The group’s remuneration policy is structured to ensure that all staff are remunerated fairly for the level of responsibility assumed in performing their roles. The policy also takes into account that mining is a long-term business, and that certain essential skills are required to ensure the sustainability of its operations throughout the various commodity and economic cycles to which the group is exposed. Management is therefore wary of making direct links between the achievement of short-term KPIs and levels of remuneration. Remuneration of the group executive directors is determined by the Remuneration Committee (refer here), and the executive directors in turn determine the remuneration of the employees in conjunction with the human resources department and the relevant departmental heads. The levels of remuneration are benchmarked annually within the mining industry and, where appropriate, within the relevant professions of the employees. Bonus awards are made to all staff, based on the financial performance of the group and the successful achievement of its long-term strategic objectives.
In order to create value for all of Assore’s employees, the group has, pursuant to the third empowerment transaction, introduced a dividend and equity participation scheme (refer “The Assore Employee Trust”), whereby non-managerial staff participate in the dividends declared by the group, as well as in the growth in Assore’s share price over a predetermined vesting period. Directors and senior staff do not participate in this scheme.