Vodacom Integrated Report 2017

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68 Vodacom Group Limited Integrated report for the year ended 31 March 2017
This report summarises Vodacom’s remuneration
philosophy and policy for non-executive directors,
executive directors and prescribed officers. It also
provides a description as to how the policy has
been implemented.
It is noted that while elements of King IV have been included in
this report, further disclosures will evolve when either practice
notes on King IV or revised JSE Listings Requirements get
published in the year ahead.
vodacom The detailed remuneration report, including the full disclosures
will be published in a separate remuneration report online at
The Group’s Remuneration Committee (RemCo) determines the
policy for remunerating executives and the Board recommends
the fees for non-executive directors to shareholders for approval
at the annual general meeting (AGM).
The report is divided into three sections:
Our remuneration philosophy,
policy and framework 02
Section
Background statement with feedback from
the Chairman of the Remuneration Committee 01
Section
Implementation report 03
Section
Abridged
remuneration
report
Background statement with feedback from
the Chairman of the Remuneration Committee 01
Section
Thoko Martha
Mokgosi-Mwantembe:
Independent non-executive
director
Letter from the Chairman of the
Remuneration Committee:
Dear shareholders
As members of the RemCo of the Group, our focus is to assist and
advise the Board on matters relating to the remuneration of senior
management. We ensure that the remuneration philosophy and
policy supports the Group’s strategic targets to enable the
recruitment, motivation and retention of senior executives in order
to maximise shareholder value while also complying with
legislation and the requirements of King IV.
Business performance and the impact on
our short-term and long-term incentives
The Group’s financial performance was good and once again we
delivered a solid set of results that will make our shareholders
proud. This is testament to the calibre of management and
employees that work for us. We had a tough set of targets to
achieve, relating to service revenue, EBITDA, operating free cash
flow and customer appreciation. Customer growth and the strong
demand for data were two of the key drivers of our success,
along with excellent execution in enterprise. More detail on
the actual achievement against these targets is provided later
in the report.
These targets and the extent to which they are achieved have
a direct impact on the long- and short-term incentives payable
to executives.
Chairman