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Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
83
Date of issue
Number of
employees
participating
% of
employee
complement
First reward issue
1 January 2014
27
13
Second reward issue
1 July 2014
26
13
Third reward issue
1 July 2015
26
13
Fourth reward issue
1 July 2016
26
11
Fifth reward issue
1 January 2017
1
0,01
Performance conditions met for shares awarded 1 January 2014 and vested April 2017
Performance condition
Weighting
Calculated score
Linear vesting
between threshold/
on target/stretch
target performance
% of award that will
vest
Weighted total
awarded
Growth in distribution per unit relative to
peer group
50%
102,8%
3%
102%
51%
Unit price performance relative to peer group
50%
104,5%
95%
98%
49%
Total % of allocated shares vested
100%
Retention scheme terms
Retention shares vest five years after initial allocation, subject to continuous employment over the vesting period. Participants are only able to receive dividends
after the shares have vested.
Executive directors’ remuneration
Hyprop has two executive directors (CEO, Pieter Prinsloo and FD, Laurence Cohen), who are classified as Hyprop’s only prescribed officers.
Our executive directors are permanent employees and their employment agreements include a notice period, but no restraints of trade. They are offered
competitive remuneration packages, reviewed by the remuneration committee annually.
Executive directors’ terms of service
Minimum terms and conditions for employing executive directors are governed by South African legislation. If an executive director’s services are
terminated, the remuneration and nomination committee oversees any settlement, assisted by labour law advisers.
Executive directors’ remuneration
June
2017
R000
June
2016
R000
Pieter Prinsloo (CEO)
Basic salary
3 906
3 672
Performance bonus (paid in December)
3 933
3 710
Phantom share scheme
3 454
Conditional share plan (CUP)
2 488
Pension fund contributions
184
173
Company contribution UIF, SDL and other benefits
119
122
Total cost to company
10 630
11 131
Laurence Cohen (FD)
Basic salary
2 221
2 089
Performance bonus (paid in December)
2 060
2 332
Conditional share/unit plan (CUP)
1 371
Pension fund contributions
386
362
Company contribution UIF, SDL and other benefits
84
69
Total cost to company
6 122
4 852