Notes to the Company Annual Financial Statements | Note 22

22. DIRECTORS' EMOLUMENTS
    Blue Label
Services as
Directors of
Blue Label
Telecoms
Limited
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
R’000 		Other
benefits
from
subsidiaries
R’000 		Total
R’000 		Fair value of
conditional
shares
R’000
For the year ended 31 May 2025                
Executive Directors                
BM Levy   — — 12 404 15 157 — 27 561 38 754
MS Levy   — — 12 404 15 157 — 27 561 38 754
DA Suntup   — — 6 569 5 400 — 11 969 20 526
    — — 31 377 35 714 — 67 091 98 034
Non-Executive Directors                
LM Nestadt   2 635 — — — — 2 635 —
JS Mthimunye   1 367 72 — — — 1 439 —
SJ Vilakazi   1 476 — — — — 1 476 —
H Masondo   764 — — — — 764 —
NP Mnxasana   958 48 — — — 1 006 —
LE Mthimunye   1 351 53 — — — 1 404 —
    8 551 173 — — — 8 724 —
    8 551 173 31 377 35 714 — 75 815 98 034
For the year ended 31 May 2024                
Executive Directors                
BM Levy   — — 11 701 6 649 — 18 350 15 030
MS Levy   — — 11 701 6 649 — 18 350 15 030
DA Suntup   — — 6 198 2 406 36 8 640 7 961
    — — 29 600 15 704 36 45 340 38 021
Non-Executive Directors                
LM Nestadt   2 486 — — — — 2 486 —
KM Ellerine*   — — — — — — —
JS Mthimunye   1 290 68 — — — 1 358 —
SJ Vilakazi   1 223 — — — — 1 223 —
H Masondo   507 — — — — 507 —
NP Mnxasana   790 45 — — — 835 —
LE Mthimunye   1 162 50 — — — 1 212 —
    7 458 163 — — — 7 621 —
    7 458 163 29 600 15 704 36 52 961 38 021
* Non-Executive Director, KM Ellerine, resigned on 5 June 2023.

Remuneration was paid by subsidiary companies.
The fair value of conditional 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 
during 
the year 		 Awards 
forfeited 
during 
the year 		 Awards 
vested 
during 
the year 		 Balance 
as at the 
end of 
the year 
CONDITIONAL SHARE PLAN                         
For the year ended 31 May 2025                          
Executive Directors                          
BM Levy1  6 April 2022  6.42  31 August 2024  803 501  —  (224 980) —  578 521 
BM Levy  1 September 2022  6.25  31 August 2025  874 878  —  —  —  874 878 
BM Levy  23 October 2023  3.22  31 August 2026  1 817 001  —  —  —  1 817 001 
BM Levy2  19 November 2024  4.93  31 August 2027  —  —  —  —  — 
           3 495 380  —  (224 980) —  3 270 400 
MS Levy1  6 April 2022  6.42  31 August 2024  803 501  —  (224 980) —  578 521 
MS Levy  1 September 2022  6.25  31 August 2025  874 878  —  —  —  874 878 
MS Levy  23 October 2023  3.22  31 August 2026  1 817 001  —  —  —  1 817 001 
MS Levy2  19 November 2024  4.93  31 August 2027  —  —  —  —  — 
            3 495 380  —  (224 980) —  3 270 400 
DA Suntup1  6 April 2022  6.42  31 August 2024  425 565  —  (119 158) —  306 407 
DA Suntup  1 September 2022  6.25  31 August 2025  463 369  —  —  —  463 369 
DA Suntup  23 October 2023  3.22  31 August 2026  962 354  —  —  —  962 354 
DA Suntup2  19 November 2024  4.93  31 August 2027  —  —  —  —  — 
            1 851 288  —  (119 158) —  1 732 130 
CONDITIONAL SHARE PLAN                         
For the year ended 31 May 2024                         
BM Levy  1 September 2020  3.20  31 August 2023  1 520 776  138 999  —  (1 659 775) — 
BM Levy  6 April 2022  6.42  31 August 2024  803 501  —  —  —  803 501 
BM Levy  1 September 2022  6.25  31 August 2025  874 878  —  —  —  874 878 
BM Levy  23 October 2023  3.22  31 August 2026  —  1 817 001  —  —  1 817 001 
            3 199 155  1 956 000  —  (1 659 775) 3 495 380 
MS Levy  1 September 2020  3.20  31 August 2023  1 520 776  138 999  —  (1 659 775) — 
MS Levy  6 April 2022  6.42  31 August 2024  803 501  —  —  —  803 501 
MS Levy  1 September 2022  6.25  31 August 2025  874 878  —  —  —  874 878 
MS Levy  23 October 2023  3.22  31 August 2026  —  1 817 001  —  —  1 817 001 
            3 199 155  1 956 000  —  (1 659 775) 3 495 380 
DA Suntup  1 September 2020  3.20  31 August 2023  805 462  73 619  —  (879 081) — 
DA Suntup  6 April 2022  6.42  31 August 2024  425 565  —  —  —  425 565 
DA Suntup  1 September 2022  6.25  31 August 2025  463 369  —  —  —  463 369 
DA Suntup  23 October 2023  3.22  31 August 2026  —  962 354  —  —  962 354 
            1 694 396  1 035 973  —  (879 081) 1 851 288 
1 Although 578 521 shares vested to BM Levy and MS Levy and 306 407 shares vested to DA Suntup during the year, the transfer and/or sale of these shares were restricted due to a closed period in terms of the JSE Listings Requirements. The shares will be transferred once the closed period expires. The shares are included in treasury shares and management has concluded that no agency relationship exists over the shares whilst these rights are restricted.
2 The 2024 share awards were not allocated to BM Levy, MS Levy and DA Suntup due to them being placed in a closed period. The shares will be awarded once the closed period expires.