Page 26 - SABN AR 2021

This remuneration report outlines the SABN’s remuneration and reward philosophy. It also provides details of the remuneration paid to non-executive directors, the Executive Director and senior management during the financial year ended 31 March 2021.
Remuneration and reward philosophy
In the period under review, the SABN’s remuneration and reward philosophy remained consistent with what was reported in the previous financial year. The Company’s total rewards philosophy is to ensure that employee and Company interests are aligned, that the SABN’s overall employment proposition is relevant to current and prospective employees, and that competitive remuneration, which is fair to both the individual and to the Company, attracts and retains high-performing individuals and key leverage skills.
The SABN’s reward and remuneration philosophy rests on the following four pillars of good practice:
> Ensure competitive remuneration that supports the attraction, rewarding and retention of competent employees while taking into account the SABN’s financial stability.
> Facilitate internal pay equity and consistency so that employees in jobs of comparable content and grade are paid at comparable pay levels.
> Maintain fair pay differentiation between jobs of different grades and with different content.
> Allow flexibility and choice so that employees are able to structure their pay package.
Job grading
The SABN uses the Paterson job grading system which was introduced in 2013. The selection of the Paterson system was based on the Company’s desire to establish greater transparency and employee empowerment with regard to job grading and its link to remuneration. In an effort to be a leading employer of choice, the SABN Board approved the Company’s use of regional data for annual salary benchmarking. This benchmarking confirms the Company’s competitiveness in relation to the Gauteng regional manufacturing sector.
Composition of remuneration and reward
In the year under review, remuneration comprised a combination of fixed pay and variable pay.
The remuneration of the Executive Director and senior management consisted of:
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Annual Report 2021
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a guaranteed remuneration package; and participation in an annual incentive scheme.
South African Bank Note Company (RF) Proprietary Limited
Remuneration report