NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 5.3

5. Employees
5.3 Directors’ emoluments
  Blue Label
Services as
Directors of
Blue Label
Telecoms
Limited
R’000		 Salary and
allowances
R’000		 Bonuses and
performance-
related
payments
R’000		 Other
benefits
R’000		 Subtotal
R’000		 Services as
Directors of
subsidiaries
of Blue Label
Telecoms
Limited
R’000		 Salary and
allowances
from
subsidiaries
R’000		 Bonuses and
performance-
related
payments
from
subsidiaries
R’000		 Retirement
and related
benefits from
subsidiaries
R’000		 Corporate
finance and
legal fees
for services
rendered to
Blue Label
Telecoms
Group
R’000		 Total
R’000		 Fair value
of
forfeitable
shares
R’000		  
For the year ended 31 May 2016                          
Executive directors                          
BM Levy — 7 492 9 165 146 16 803 — — — — — 16 803 12 843  
MS Levy — 7 503 9 165 135 16 803 — — — — — 16 803 12 843  
M Pamensky* — 4 212 — 80 4 292 — — — — — 4 292 —  
DA Suntup — 3 910 2 831 135 6 876 — — — — — 6 876 6 403  
  — 23 117 21 161 496 44 774 — — — — — 44 774 32 090  
Non-executive directors                          
LM Nestadt 995 — — — 995 — — — — — 995    
K Ellerine 369 — — — 369 — — — — — 369    
G Harlow 658 — — — 658 399 — — — — 1 057    
J Mthimunye 491 — — — 491 45 — — — — 536    
JS Vilakazi 311 — — — 311 — — — — — 311    
Y Mahomed# 152 — — — 152 22 — — — — 174    
  2 976 — — — 2 976 466 — — — — 3 442    
  2 976 23 117 21 161 496 47 750 466 — — — — 48 216 32 090  
For the year ended 31 May 2015                          
Executive directors                          
BM Levy — 7 073 6 917 132 14 122 — — — — — 14 122 7 189  
MS Levy — 7 083 6 917 122 14 122 — — — — — 14 122 7 189  
M Pamensky — 5 962 3 402 112 9 476 — — — — — 9 476 6 061  
DA Suntup — 3 694 2 137 122 5 953 — — — — — 5 953 3 349  
  — 23 812 19 373 488 43 673 — — — — — 43 673 23 788  
Non-executive directors                          
LM Nestadt 984 — — — 984 — — — — — 984    
K Ellerine 286 — — — 286 — — — — — 286    
G Harlow 593 — — — 593 473 — — — — 1 066    
NN Lazarus** 373 — — — 373 — — — — 7 524 7 897    
J Mthimunye 498 — — — 498 21 — — — — 519    
JS Vilakazi 341 — — — 341 — — — — — 341    
  3 075 — — — 3 075 494 — — — 7 524 11 093    
  3 075 23 812 19 373 488 46 748 494 — — — 7 524 54 766 23 788  
* M Pamensky resigned with effect from 30 November 2015.
** NN Lazarus resigned with effect from 27 January 2015.
# Mahomed appointed with effect from 18 August 2015.

The fair value of forfeitable shares per Director has been included.

No Director has a notice period of more than one year.

No Director’s service contract includes predetermined compensation as a result of termination that would exceed one year’s salary and benefits.

  Issue
date		 Issue
price
R		 Vesting
date		 Awards
outstanding as at
the beginning
of the year		 Number
of shares
awarded		 Awards 
forfeited 
during 
the year 		 Awards 
vested 
during 
the year 		 Balance 
as at 
the end 
of the 		  
Forfeitable share scheme per Director                  
For the year ended 31 May 2016                  
BM Levy  3 September 2012  6.71  31 August 2015  334 474  —  —  (334 474) —    
BM Levy  2 September 2013  8.75  31 August 2016  271 883  —  —  —  271 883    
BM Levy  3 September 2014  8.90  31 August 2017  283 339  —  —  —  283 339    
BM Levy  1 September 2015  10.17  31 August 2018  —  262 834  —  —  262 834    
            889 696  262 834  —  (334 474) 818 056    
MS Levy  3 September 2012  6.71  31 August 2015  334 474  —  —  (334 474) —    
MS Levy  2 September 2013  8.75  31 August 2016  271 883  —  —  —  271 883    
MS Levy  3 September 2014  8.90  31 August 2017  283 339  —  —  —  283 339    
MS Levy  1 September 2015  10.17  31 August 2018  —  262 834  —  —  262 834    
            889 696  262 834  —  (334 474) 818 056    
MV Pamensky  3 September 2012  6.71  31 August 2015  281 982  —  —  (281 982) —    
MV Pamensky  2 September 2013  8.75  31 August 2016  229 214  —  (229 214) —  —    
MV Pamensky  3 September 2014  8.90  31 August 2017  238 872  —  (238 872) —  —    
MV Pamensky  1 September 2015  10.17  31 August 2018  —  221 585  (221 585) —  —    
            750 068  221 585  (689 671) (281 982) —    
DA Suntup  3 September 2012  6.71  31 August 2015  145 829  —  —  (145 829) —    
DA Suntup  2 September 2013  8.75  31 August 2016  118 540  —  —  —  118 540    
DA Suntup  3 September 2014  8.90  31 August 2017  150 067  —  —  —  150 067    
DA Suntup  1 September 2015  10.17  31 August 2018  —  139 207  —  —  139 207    
            414 436  139 207  —  (145 829) 407 814    
Forfeitable share scheme per Director                            
For the year ended 31 May 2015                            
BM Levy  1 October 2011  4.50  31 August 2014  470 507  —  —  (470 507) —    
BM Levy  3 September 2012  6.71  31 August 2015  334 474  —  —  —  334 474    
BM Levy  2 September 2013  8.75  31 August 2016  271 883  —  —  —  271 883    
BM Levy  3 September 2014  8.90  31 August 2017  —  283 339  —  —  283 339    
            1 076 864  283 339  —  (470 507) 889 696    
MS Levy  1 October 2011  4.50  31 August 2014  470 507  —  —  (470 507) —    
MS Levy  3 September 2012  6.71  31 August 2015  334 474  —  —  —  334 474    
MS Levy  2 September 2013  8.75  31 August 2016  271 883  —  —  —  271 883    
MS Levy  3 September 2014  8.90  31 August 2017  —  283 339  —  —  283 339    
            1 076 864  283 339  —  (470 507) 889 696    
MV Pamensky  1 October 2011  4.50  31 August 2014  396 667  —  —  (396 667) —    
MV Pamensky  3 September 2012  6.71  31 August 2015  281 982  —  —  —  281 982    
MV Pamensky  2 September 2013  8.75  31 August 2016  229 214  —  —  —  229 214    
MV Pamensky  3 September 2014  8.90  31 August 2017  —  238 872  —  —  238 872    
            907 863  238 872  —  (396 667) 750 068    
DA Suntup  1 October 2011  4.50  31 August 2014  205 139  —  —  (205 139) —    
DA Suntup  3 September 2012  6.71  31 August 2015  145 829  —  —  —  145 829    
DA Suntup  2 September 2013  8.75  31 August 2016  118 540  —  —  —  118 540    
DA Suntup  3 September 2014  8.90  31 August 2017  —  150 067  —  —  150 067    
            469 508  150 067  —  (205 139) 414 436    

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 5.3