- SOCIAL AND ETHICS COMMITTEE
- RISK REPORT
SOCIAL AND ETHICS COMMITTEE
Social and Ethics Committee
The Social and Ethics Committee's responsibilities encompass monitoring and regulating the Group's social and ethics performance, and its impact on its stakeholders. Although management is tasked with overseeing the day-to-day operational sustainability of their respective areas of business,
Social and Ethics Committee reportRISK REPORT
RISK REPORT
The Board is responsible for Datatec's strategy, leadership and decision-making which are all impacted by risk. Risk-based leadership, with the Board at its apex, is fundamental to Datatec.
Risk reportDATATEC SOCIAL INVESTMENT REPORT
The bedrock of any prosperous country comes from the quality of education it provides to its people. South Africa relies on a collective effort of private, public, and non-profit organisations ("NPOs") to ensure efforts are made to elevate the standard of education and increase access for its citizens to meet the urgent need of skills shortage and address the woes of unemployment. Datatec has been an active contributor in ensuring efforts are focused primarily on improving the quality of
Maharishi campus
Remuneration report
PART 1 – BACKGROUND STATEMENT
Introduction
On behalf of the Board of directors and the Remuneration Committee, I am pleased to present the remuneration report ("the report") for 2022. I became Chair of the Remuneration Committee on 1 March 2022 when Maya Makanjee who had chaired the committee during FY22 became Chair of the Board of Datatec.
The Remuneration Committee aims to ensure that Datatec remunerates fairly, responsibly and transparently to promote the achievement of strategic objectives and positive outcomes in the short, medium and long terms (King IV Principle 14). Our committee is focused on ensuring that the remuneration structures at Datatec drive value creation for our stakeholders, with a reward framework and value proposition for our executives which is in accordance with ethical corporate governance standards. We are satisfied that our policies are aligned with shareholder value creation.
Remuneration Committee Chair
Stephen Davidson
Our performance and pay outcomes in FY22
The Group achieved a strong operational and financial performance across all divisions during FY22 despite global semiconductor shortages and ongoing supply chain constraints which have resulted in a growing backlog. We commenced a Strategic Review process seeking to unlock value for shareholders and paid a special dividend of US$70 million.
The main remuneration outcomes in FY22 are as follows with the detail set out in the policy and implementation sections of this report:
- Executives received a 5% increase in fixed pay for FY22 having had no rise the previous year due to Covid-19 uncertainty
- Likewise, non-executive directors' fees were increased 5% (the first increase in three years)
- Short-term incentives ("STI") earned for FY22 reduced compared to FY21 as targets were achieved but with less over-performance than the prior year
- The Conditional Share Plan ("CSP") awards granted in May 2019 with a performance period that ended 28 February 2022 vested at 25%, because the return on invested capital ("ROIC") was at the threshold for the performance conditions but the uEPS target was not achieved
- Long-term incentives ("LTI") vesting outcomes are less than for the prior year