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The Company granted 417 765 (2016: 490 215) forfeitable shares at a weighted average grant date fair value of R161.56
(2016: R128.34), of which 230 913 (2016: 172 462) shares were forfeited and 286 036 (2016: 308 790) vested during the year.
The expense recognised amounted to R45 million (2016: R29 million). R44 million (2016: R41 million) of the dividend declared
was offset against the FSP reserve. Refer to Note 17.1.1 of the consolidated annual financial statements for further details with
regards to the scheme.
The Company is responsible to procure the settlement of the benefits in terms of the FSP to the participants employed by its
subsidiaries participating in the scheme (Employer Companies) on award date. The Employer Companies have the obligation to
reimburse the Company for such settlement upon the award being made. The up-front reimbursement received from the
Employer Companies is treated as an advance distribution received and deferred as a liability (Note 10), which is amortised to
zero over the vesting period as the IFRS 2 reserve is recognised. The staff costs relating to the Employer Companies’ employees
are expensed by each of the individual Employer Companies. |