 December 2025. |
| 3 | Shares forfeited due to performance conditions not being fully met and shares forfeited due to resignation in the year. |
|
2024 |
Rights held at 31 December1 Number |
Exercisable period |
Proceeds if exercisable at 31 December2 R |
Pre-tax gain if exercisable at 31 December2 R |
Options exercised during the year Number |
Shares forfeited4 Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
|
|---|---|---|---|---|---|---|---|---|---|---|
|
Executive directors |
||||||||||
|
Dr N Tsengwa |
|
01/04/2024 |
|
|
79 047 |
1 068 |
168.78 |
13 341 553 |
01/04/2024 |
|
|
14 224 |
01/04/2025 |
2 246 681 |
2 246 681 |
|||||||
|
78 093 |
01/04/2025 |
12 334 789 |
12 334 789 |
|||||||
|
112 157 |
01/04/2026 |
17 715 198 |
17 715 198 |
|||||||
|
132 640 |
01/04/2027 |
20 950 488 |
20 950 488 |
|||||||
|
337 114 |
53 247 156 |
53 247 156 |
79 047 |
1 068 |
13 341 553 |
|||||
|
PA Koppeschaar |
|
01/04/2024 |
|
|
49 288 |
666 |
168.78 |
8 318 829 |
01/04/2024 |
|
|
41 816 |
01/04/2025 |
6 604 837 |
6 604 837 |
|||||||
|
51 829 |
01/04/2026 |
8 186 391 |
8 186 391 |
|||||||
|
61 258 |
01/04/2027 |
9 675 701 |
9 675 701 |
|||||||
|
154 903 |
24 466 929 |
24 466 929 |
49 288 |
666 |
8 318 829 |
|||||
|
Prescribed officers |
||||||||||
|
S Govender |
|
01/04/2024 |
|
|
12 775 |
172 |
168.78 |
2 156 165 |
01/04/2024 |
|
|
10 838 |
01/04/2025 |
1 711 862 |
1 711 862 |
|||||||
|
13 531 |
01/04/2026 |
2 137 221 |
2 137 221 |
|||||||
|
15 993 |
01/04/2027 |
2 526 094 |
2 526 094 |
|||||||
|
40 362 |
6 375 177 |
6 375 177 |
12 775 |
172 |
2 156 165 |
|||||
|
L Groenewald |
|
01/04/2024 |
|
|
18 920 |
255 |
168.78 |
3 193 318 |
01/04/2024 |
|
|
16 832 |
01/04/2025 |
2 658 614 |
2 658 614 |
|||||||
|
16 832 |
2 658 614 |
2 658 614 |
18 920 |
255 |
3 193 318 |
|||||
|
RE Lilleike |
38 223 |
01/10/2026 |
6 037 323 |
6 037 323 |
||||||
|
41 604 |
01/04/2027 |
6 571 352 |
6 571 352 |
|||||||
|
79 827 |
12 608 675 |
12 608 675 |
||||||||
|
PK Masia |
34 170 |
01/04/2025 |
5 397 152 |
5 397 152 |
||||||
|
34 170 |
01/04/2025 |
5 397 152 |
5 397 152 |
|||||||
|
42 264 |
01/04/2026 |
6 675 599 |
6 675 599 |
|||||||
|
49 954 |
01/04/2027 |
7 890 234 |
7 890 234 |
|||||||
|
160 558 |
25 360 137 |
25 360 137 |
||||||||
|
JG Meyer |
|
01/04/2024 |
|
|
24 878 |
336 |
168.78 |
4 198 909 |
01/04/2024 |
|
|
21 107 |
01/04/2025 |
3 333 851 |
3 333 851 |
|||||||
|
26 308 |
01/04/2026 |
4 155 349 |
4 155 349 |
|||||||
|
31 094 |
01/04/2027 |
4 911 297 |
4 911 297 |
|||||||
|
78 509 |
12 400 497 |
12 400 497 |
24 878 |
336 |
4 198 909 |
|||||
|
MH Nana |
12 417 |
01/05/2027 |
1 961 265 |
1 961 265 |
||||||
|
12 417 |
1 961 265 |
1 961 265 |
||||||||
|
AT Ndoni |
|
01/11/2024 |
|
|
12 003 |
162 |
167.09 |
2 005 581 |
01/12/2024 |
|
|
|
01/04/2025 |
|
|
|
9 296 |
|
|
|||
|
|
01/04/2026 |
|
|
|
11 499 |
|
|
|||
|
|
01/09/2026 |
|
|
|
8 481 |
|
|
|||
|
|
01/04/2027 |
|
|
|
22 551 |
|
|
|||
|
|
|
|
12 003 |
51 989 |
2 005 581 |
|||||
|
TT Ratsheko |
|
01/04/2024 |
|
|
10 118 |
136 |
168.78 |
1 707 716 |
01/04/2024 |
|
|
8 583 |
01/04/2025 |
1 355 685 |
1 355 685 |
|||||||
|
10 708 |
01/04/2026 |
1 691 329 |
1 691 329 |
|||||||
|
12 649 |
01/04/2027 |
1 997 910 |
1 997 910 |
|||||||
|
31 940 |
5 044 924 |
5 044 924 |
10 118 |
136 |
1 707 716 |
|||||
|
JA Rock |
24 928 |
16/10/2026 |
3 937 378 |
3 937 378 |
||||||
|
27 591 |
01/04/2027 |
4 357 998 |
4 357 998 |
|||||||
|
52 519 |
8 295 376 |
8 295 376 |
||||||||
|
M Veti |
|
01/04/2024 |
|
|
23 130 |
312 |
168.78 |
3 903 881 |
01/04/2024 |
|
|
19 623 |
01/04/2025 |
3 099 453 |
3 099 453 |
|||||||
|
24 271 |
01/04/2026 |
3 833 604 |
3 833 604 |
|||||||
|
28 687 |
01/04/2027 |
4 531 112 |
4 531 112 |
|||||||
|
72 581 |
11 464 169 |
11 464 169 |
23 130 |
312 |
3 903 881 |
1 Option strike price is nil.
2 Based on a share price of R157.95 which prevailed on 31 December 2024.
3 Shares forfeited due to performance conditions not being fully met and shares forfeited due to resignation in the year.
Management share scheme – DBP
|
2025 |
Rights held at 31 December1 Number |
Exercisable period |
Proceeds if exercisable at 31 December2 R |
Pre-tax gain if exercisable at 31 December2 R |
Options exercised during the year Number |
Shares forfeited3 Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
|
|---|---|---|---|---|---|---|---|---|---|---|
|
Executive directors |
||||||||||
|
PA Koppeschaar |
|
21/09/2024 |
|
|
750 |
146.88 |
110 160 |
13/05/2025 |
||
|
|
04/03/2025 |
|
|
1 024 |
146.88 |
150 405 |
13/05/2025 |
|||
|
6 249 |
31/03/2027 |
1 118 571 |
1 118 571 |
|||||||
|
13 369 |
13/05/2028 |
2 393 051 |
2 393 051 |
|||||||
|
19 618 |
3 511 622 |
3 511 622 |
1 774 |
260 565 |
||||||
|
Dr N Tsengwa |
|
31/03/2027 |
|
|
|
6 401 |
||||
|
|
|
|
|
6 401 |
|
|||||
|
Prescribed officers |
||||||||||
|
S Govender |
|
31/03/2025 |
|
|
735 |
146.88 |
107 957 |
13/05/2025 |
||
|
|
|
|
735 |
107 957 |
||||||
|
L Groenewald |
|
04/03/2025 |
|
|
1 004 |
156.19 |
156 815 |
14/03/2025 |
||
|
|
31/03/2025 |
|
|
1 845 |
153.04 |
282 359 |
31/03/2025 |
|||
|
|
|
|
2 849 |
439 174 |
||||||
|
PK Masia |
|
31/03/2027 |
|
|
5 098 |
|||||
|
|
|
|
5 098 |
|||||||
|
JG Meyer |
|
21/09/2024 |
|
|
301 |
146.88 |
44 211 |
13/05/2025 |
||
|
|
|
|
301 |
44 211 |
||||||
|
TT Ratsheko |
|
04/03/2025 |
|
|
391 |
146.88 |
57 430 |
13/05/2025 |
||
|
|
31/03/2025 |
|
|
583 |
146.88 |
85 631 |
13/05/2025 |
|||
|
|
|
|
974 |
143 061 |
||||||
|
JA Rock |
6 922 |
13/05/2028 |
1 239 038 |
1 239 038 |
|
|||||
|
6 922 |
1 239 038 |
1 239 038 |
|
|||||||
|
M Veti |
|
21/09/2024 |
|
|
278 |
146.88 |
40 833 |
13/05/2025 |
||
|
7 230 |
31/03/2026 |
1 294 170 |
1 294 170 |
|||||||
|
3 316 |
31/03/2027 |
593 564 |
593 564 |
|||||||
|
6 808 |
13/05/2028 |
1 218 632 |
1 218 632 |
|||||||
|
17 354 |
3 106 366 |
3 106 366 |
278 |
40 833 |
1 Option strike price is nil.
2 Based on a share price of R179.00 which prevailed on 31 December 2025.
3 Shares forfeited due to resignation in the year.
|
2024 |
Rights held at 31 December1 Number |
Exercisable period |
Proceeds if exercisable at 31 December2 R |
Pre-tax gain if exercisable at 31 December2 R |
Options exercised during the year Number |
Shares forfeited3 Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
|---|---|---|---|---|---|---|---|---|---|
|
Executive directors |
|||||||||
|
Dr N Tsengwa |
|
19/03/2024 |
|
|
589 |
171.54 |
101 037 |
19/03/2024 |
|
|
|
31/03/2024 |
|
|
2 770 |
168.78 |
467 521 |
31/03/2024 |
||
|
6 401 |
31/03/2027 |
1 011 038 |
1 011 038 |
||||||
|
6 401 |
1 011 038 |
1 011 038 |
3 359 |
568 558 |
|||||
|
PA Koppeschaar4 |
750 |
21/09/2024 |
118 463 |
118 463 |
|||||
|
1 024 |
04/03/2025 |
161 741 |
161 741 |
||||||
|
6 249 |
31/03/2027 |
987 030 |
987 030 |
||||||
|
8 023 |
1 267 234 |
1 267 234 |
|||||||
|
Prescribed officers |
|||||||||
|
S Govender |
|
19/03/2024 |
|
|
179 |
171.54 |
30 706 |
19/03/2024 |
|
|
|
31/08/2024 |
|
|
202 |
160.12 |
32 344 |
31/08/2024 |
||
|
735 |
31/03/2025 |
116 093 |
116 093 |
||||||
|
735 |
116 093 |
116 093 |
381 |
63 050 |
|||||
|
L Groenewald |
|
19/03/2024 |
|
|
200 |
171.54 |
34 308 |
19/03/2024 |
|
|
|
31/03/2024 |
|
|
1 275 |
168.78 |
215 195 |
31/03/2024 |
||
|
|
21/09/2024 |
|
|
409 |
157.20 |
64 295 |
21/09/2024 |
||
|
1 004 |
04/03/2025 |
158 582 |
158 582 |
||||||
|
1 845 |
31/03/2025 |
291 418 |
291 418 |
||||||
|
2 849 |
450 000 |
450 000 |
1 884 |
313 798 |
|||||
|
PK Masia |
5 098 |
31/03/2027 |
805 229 |
805 229 |
|||||
|
5 098 |
805 229 |
805 229 |
|||||||
|
JG Meyer4 |
301 |
21/09/2024 |
47 543 |
47 543 |
|||||
|
301 |
47 543 |
47 543 |
|||||||
|
AT Ndoni |
|
04/03/2025 |
|
|
96 |
||||
|
|
31/03/2026 |
|
|
1 676 |
|||||
|
|
31/03/2027 |
|
|
1 170 |
|||||
|
|
|
|
2 942 |
||||||
|
TT Ratsheko |
|
19/03/2024 |
|
|
144 |
171.54 |
24 702 |
19/03/2024 |
|
|
|
31/03/2024 |
|
|
820 |
168.78 |
138 400 |
31/03/2024 |
||
|
|
31/08/2024 |
|
|
161 |
160.12 |
25 779 |
31/08/2024 |
||
|
391 |
04/03/2025 |
61 758 |
61 758 |
||||||
|
583 |
31/03/2025 |
92 085 |
92 085 |
||||||
|
974 |
153 843 |
153 843 |
1 125 |
188 881 |
|||||
|
M Veti4 |
|
19/03/2024 |
|
|
449 |
171.54 |
77 021 |
19/03/2024 |
|
|
|
31/03/2024 |
|
|
3 180 |
168.78 |
536 720 |
31/03/2024 |
||
|
278 |
21/09/2024 |
43 910 |
43 910 |
||||||
|
7 230 |
31/03/2026 |
1 141 979 |
1 141 979 |
||||||
|
3 316 |
31/03/2027 |
523 762 |
523 762 |
||||||
|
10 824 |
1 709 651 |
1 709 651 |
3 629 |
613 741 |
1 Option strike price is nil.
2 Based on a share price of R157.95 which prevailed on 31 December 2024.
3 Shares forfeited due to resignation in the year.
4 Will be allowed to exercise the September 2024 tranche once being removed from the insider register.
Management share scheme – BMP
|
2025 |
Rights held at 31 December Number |
Exercisable period |
Proceeds if exercisable at 31 December1 R |
Pre-tax gain if exercisable at 31 December1 R |
Options exercised during the year Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
|
|---|---|---|---|---|---|---|---|---|---|
|
Prescribed officers |
|||||||||
|
L Groenewald |
|
01/04/2025 |
|
|
1 149 |
149.07 |
171 281 |
01/04/2025 |
|
|
1 149 |
01/04/2026 |
205 671 |
205 671 |
||||||
|
1 988 |
01/04/2026 |
355 852 |
355 852 |
||||||
|
1 988 |
01/04/2027 |
355 852 |
355 852 |
||||||
|
5 125 |
917 375 |
917 375 |
1 149 |
|
171 281 |
1 Option strike price is nil.
2 Based on a share price of R179.00 which prevailed on 31 December 2025.
|
2024 |
Rights held at 31 December1 Number |
Exercisable period |
Proceeds if exercisable at 31 December2 R |
Pre-tax gain if exercisable at 31 December2 R |
Options exercised during the year Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
|
|---|---|---|---|---|---|---|---|---|---|
|
Prescribed officers |
|||||||||
|
L Groenewald |
1 149 |
01/04/2025 |
181 485 |
181 485 |
|||||
|
1 149 |
01/04/2026 |
181 485 |
181 485 |
||||||
|
2 298 |
362 970 |
362 970 |
1 Option strike price is nil.
2 Based on a share price of R157.95 which prevailed on 31 December 2024.
MSR portfolio shares
|
2025 |
Rights held at 31 December Number |
Exercisable period |
Proceeds if exercisable at 31 December1 R |
Pre-tax gain if exercisable at 31 December1 R |
MSR exercised during the year Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
|
|---|---|---|---|---|---|---|---|---|---|
|
Prescribed officers |
|||||||||
|
JG Meyer |
10 796 |
30/06/2026 |
1 932 484 |
1 932 484 |
|||||
|
21 798 |
30/06/2026 |
3 901 842 |
3 901 842 |
||||||
|
32 594 |
5 834 326 |
5 834 326 |
|||||||
|
M Veti |
433 |
30/06/2026 |
77 507 |
77 507 |
|||||
|
1 730 |
30/06/2026 |
309 670 |
309 670 |
||||||
|
2 163 |
387 177 |
387 177 |
1 Based on a share price of R179.00 which prevailed on 31 December 2025.
|
2024 |
Rights held at 31 December Number |
Exercisable period |
Proceeds if exercisable at 31 December1 R |
Pre-tax gain if exercisable at 31 December1 R |
MSR exercised during the year Number |
Sale price/ market price R |
Pre-tax gain R |
Date exercised |
|
|---|---|---|---|---|---|---|---|---|---|
|
Prescribed officers |
|||||||||
|
JG Meyer |
10 796 |
30/06/2026 |
1 705 228 |
1 705 228 |
|||||
|
21 798 |
30/06/2026 |
3 442 994 |
3 442 994 |
||||||
|
32 594 |
5 148 222 |
5 148 222 |
|||||||
|
AT Ndoni |
|
31/10/2026 |
|
1 522 |
167.09 |
254 311 |
01/12/2024 |
||
|
|
|
1 522 |
254 311 |
||||||
|
M Veti |
433 |
30/06/2026 |
68 392 |
68 392 |
|||||
|
1 730 |
30/06/2026 |
273 254 |
273 254 |
||||||
|
2 163 |
341 646 |
341 646 |
1 Based on a share price of R157.95 which prevailed on 31 December 2024.