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RELATED-PARTY TRANSACTIONS (Tables)
12 Months Ended
Dec. 31, 2019
RELATED-PARTY TRANSACTIONS  
Schedule of transactions and balances between the Group and its related-parties

 

 

 

 

 

 

Figures in million - SA rand

 

Note

2019
2018
2017

Rand Refinery

 

 

 

 

 

Gold sales

 

 

505.5

616.2

 -

Refining fees paid

 

 

(24.8)

(29.1)

(32.5)

Interest income

 

16.1

 -

 -

1.5

Trade payable

 

 

(4.5)

(3.1)

(4.0)

 

Schedule of key management remuneration, fees and share ownership

The executive directors and prescribed officers were paid the following remuneration during the year:

 

 

 

 

 

 

 

 

Figures in thousands - SA rand

Salary

Cash bonus accrued for 2018 paid in 2019

Accrual of Bonus Share awards and Performance Share proceeds

Pension scheme total contributions

Expense allowance and other benefits

2019
2018

Executive directors

 

 

 

 

 

 

 

Neal Froneman1

12,521

10,482

6,989

912

1,013

31,917

35,760

Charl Keyter

6,295

4,994

3,329

899

507

16,024

17,697

Prescribed officers

 

 

 

 

 

 

 

Chris Bateman2

8,919

4,481

2,988

318

8,583

25,289

16,885

Shadwick Bessit

4,186

3,252

2,168

739

250

10,595

688

Hartley Dikgale

3,721

2,235

1,490

260

192

7,898

8,761

Dawie Mostert

3,833

2,808

1,872

523

248

9,284

10,112

Themba Nkosi

3,797

2,424

1,616

280

 -

8,117

7,265

Wayne Robinson

4,511

2,940

1,960

366

267

10,044

10,925

Richard Stewart

3,947

2,828

1,885

438

330

9,428

12,986

Robert van Niekerk

5,083

4,567

3,045

565

287

13,547

13,508

Total

56,813

41,011

27,342

5,300

11,677

142,143

134,587

1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019

2 Remuneration paid in US dollars was converted at the average exchange rate of R14.46/US$ for the year ended 31 December 2019. The other (cash) benefit represents the contracted payout of benefits arising from the treatment of unvested share-based remuneration in respect of the Stillwater Mining Company share plan, which comprised shares granted in the form of time-based restricted stock unit awards and performance-based restricted stock unit awards. In accordance with the change of control provisions of the Stillwater Mining Company share plan, on the acquisition of Stillwater Mining Company by Sibanye-Stillwater all shares (i.e. time-based restricted stock unit awards and performance-based restricted stock unit awards) were converted to a cash settlement at US$18/share with phased payments. No further performance criteria were to be applied with settlement subject to the prescribed officer remaining in the employment of Sibanye-Stillwater at 31 December to qualify for the payment. The final tranche was payable at 31 December 2019

The non-executive directors were paid the following fees during the year:

 

 

 

 

 

 

 

 

Figures in thousands - SA rand

 

 

Directors fees

Committee fees

Expense allowance

2019
2018

Tim Cumming

 

 

998

692

105

1,795

1,698

Savannah Danson

 

 

998

611

 -

1,609

1,480

Barry Davison1

 

 

404

262

 -

666

1,649

Harry Kenyon-Slaney2

 

 

1,103

596

 -

1,699

 -

Rick Menell

 

 

998

833

 -

1,831

1,723

Sello Moloko

 

 

1,407

 -

 -

1,407

1,802

Nkosemntu Nika

 

 

998

611

 -

1,609

1,435

Keith Rayner

 

 

998

784

99

1,881

1,723

Sue van der Merwe

 

 

998

611

 -

1,609

1,491

Jerry Vilakazi

 

 

998

364

 -

1,362

1,289

Vincent Maphai3

 

 

340

482

 -

822

 -

Total

 

 

10,240

5,846

204

16,290

14,290

1 Resigned as a non-executive director on 28 May 2019

2 Appointed as a non-executive director on 16 January 2019

3 Appointed as a non-executive chairman of the board on 1 June 2019

 

 

The directors’ and prescribed officers’ share ownership at 31 December 2019 was1:

 

 

 

 

 

 

 

 

Number of shares

%

 

 

2019
2018
2019
2018

Executive directors

 

 

 

 

 

Neal Froneman3

 

4,858,723

4,555,954

0.18

0.20

Charl Keyter3

 

1,673,316

1,530,119

0.06

0.07

Non-executive directors

 

 

 

 -

 

Tim Cumming2

 

242

106

 -

 -

Barry Davison4

 

 -

1,567,710

 -

0.07

Rick Menell2

 

108,625

108,625

 -

 -

Sello Moloko4

 

 -

111,534

 -

 -

Keith Rayner2

 

68,992

68,992

 -

 -

Sue van der Merwe2

 

1,028

1,028

 -

 -

Total share ownership by directors

 

6,710,926

7,944,068

 

 

Prescribed officers

 

 

 

 

 

Chris Bateman3

 

32,747

32,747

 -

 -

Shadwick Bessit3

 

31,652

219,782

 -

0.01

Hartley Dikgale3

 

184,311

114,744

0.01

0.01

Dawie Mostert3

 

38,975

50,743

 -

 -

Themba Nkosi3

 

796

19,107

 -

 -

Wayne Robinson3

 

73,292

39,321

 -

 -

Richard Stewart3

 

362,747

421,653

0.01

0.02

Robert van Niekerk3

 

257,732

271,537

0.01

0.01

Total

 

7,693,178

9,113,702

 

 

1 Following the scheme of arrangement between Sibanye Gold Limited and Sibanye Stillwater Limited, effective 24 February 2020, the Directors’ shareholdings are in Sibanye Stillwater Limited. On the effective date of the scheme of arrangement, Sibanye Stillwater Limited owns 100% of the issued share capital of Sibanye Gold Limited

2 Share ownership in Sibanye Stillwater Limited1 at the date of this report is unchanged

3 Share ownership in Sibanye Stillwater Limited1 at the date of this report was:

·

Neal Froneman - 5,167,082 shares

·

Charl Keyter - 1,846,767 shares

·

Chris Bateman - 130,988 shares

·

Shadwick Bessit - 124,707 shares

·

Hartley Dikgale - 283,079 shares

·

Dawie Mostert – 27,118 shares

·

Themba Nkosi - 89,290 shares

·

Wayne Robinson - 184,333 shares

·

Richard Stewart - 495,303 shares

·

Robert van Niekerk - 501,057 shares

4 Resigned during 2019