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Related-party transactions
 12 Months Ended
Dec. 31, 2022
Disclosure of transactions between related parties [abstract]  
Related-party transactions
39. Related-party transactions
Sibanye-Stillwater entered into related-party transactions with Rand Refinery, and its subsidiaries during the year. The transactions with these related parties are generally conducted with terms comparable to transactions with third parties, however in certain circumstances such as related-party loans, the transactions were not at arm’s length.
See note 1.3 for the Group structure, which provides further detail on the relationship between the parent and subsidiary companies.
Rand Refinery
Rand Refinery, in which Sibanye-Stillwater holds a 44.4% interest, has an agreement with the Group whereby it refines all of the Group’s gold production. For the year ended 31 December 2022, the Group received a dividend of R307 million (2021: R329 million and 2020: R112 million) from Rand Refinery, and sold gold and paid refining fees to Rand Refinery. See note 18.1 for additional information in respect of the Group’s investment in Rand Refinery.
The table below details the transactions and balances between the Group and its related parties:
Figures in million - SA rand202220212020
Rand Refinery
Gold sales187 319 298 
Refining fees paid(24)(40)(31)
Trade payable(6)(7)(6)
Key management remuneration
Total key management personnel compensation recognised under IFRS1:
Figures in thousands - SA rand202220212020
Short-term employee benefits127,54290,179110,134
Post-employment benefits6,9574,4216,009
Share-based payment65,338104,550127,097
Total199,837199,150243,240
1 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members (prescribed officers) and executive directors are disclosed under IFRS as key management personnel of Sibanye-Stillwater. For 2020, key management personnel included EVPs and executive directors
Other related party transaction
During the year, the Group sold equipment through an advertised bid process to Neal Froneman for a cash consideration of R75,000. The equipment was originally purchased by the Group in June 2016 for an amount of R201,653, and was fully depreciated and no longer in use at the time of disposal.
40. Directors' and prescribed officers' remuneration
The disclosure below incorporates remuneration for services rendered to various companies within the Group during the year.
The executive directors and prescribed officers were paid the following remuneration during the year:
Figures in thousands - SA randSalaryCash bonus accrued for 2022 paid in 2023Accrual of share-based payment benefitsPension scheme total contributionsExpense allowance and other benefits202220212020
Executive directors
Neal Froneman1
13,824 12,066 170,348 1,268 526 198,032 291,582 57,973 
Charl Keyter6,875 5,542 73,960 982 123 87,482 143,428 28,963 
Prescribed officers2
Chris Bateman66,959 
Shadwick Bessit14,789 
Hartley Dikgale29,159 
Dawie Mostert4,728 3,789 41,530 645 73 50,765 71,734 16,655 
Themba Nkosi4,199 3,193 38,620 403 65 46,480 58,648 15,286 
Wayne Robinson19,272 
Richard Stewart5,734 4,703 48,961 644 83 60,125 83,011 18,873 
Robert van Niekerk5,784 4,641 67,465 643 99 78,632 114,686 22,975 
Laurent Charbonnier3
10,067 6,995 4,663 81 2,296 24,102 23,472 2,614 
Lerato Legong
3,947 3,010 2,007 538 51 9,553 7,679 2,875 
Mika Seitovirta4
6,896 3,532 2,355 1,242 1,874 15,899 245 — 
Charles Carter5
7,160 5,505 3,670 511 162 17,008 — — 
Total69,214 52,976 453,579 6,957 5,352 588,078 794,485 296,393 
1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of R16.37/US$ (2021: R14.79/US$ and 2020: R16.46/US$) for the year ended 31 December 2022
2 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers:
•Chris Bateman — ceased performing an EVP role on 6 September 2020
•Shadwick Bessit — ceased performing an EVP role on 16 January 2021
•Hartley Dikgale — ceased performing an EVP role on 31 March 2020
•Wayne Robinson — not a C-suite member
3 Assumed a prescribed officer role on 16 November 2020, remuneration paid in GBP was converted at the average exchange rate of R20.18/GBP (2021: R20.33/GBP and 2020: R21.10/GBP) for the year ended 31 December 2022
4 Assumed a prescribed officer role on 14 December 2021, remuneration paid in Euros was converted at the average exchange rate of R17.20/Euro (2021: R17.49/Euro) for the year ended 31 December 2022
5 Assumed a prescribed officer role on 23 May 2022, remuneration paid in US dollars converted at the average exchange rate of R16.37/US$
The non-executive directors were paid the following fees during the year:
Figures in thousands - SA randDirectors feesCommittee feesExpense allowance202220212020
Timothy Cumming1,127 982 103 2,212 2,229 1,909 
Savannah Danson1,127 774 — 1,901 2,062 1,680 
Harry Kenyon-Slaney1,296 1,095 151 2,542 2,369 2,114 
Richard Menell2,288 232 215 2,735 2,719 2,114 
Nkosemntu Nika1,127 690 26 1,843 1,742 1,708 
Keith Rayner1,127 1,169 — 2,296 2,385 1,864 
Susan van der Merwe1,127 690 13 1,830 1,742 1,716 
Jeremiah Vilakazi1,127 535 — 1,662 1,795 1,422 
Vincent Maphai3,405 — — 3,405 3,265 2,756 
Elaine Dorward-King
1,296 531 976 2,803 1,618 1,107 
Sindiswa Zilwa1,127 694 — 1,821 1,807 — 
Wang Bin
— — — — — 327 
Lu Jiongjie
— — — — — 327 
Total16,174 7,3921,48425,05023,73319,044
The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2022 was:
Number of shares%
202220212020202220212020
Executive directors
Neal Froneman1,2
8,559,665 6,636,286 4,829,128 0.30 0.24 0.17 
Charl Keyter2
1,466,181 2,866,791 1,775,994 0.05 0.10 0.06 
Non-executive directors
Timothy Cumming2
6,000 6,000 1,242 — — — 
Richard Menell2
10,125 15,125 84,625 — — — 
Keith Rayner2
68,992 68,992 68,992 — — — 
Susan van der Merwe2
1,028 1,028 1,027 — — — 
Jeremiah Vilakazi2
4,220 2,000 — — — — 
Vincent Maphai2
199,724 152,135 50,000 0.01 0.01 — 
Savannah Danson2
16,519 2,519 2,519 — — — 
Harry Kenyon-Slaney2,3
16,852 16,852 16,852 — — — 
Elaine Dorward-King2,4
10,000 10,000 4,800 — — — 
Total share ownership by directors10,359,306 9,777,728 6,835,179 
Prescribed officers5
Chris Bateman— — 
Shadwick Bessit94,707 — 
Hartley Dikgale— — 
Dawie Mostert2
136,302 26,466 38,975 — — — 
Themba Nkosi2,6
251,583 204,533 59,022 0.01 0.01 — 
Wayne Robinson184,333 — — 0.01 
Richard Stewart2
788,771 739,633 105,303 0.03 0.03 — 
Robert van Niekerk2
1,766,770 875,261 24,341 0.06 0.03 — 
Laurent Charbonnier2,7
151,012 151,012 35,620 0.01 0.01 — 
Charles Carter2,8
300,000 — — 0.01 — — 
Total13,753,744 11,774,633 7,377,480 
1 Neal Froneman and his associates hold 225,408 ADRs at 31 December 2022 (2021: 90,479, 2020: 3,213) which convert to 901,632 (2021: 361,916, 2020: 12,852) ordinary shares in the Company
2 Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following:
•Neal Froneman — 8,833,665
•Charl Keyter — 1,616,481
•Vincent Maphai — 217,135
•Themba Nkosi — 283,753
•Charles Carter — 440,000
3 Harry Kenyon-Slaney and his associates hold 4,213 ADRs at 31 December 2022 (2021 and 2020:4,213) which convert to 16,852 (2021 and 2020: 16,852) ordinary shares in the Company
4 Elaine Dorward-King and her associates hold 2,500 ADRs at 31 December 2022 (2021: 2,500, 2020: 1,200) which convert to 10,000 (2021: 10,000, 2020: 4,800) ordinary shares in the Company
5 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers:
•Chris Bateman — ceased performing an EVP role on 6 September 2020
•Shadwick Bessit — ceased performing an EVP role on 16 January 2021
•Hartley Dikgale — ceased performing an EVP role on 31 March 2020
•Wayne Robinson — not a C-suite member
6 Themba Nkosi and his associates hold 5,300 ADRs at 31 December 2022 which convert into 21,200 ordinary shares in the Company
7 Laurent Charbonnier and his associates hold 37,753 ADRs at 31 December 2022 (2021: 37,753, 2020: 8,905) which convert to 151,012 (2021: 151,012, 2020: 35,620) ordinary shares in the Company