Remuneration implementation report – JANUARY TO DECEMBER 2020
This section of the Remuneration Report explains the implementation of the remuneration policy by providing details of the remuneration paid to members of the executive management team and non-executive directors for the financial year ended 31 December 2020.
Executive management team pay
Mercer conducts a biennial bespoke survey of executive management team remuneration. For 2020, the committee reviewed the comparator group against AngloGold Ashanti to ensure that changes in the market had not led to variances that made the current matches inappropriate. The review consisted of a detailed analysis of companies who it was felt were appropriate for inclusion in the benchmark.
The companies included in the comparator group were ranked in terms of a number of criteria selected in areas which were aligned with AngloGold Ashanti. The table below summarises the comparator group:
2020 Comparator benchmark group
- Agnico Eagle MinesCanada
- Anglo American Platinum LimitedSouth Africa
- AntofagastaUnited Kingdom
- Barrick Gold CorporationCanada
- B2Gold CorporationCanada
- Gold Fields LimitedSouth Africa
- Kinross Gold CorporationCanada
- Newcrest Mining LimitedAustralia
- Newmont/GoldcorpUnited States
- South32Australia
- Yamana Gold IncorporatedCanada
Annual salary review 2020
In January 2020, annual increases resulted in each member of the executive management team receiving an increase in line with the CPI in their respective jurisdictions. This is in line with increases for all AngloGold Ashanti employees. The respective CPI increases applicable to the executive management team were as follows:
- RegionInflationary salary increase
- Australia2%
- South Africa5%
- USA2%
It is to be noted that special salary increase adjustments were implemented effective 1 January 2020 for Mr Ntuli and Mr Bailey for purposes of market alignment.
Details available in the single total figure reporting table below.
Executive movements
The company announced on 30 July 2020 that former CEO, Mr Dushnisky, was to step down effective 1 September 2020. AngloGold Ashanti Chief Financial Officer, Ms Ramon was appointed Interim CEO, and Mr Ian Kramer, Senior Vice President: Group Finance was appointed Interim CFO. These interim appointments were effective 1 September 2020.
Effective 1 September 2020, Mr Dushnisky stepped down from all Directorships of the Company but remained as an employee of the Company for the six-month period to 28 February 2021 to ensure an orderly transition. On cessation of his employment, on 28 February 2021, he was paid the balance of his 12-month notice period of $2.8m, which included his DSP FY2020 cash bonus. These payments are in accordance with our termination policy. The details of his remuneration for FY2020 are reflected in the single total figure reporting below. All payments made to Mr Dushnisky were made and disclosed in accordance with the JSE Listing Requirements, King IV guidelines and our shareholder-approved remuneration policy. No ex-gratia payments were made, and no additional payments are owed to Mr Dushnisky.
The Interim CEO and Interim CFO‘s remuneration details are reflected as follows below:
- Ms Ramon: CFO from 1 January 2020 to 31 August 2020 and Interim CEO from 1 September 2020 to 31 December 2020
- Mr Kramer: Interim CFO (in his capacity as a prescribed officer) from 1 September 2020 to 31 December 2020
An allowance aligned to the Company’s acting allowance policy formed part of Ms Ramon and Mr Kramer’s remuneration to recognise the additional responsibilities associated with these roles, for the period 1 September 2020 to 31 December 2020.
Ms Maria Sanz Perez, Executive Vice President: General Counsel and Company secretary resigned effective 30 June 2020.
Ms Lizelle Marwick was promoted to the role of Executive Vice President: General Counsel and Acting Company secretary, effective 1 July 2020. Ms Marwick received an allowance in recognition of acting in the Company secretary role from 1 July 2020 to 10 January 2021. The promotion of Ms Marwick illustrates the success of the strong bench strength and talent management within the Company.
Mr Pierre Chenard, Executive Vice President: Strategy and Business Development, retired effective 31 January 2021.
Ms Tirelo Sibisi, Executive Vice President: Group Human Resources, resigned effective 1 April 2021; her last day of employment will be 30 September 2021.
The single total figure reporting below, provides the remuneration details of executive directors and prescribed officers aligned to the shareholder approved standard conditions of employment. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2020.
Single total figure of remuneration
The following are definitions of terminology used in the adoption of the reporting requirements under King IV:
Reflected
In respect of the DSP awards, remuneration is reflected when performance conditions have been met during the reporting period.
Settled
This refers to remuneration that has been included in prior reporting periods and has now become payable (may not yet have been paid) to the executive in the current period.
Base salary | Awards earned during the period reflected but not yet settled | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(1)ZAR denominated portion | (1)USD/AUD denominated portion | Pension scheme benefits | Once-off relocation costs | Cash in lieu of dividends | (2)Other benefits | (3)DSP awards | CSLTIP awards | Sign-on awards granted | Other payments | Single total figure remuneration | |||
ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | (9)USD '000 | ||
Executive directors |
|||||||||||||
KPM Dushnisky (4) | 2020 | – | 21,657 | 5,266 | – | 13 | 1,759 | 25,796 | – | – | – | 54,491 | 3,312 |
2019 | – | 18,608 | 4,648 | 2,726 | 142 | 2,578 | 61,842 | – | – | – | 90,544 | 6,268 | |
KC Ramon (5) | 2020 | 5,864 | 4,594 | 834 | – | 385 | 924 | 22,507 | – | – | 16,513 | 51,621 | 3,138 |
2019 | 5,585 | 3,981 | 779 | – | 194 | 893 | 29,135 | 33,064 | – | – | 73,631 | 5,097 | |
Total executive directors | 2020 | 5,864 | 26,251 | 6,100 | – | 398 | 2,683 | 48,303 | – | – | 16,513 | 106,112 | 6,450 |
2019 | 5,585 | 22,589 | 5,427 | 2,726 | 336 | 3,471 | 90,977 | 33,064 | – | – | 164,175 | 11,365 | |
Prescribed officers |
|||||||||||||
SD Bailey | 2020 | 4,465 | 3,305 | – | – | 75 | 1,259 | 24,103 | – | – | – | 33,207 | 2,019 |
2019 | 3,879 | 2,560 | – | – | 37 | 1,160 | 18,087 | 5,917 | – | – | 31,640 | 2,190 | |
PD Chenard | 2020 | 5,282 | 4,255 | – | – | – | 2,468 | 8,554 | – | – | – | 20,559 | 1,250 |
2019 | 2,933 | 3,900 | – | 1,270 | – | 1,729 | 18,362 | – | 19,356 | – | 47,550 | 3,292 | |
GJ Ehm | 2020 | – | 10,462 | 284 | – | 409 | 710 | 32,108 | – | – | – | 43,973 | 2,673 |
2019 | – | 9,074 | 251 | – | 163 | 611 | 25,329 | 33,064 | – | – | 68,492 | 4,742 | |
L Eybers | 2020 | – | 10,832 | 284 | – | 377 | 798 | 31,896 | – | – | – | 44,187 | 2,686 |
2019 | 1,377 | 7,945 | 251 | 1,135 | 64 | 2,310 | 25,054 | 29,160 | – | – | 67,296 | 4,659 | |
I Kramer (6) | 2020 | 1,156 | – | 144 | – | – | 24 | 6,085 | – | – | 289 | 7,698 | 468 |
2019 | – | – | – | – | – | – | – | – | – | – | – | – | |
L Marwick (7) | 2020 | 1,896 | 939 | 256 | – | – | 136 | 16,615 | – | – | 571 | 20,413 | 1,241 |
2019 | – | – | – | – | – | – | – | – | – | – | – | – | |
S Ntuli | 2020 | 5,202 | 3,851 | 728 | – | 95 | 1,387 | 26,942 | – | – | – | 38,205 | 2,322 |
2019 | 4,607 | 2,871 | 631 | – | 36 | 343 | 21,041 | 7,526 | – | – | 37,055 | 2,565 | |
ME Sanz Perez (8) | 2020 | 2,353 | 1,763 | 514 | – | 300 | 1,809 | – | – | – | – | 6,739 | 410 |
2019 | 4,481 | 3,184 | 958 | – | 169 | 68 | 20,567 | 26,447 | – | – | 55,874 | 3,868 | |
TR Sibisi | 2020 | 4,484 | 3,518 | 1,000 | – | 258 | 58 | 20,802 | – | – | – | 30,120 | 1,831 |
2019 | 4,944 | 2,337 | 910 | – | 158 | 61 | 19,638 | 22,713 | – | – | 50,761 | 3,514 | |
Total prescribed officers | 2020 | 24,838 | 38,925 | 3,210 | – | 1,514 | 8,649 | 167,105 | – | – | 860 | 245,101 | 14,900 |
2019 | 22,221 | 31,871 | 3,001 | 2,405 | 627 | 6,282 | 148,078 | 124,827 | 19,356 | – | 358,668 | 24,830 |
- (1) Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR on payment date.
- (2) Other benefits include health care, group personal accident, disability, funeral cover, accommodation allowance, pension allowance, airfare and surplus leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over.
- (3) The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2020. The cash bonus is payable in February 2021 and the share awards are allocated in February 2021. Shares vest over a five-year period in equal tranches.
- (4) KPM Dushnisky received the cash portion only for 2020 due to his resignation, aligned to the standard terms and conditions of termination.
- (5) KC Ramon was appointed as Interim CEO effective 1 September 2020. Included in the DSP award is the DSP cash bonus and share award for 2020 calculated on the CFO role for 8 months only. Other payments reflect the acting allowance paid and the DSP cash bonus and share award for the acting period of 4 months calculated on the CEO target bonus opportunity.
- (6)I Kramer was appointed as Interim CFO and prescribed officer effective 1 September 2020. All salary payments including, pension and other benefits were pro-rated and aligned to the appointment date. Included in the DSP award is the DSP cash bonus and share award for the full year of 2020 (DSP award was not pro-rated. It was calculated based on his normal Senior Vice President salary plus four months acting allowance on the Senior Vice President target bonus opportunity). Other payments reflect the acting allowance for the acting period from 1 September to 31 December 2020.
- (7) L Marwick was appointed as prescribed officer and Interim Company Secretary effective 1 July 2020. All salary payments including, pension and other benefits were pro-rated and aligned to the appointment date. Included in the DSP award is the DSP cash bonus and share award for the full year of 2020 (DSP award was not pro-rated. It was calculated based on the prescribed officer target bonus opportunity for the full year aligned to the standard conditions of employment). Other benefits reflect the acting allowance for the acting period in the Company Secretary role from 1 July 2020 to 10 January 2021.
- (8) ME Sanz Perez resigned from Company Secretary effective 30 June 2020. All salary payments including, pension and other benefits are pro-rated in accordance with the resignation date.
- (9) Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.4506 (2019: $1: R14.445).
Awards earned during the period reflected but not yet settled | BSP, CIP and LTIP share awards settled | Sign-on cash settled | Sign-on shares settled | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Single total figure remuneration | (1)DSP awards | CSLTIP awards | Sign-on awards granted | DSP 2019 cash portion settled | (2)Grant fair value | (2)Market movement since grant date | (2)Vesting fair value | (2)Grant fair value | (2)Currency movement since grant date | (2)Settlement fair value | (2)Grant fair value | (2)Market movement since grant date | (2)Vesting fair value | Total cash equivalent received reconciliation | |||
ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | (9)USD '000 | ||
Executive directors |
|||||||||||||||||
KPM Dushnisky(3) | 2020 | 54,491 | (25,796) | – | – | 9,177 | 2,770 | 1,810 | 4,579 | 14,680 | (245) | 14,435 | 10,094 | 18,379 | 28,473 | 85,359 | 5,189 |
2019 | 90,544 | (61,842) | – | – | 7,119 | – | – | – | 17,616 | (1,010) | 16,606 | 20,188 | 18,357 | 38,545 | 90,972 | 6,298 | |
KC Ramon(5) | 2020 | 51,621 | (38,137) | – | – | 9,214 | 22,804 | 24,878 | 47,682 | – | – | – | – | – | – | 70,380 | 4,278 |
2019 | 73,631 | (29,135) | (33,064) | – | 8,378 | 21,504 | 2,849 | 24,353 | – | – | – | – | – | – | 44,163 | 3,057 | |
Total executive directors | 2020 | 106,112 | (63,933) | – | – | 18,391 | 25,574 | 26,688 | 52,261 | 14,680 | (245) | 14,435 | 10,094 | 18,379 | 28,473 | 155,739 | 9,467 |
2019 | 164,175 | (90,977) | (33,064) | – | 15,497 | 21,504 | 2,849 | 24,353 | 17,616 | (1,010) | 16,606 | 20,188 | 18,357 | 38,545 | 135,135 | 9,355 | |
Prescribed officers |
|||||||||||||||||
SD Bailey | 2020 | 33,207 | (24,103) | – | – | 5,473 | 4,960 | 5,278 | 10,237 | – | – | – | – | – | – | 24,814 | 1,508 |
2019 | 31,640 | (18,087) | (5,917) | – | 2,613 | 4,066 | 724 | 4,789 | – | – | – | – | – | – | 15,038 | 1,041 | |
PD Chenard | 2020 | 20,559 | (8,554) | – | – | 5,557 | – | – | – | 3,165 | – | 3,165 | 6,513 | 9,012 | 15,525 | 36,252 | 2,204 |
2019 | 47,550 | (18,362) | – | (16,191) | – | – | – | – | – | – | – | – | – | – | 12,997 | 900 | |
GJ Ehm | 2020 | 43,973 | (32,108) | – | – | 8,612 | 20,969 | 21,781 | 42,750 | – | – | – | – | – | – | 63,227 | 3,843 |
2019 | 68,492 | (25,329) | (33,064) | – | 7,113 | 19,622 | (198) | 19,424 | – | – | – | – | – | – | 36,636 | 2,536 | |
L Eybers | 2020 | 44,187 | (31,896) | – | – | 8,518 | 19,688 | 21,295 | 40,983 | – | – | – | – | – | – | 61,792 | 3,756 |
2019 | 67,296 | (25,054) | (29,160) | – | 6,701 | 7,463 | 2,825 | 10,289 | – | – | – | – | – | – | 30,072 | 2,082 | |
I Kramer | 2020 | 7,698 | (6,085) | – | – | – | – | – | – | – | – | – | – | – | – | 1,613 | 98 |
2019 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | ||
L Marwick | 2020 | 20,413 | (16,615) | – | – | – | – | – | – | – | – | – | – | – | – | 3,798 | 231 |
2019 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | |
S Ntuli | 2020 | 38,205 | (26,942) | – | – | 6,367 | 6,289 | 6,710 | 12,999 | – | – | – | – | – | – | 30,629 | 1,862 |
2019 | 37,055 | (21,041) | (7,526) | – | 3,269 | 3,956 | 1,046 | 5,002 | – | – | – | – | – | – | 16,759 | 1,160 | |
ME Sanz Perez | 2020 | 6,739 | – | – | – | 6,224 | 17,588 | 18,861 | 36,448 | – | – | – | – | – | – | 49,411 | 3,004 |
2019 | 55,874 | (20,567) | (26,447) | – | 5,864 | 18,839 | 1,460 | 20,299 | – | – | – | – | – | – | 35,023 | 2,425 | |
TR Sibisi | 2020 | 30,120 | (20,802) | – | – | 5,943 | 15,258 | 16,122 | 31,380 | – | – | – | – | – | – | 46,641 | 2,835 |
2019 | 50,761 | (19,638) | (22,713) | – | 5,495 | 17,709 | 876 | 18,585 | – | – | – | – | – | – | 32,490 | 2,249 | |
Total prescribed officers | 2020 | 245,101 | (167,105) | – | – | 46,694 | 84,752 | 90,047 | 174,797 | 3,165 | – | 3,165 | 6,513 | 9,012 | 15,525 | 318,177 | 19,341 |
2019 | 358,668 | (148,078) | (124,827) | (16,191) | 31,055 | 71,655 | 6,733 | 78,388 | – | – | – | – | – | – | 179,015 | 12,393 |
- (1) The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2020. The cash bonus is payable in February 2021 and the share awards are allocated in February 2021. Shares vest over a 5-year period in equal tranches.
- (2) Reflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested DSP 2019, vested CSLTIP 2017, vested BSP 2018, vested CIP 2018 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award.
- (3) KPM Dushnisky’s cash portion of the DSP 2019 award was reduced by USD800,000. This is in lieu of the sign-on bonus which Mr Dushnisky voluntarily repaid after his former employer paid him a discretionary cash incentive for the same period.
- (4) Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.4506 (2019: $1: R14.445).
Details of the share incentive scheme awards follow below.
Number of unvested awards and movement during the reporting period
Sign-on share awards | Balance at 1 January | Granted | Vested, deemed settled | Forfeited / lapsed | Balance at 31 December | (1)Fair value of granted awards | (2)Fair value of vested awards | (3)Fair value of unvested awards at 31 December | |
---|---|---|---|---|---|---|---|---|---|
ZAR '000 | ZAR '000 | ZAR '000 | |||||||
Executive directors |
|||||||||
KPM Dushnisky | 2020 | 175,878 | – | 87,939 | – | 87,939 | – | 28,473 | 30,121 |
2019 | 351,755 | – | 175,877 | – | 175,878 | – | 38,545 | 55,665 | |
Total executive directors | 2020 | 175,878 | – | 87,939 | – | 87,939 | – | 28,473 | 30,121 |
2019 | 351,755 | – | 175,877 | – | 175,878 | – | 38,545 | 55,665 | |
Prescribed officers |
|||||||||
PD Chenard | 2020 | 64,951 | – | 32,475 | – | 32,476 | – | 15,525 | 11,124 |
2019 | – | 64,951 | – | – | 64,951 | 13,026 | – | 20,557 | |
Total prescribed officers | 2020 | 64,951 | – | 32,475 | – | 32,476 | – | 15,525 | 11,124 |
2019 | – | 64,951 | – | – | 64,951 | 13,026 | – | 20,557 | |
Total sign-on share awards | 2020 | 240,829 | – | 120,414 | – | 120,415 | – | 43,998 | 41,245 |
2019 | 351,755 | 64,951 | 175,877 | – | 240,829 | 13,026 | 38,545 | 76,222 |
- (1) The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date. The share awards were granted on start date and will vest over a 2 year period in equal tranches in accordance with the JSE Listing requirements.
- (2) The fair value of KPM Dushnisky’s vested awards represents the value received on settlement date, 26 February 2020. The fair value of PD Chenard’s vested awards represents the value received on settlement date, 12 May 2020.
- (3) The fair value of unvested awards is calculated using the closing share price as at 31 December.
DSP awards | Balance at 1 January | Granted | Vested, deemed settled | Forfeited / lapsed | Balance at 31 December | (1)Fair value of granted awards | (2)Fair value of vested awards | (3)Fair value of unvested awards at 31 December | |
---|---|---|---|---|---|---|---|---|---|
ZAR '000 | ZAR '000 | ZAR '000 | |||||||
Executive directors |
|||||||||
KPM Dushnisky | 2020 | 67,742 | 128,719 | 13,548 | – | 182,913 | 41,959 | 4,579 | 62,651 |
2019 | – | 67,742 | – | – | 67,742 | 13,848 | – | 21,440 | |
KC Ramon | 2020 | 89,782 | 62,595 | 17,956 | 134,421 | 20,404 | 6,069 | 46,042 | |
2019 | – | 89,782 | – | – | 89,782 | 18,353 | – | 28,416 | |
Total executive directors | 2020 | 157,524 | 191,314 | 31,504 | – | 317,334 | 62,363 | 10,648 | 108,693 |
2019 | – | 157,524 | – | – | 157,524 | 32,201 | – | 49,856 | |
Prescribed officers |
|||||||||
SD Bailey | 2020 | 19,196 | 39,635 | 6,398 | – | 52,433 | 12,920 | 2,163 | 17,959 |
2019 | – | 19,196 | – | – | 19,196 | 3,924 | – | 6,076 | |
PD Chenard | 2020 | – | 40,251 | – | – | 40,251 | 13,121 | – | 13,787 |
2019 | – | – | – | – | – | – | – | – | |
GJ Ehm | 2020 | 82,037 | 54,574 | 16,407 | – | 120,204 | 17,789 | 5,546 | 41,172 |
2019 | – | 82,037 | – | – | 82,037 | 16,770 | – | 25,965 | |
L Eybers | 2020 | 77,380 | 53,982 | 15,476 | – | 115,886 | 17,597 | 5,231 | 39,693 |
2019 | – | 77,380 | – | – | 77,380 | 15,818 | – | 24,491 | |
I Kramer (5) | 2020 | 7,759 | 9,012 | 3,879 | – | 12,892 | 2,938 | 1,311 | 4,416 |
2019 | – | – | – | – | – | – | – | – | |
L Marwick (5) | 2020 | 6,170 | 8,397 | 3,085 | – | 11,482 | 2,737 | 1,043 | 3,933 |
2019 | – | – | – | – | – | – | – | – | |
S Ntuli | 2020 | 24,006 | 46,110 | 8,002 | – | 62,114 | 15,030 | 2,705 | 21,275 |
2019 | – | 24,006 | – | – | 24,006 | 4,907 | – | 7,598 | |
ME Sanz Perez (4) | 2020 | 67,712 | 45,068 | 13,542 | 99,238 | – | 14,691 | 4,577 | – |
2019 | – | 67,712 | – | – | 67,712 | 13,842 | – | 21,431 | |
TR Sibisi | 2020 | 63,424 | 43,035 | 12,684 | – | 93,775 | 14,028 | 4,287 | 32,120 |
2019 | – | 63,424 | – | – | 63,424 | 12,965 | – | 20,074 | |
Total prescribed officers | 2020 | 347,684 | 340,064 | 79,473 | 99,238 | 509,037 | 110,851 | 26,863 | 174,355 |
2019 | – | 333,755 | – | – | 333,755 | 68,226 | – | 105,635 | |
Other management (6) | 2020 | 1,094,152 | 645,154 | 403,017 | 56,337 | 1,279,952 | 210,300 | 136,220 | 438,408 |
2019 | – | 1,177,912 | 14,623 | 55,208 | 1,108,081 | 240,788 | 4,269 | 350,708 | |
Total DSP awards | 2020 | 1,599,360 | 1,176,532 | 513,994 | 155,575 | 2,106,323 | 383,514 | 173,731 | 721,456 |
2019 | – | 1,669,191 | 14,623 | 55,208 | 1,599,360 | 341,215 | 4,269 | 506,199 |
- (1) The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date, 25 February 2020.
- (2) The fair value of vested awards represents the value deemed received on settlement date.
- (3) The fair value of unvested awards is calculated using the closing share price as at 31 December.
- (4) Share awards lapsed due to resignation.
- (5) Opening balances were included as part of Other management.
- (6) The 2019 awards include awards for Mr Charles Carter, Mr David Noko and Mr Chris Sheppard who retired in 2019.
BSP awards (Closed scheme) | Balance at 1 January | Granted | Vested, deemed settled | Forfeited / lapsed | Balance at 31 December | Fair value of granted awards | (1)Fair value of vested awards | Fair value of unvested awards at 31 December | |
---|---|---|---|---|---|---|---|---|---|
ZAR '000 | ZAR '000 | ZAR '000 | |||||||
Executive directors |
|||||||||
KPM Dushnisky | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
KC Ramon | 2020 | 27,817 | – | 27,817 | – | – | – | 9,402 | – |
2019 | 77,073 | – | 49,256 | – | 27,817 | – | 10,034 | 8,804 | |
Total executive directors | 2020 | 27,817 | – | 27,817 | – | – | – | 9,402 | – |
2019 | 77,073 | – | 49,256 | – | 27,817 | – | 10,034 | 8,804 | |
Prescribed officers |
|||||||||
SD Bailey | 2020 | 8,306 | – | 8,306 | – | – | 2,807 | – | |
2019 | 22,549 | – | 14,243 | – | 8,306 | – | 2,903 | 2,629 | |
PD Chenard | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
GJ Ehm | 2020 | 22,997 | – | 22,997 | – | – | – | 7,773 | |
2019 | 62,783 | – | 39,786 | – | 22,997 | – | 8,109 | 7,279 | |
L Eybers | 2020 | 22,288 | – | 22,288 | – | – | – | 7,533 | – |
2019 | 53,626 | – | 31,338 | – | 22,288 | – | 6,419 | 7,054 | |
I Kramer (2) | 2020 | 3,716 | – | 3,716 | – | – | – | 1,256 | – |
2019 | – | – | – | – | – | – | – | – | |
L Marwick (2) | 2020 | 3,577 | – | 3,577 | – | – | – | 1,209 | – |
2019 | – | – | – | – | – | – | – | – | |
S Ntuli | 2020 | 10,637 | – | 10,637 | – | – | – | 3,595 | – |
2019 | 28,221 | – | 17,584 | – | 10,637 | – | 3,587 | 3,367 | |
ME Sanz Perez | 2020 | 19,072 | – | 19,072 | – | – | – | 6,446 | – |
2019 | 52,842 | – | 33,770 | – | 19,072 | – | 6,879 | 6,036 | |
TR Sibisi | 2020 | 17,705 | – | 17,705 | – | – | – | 5,984 | – |
2019 | 47,221 | – | 29,516 | – | 17,705 | – | 6,021 | 5,604 | |
Total prescribed officers | 2020 | 108,298 | – | 108,298 | – | – | – | 36,603 | – |
2019 | 267,242 | – | 166,237 | – | 101,005 | – | 33,918 | 31,969 | |
Other management (3) | 2020 | 809,659 | – | 809,659 | – | – | – | 273,665 | – |
2019 | 2,658,138 | – | 1,745,206 | 95,980 | 816,952 | – | 352,024 | 258,565 | |
Total BSP awards | 2020 | 945,774 | – | 945,774 | – | – | – | 319,670 | – |
2019 | 3,002,453 | – | 1,960,699 | 95,980 | 945,774 | – | 395,976 | 299,338 |
- (1) The fair value of vested awards represents the value deemed received on settlement date. This is the final vesting for this scheme as it is closed.
- (2) Opening balances were included as part of Other management.
- (3) The 2019 awards include awards for Mr Charles Carter, Mr David Noko and Mr Chris Sheppard who retired in 2019.
CIP awards (Closed scheme) | Balance at 1 January | Granted | Matched | Forfeited / lapsed | Balance at 31 December | Fair value of granted awards | (1)Fair value of matched awards | Fair value of unvested awards at 31 December | |
---|---|---|---|---|---|---|---|---|---|
ZAR '000 | ZAR '000 | ZAR '000 | |||||||
Executive directors |
|||||||||
KPM Dushnisky | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
KC Ramon | 2020 | 8,475 | – | 8,475 | – | – | – | 2,780 | – |
2019 | 23,270 | – | 14,795 | – | 8,475 | – | 3,004 | 2,682 | |
Total executive directors | 2020 | 8,475 | – | 8,475 | – | – | – | 2,780 | – |
2019 | 23,270 | – | 14,795 | – | 8,475 | – | 3,004 | 2,682 | |
Prescribed officers |
|||||||||
SD Bailey | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
CE Carter | 2020 | – | – | – | – | – | – | – | – |
2019 | 949 | – | 949 | – | – | – | 175 | – | |
PD Chenard | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
GJ Ehm | 2020 | – | – | – | – | – | – | – | – |
2019 | 16,500 | – | – | 16,500 | – | – | – | – | |
L Eybers | 2020 | 6,590 | – | 6,590 | – | – | – | 2,264 | – |
2019 | 16,788 | – | 10,198 | – | 6,590 | – | 1,983 | 2,086 | |
I Kramer | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
L Marwick | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
DC Noko | 2020 | – | – | – | – | – | – | – | – |
2019 | 15,370 | – | 15,370 | – | – | – | 2,974 | – | |
S Ntuli | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
ME Sanz Perez | 2020 | 5,742 | – | 5,742 | – | – | – | 1,883 | – |
2019 | 16,039 | – | 10,297 | – | 5,742 | – | 2,104 | 1,817 | |
CB Sheppard | 2020 | – | – | – | – | – | – | – | – |
2019 | 14,358 | – | 14,358 | – | – | – | 2,855 | – | |
TR Sibisi | 2020 | 3,120 | – | 3,120 | – | – | – | 891 | – |
2019 | 9,304 | – | 6,184 | – | 3,120 | – | 1,249 | 987 | |
Total prescribed officers | 2020 | 15,452 | – | 15,452 | – | – | – | 5,038 | – |
2019 | 89,308 | – | 57,356 | 16,500 | 15,452 | – | 11,340 | 4,890 | |
Other management | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
Total CIP awards | 2020 | 23,927 | – | 23,927 | – | – | – | 7,818 | – |
2019 | 112,578 | – | 72,151 | 16,500 | 23,927 | – | 14,344 | 7,572 |
- (1) The fair value of matched awards represents the value received on settlement dates. This is the final vesting for this scheme as it is closed.
LTIP awards (Closed scheme) | Balance at 1 January | Granted | Vested, deemed settled | Forfeited / lapsed | Balance at 31 December | Fair value of granted awards | (1)Fair value of vested awards | Fair value of unvested awards at 31 December | |
---|---|---|---|---|---|---|---|---|---|
ZAR '000 | ZAR '000 | ZAR '000 | |||||||
Executive directors |
|||||||||
KPM Dushnisky | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
KC Ramon | 2020 | 110,595 | – | 104,468 | 6,127 | – | – | 29,431 | – |
2019 | 230,595 | – | 56,760 | 63,240 | 110,595 | – | 11,315 | 35,003 | |
Total executive directors | 2020 | 110,595 | – | 104,468 | 6,127 | – | – | 29,431 | – |
2019 | 230,595 | – | 56,760 | 63,240 | 110,595 | – | 11,315 | 35,003 | |
Prescribed officers |
|||||||||
SD Bailey | 2020 | 19,793 | – | 18,696 | 1,097 | – | – | 5,267 | – |
2019 | 39,793 | – | 9,460 | 10,540 | 19,793 | – | 1,886 | 6,264 | |
PD Chenard | 2020 | – | – | – | – | – | – | – | – |
2019 | – | – | – | – | – | – | – | – | |
GJ Ehm | 2020 | 110,595 | – | 104,468 | 6,127 | – | – | 29,431 | – |
2019 | 230,595 | – | 56,760 | 63,240 | 110,595 | – | 11,315 | 35,003 | |
L Eybers | 2020 | 97,535 | – | 92,131 | 5,404 | – | – | 25,955 | – |
2019 | 117,535 | – | 9,460 | 10,540 | 97,535 | – | 1,886 | 30,870 | |
I Kramer (2) | 2020 | 10,143 | – | 9,581 | 562 | – | – | 2,661 | – |
2019 | – | – | – | – | – | – | – | – | |
L Marwick (2) | 2020 | 7,749 | – | 7,319 | 430 | – | – | 2,033 | – |
2019 | – | – | – | – | – | – | – | – | |
S Ntuli | 2020 | 25,173 | – | 23,778 | 1,395 | – | – | 6,699 | – |
2019 | 40,173 | – | 7,095 | 7,905 | 25,173 | – | 1,414 | 7,967 | |
ME Sanz Perez | 2020 | 88,463 | – | 83,562 | 4,901 | – | – | 23,541 | – |
2019 | 208,463 | – | 56,760 | 63,240 | 88,463 | – | 11,315 | 27,999 | |
TR Sibisi | 2020 | 75,971 | – | 71,762 | 4,209 | – | – | 20,217 | – |
2019 | 195,971 | – | 56,760 | 63,240 | 75,971 | – | 11,315 | 24,045 | |
Total prescribed officers | 2020 | 435,422 | – | 411,297 | 24,125 | – | – | 115,804 | – |
2019 | 832,530 | – | 196,295 | 218,705 | 417,530 | – | 39,131 | 132,148 | |
Other management (3) | 2020 | 934,545 | – | 882,734 | 51,811 | – | – | 245,197 | – |
2019 | 2,752,636 | – | 776,383 | 1,023,816 | 952,437 | – | 154,723 | 301,446 | |
Total LTIP awards | 2020 | 1,480,562 | – | 1,398,499 | 82,063 | – | – | 390,432 | – |
2019 | 3,815,761 | – | 1,029,438 | 1,305,761 | 1,480,562 | – | 205,169 | 468,597 |
- (1) The fair value of vested awards represents the value deemed received on settlement date. This is the final vesting for this scheme as it is closed.
- (2) Opening balances were included as part of Other management.
- (3) The 2019 awards include awards for Mr Charles Carter, Mr David Noko and Mr Chris Sheppard who retired in 2019.
Minimum shareholding requirements
For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR
Executive | Six-year target achievement date | MSR holding as at 31 December 2020 as a percentage of net base pay | Three-year MSR target achievement percentage | Six-year MSR target achievement percentage |
---|---|---|---|---|
Executive directors |
||||
KPM Dushnisky (1) | – | 141% | 150% | 300% |
KC Ramon | March 2021 | 553% | 125% | 250% |
Prescribed officers |
||||
SD Bailey | January 2025 | 115% | 100% | 200% |
PD Chenard (2) | – | 119% | 100% | 200% |
GJ Ehm | March 2019 | 279% | 100% | 200% |
L Eybers | March 2023 | 291% | 100% | 200% |
I Kramer (3) | September 2026 | 27% | 100% | 200% |
L Marwick (4) | July 2026 | 78% | 100% | 200% |
S Ntuli | January 2025 | 95% | 100% | 200% |
TR Sibisi | March 2022 | 282% | 100% | 200% |
- (1) Resigned as director with his last day being 28 February 2021. MSR holding not required.
- (2) Retired prescribed officer with effect from 31 January 2021. MSR holding not required.
- (3) Appointed prescribed officer with effect from 1 September 2020; the three-year MSR achievement is due in September 2023.
- (4) Appointed prescribed officer with effect from 1 July 2020; the three-year MSR achievement is due in July 2023.
2020 DSP performance outcomes
The DSP measures resulted in an achievement of 116.57%.
The table below summarises AngloGold Ashanti’s remuneration metrics, their weightings, and performance against these metrics applicable to the DSP during 2020:
DSP performance measure | Weighting | Threshold measures | Target measures | Stretch measures | Actual achievement | 2020 achievement % | |
---|---|---|---|---|---|---|---|
Financial measures | Relative total shareholder return (measured in US$) | 10.00% | Median TSR of comparators | Halfway between median and upper quartile | Upper quartile comparators | *133.67% | 15.00% |
Absolute total shareholder return (measured in US$) | 10.00% | US$ COE | US$ COE + 2% | US$ COE + 6% | 133.67% | 15.00% | |
Normalised cash return on equity (nCROE) | 15.00% | US$ COE | US$ COE + 2% | US$ COE + 6% | 24.50% | 22.50% | |
Production | 12.50% | 2,941oz (000) | 3,062oz (000) | 3,182oz (000) | 3,047oz (000) | 11.76% | |
All-in-sustaining costs | 15.00% | US$1,101/oz | US$1,071/oz | US$ 1,041/oz | US$1,059/oz | 18.17% | |
Future optionality | Ore Reserve additions (pre-depletion, asset sales, mergers and acquisitions) | 6.25% | Plus 1.2Moz | Plus 2.3Moz | Plus 3.5Moz | 5.97Moz | 9.38% |
Mineral Resource (pre-depletion, asset sales, mergers and acquisitions) | 6.25% | Plus 3.5Moz | Plus 7.0Moz | Plus 10.5Moz | 6.73Moz | 6.01% | |
Safety, health, environment and community | All injury frequency rate (AIFR) | 4.00% | ≥2.5% performance improvement (3.24) | ≥5% performance improvement (3.14) | ≥7.5% performance improvement (3.06) | 2.39 | 0.00% |
Major hazard management critical control percentage compliance | 4.00% | 92.5% critical control compliance | 95% critical control compliance | 97.5% critical control compliance | 99.23% | 6.00% | |
Number of critical control registers established for site-specific, material health risks (as captured in AuRisk) at each operation | 1.50% | 2 | 3 | 5 | 5 | 2.25% | |
Compliance with occupational exposure monitoring programmes for noise and dust at each operation | 1.50% | 50% compliance | 60% compliance |
70% compliance |
88.50% | 2.25% | |
Number of reportable environmental incidents at operating mines | 3.00% | 2 | 1 | - | 8 | 0.00% | |
Greenhouse gas emissions intensity at gold producing operations, measured in kg CO2e/tonne | 3.00% | 7.299-0.3% off base | 7.277-0.6% off base | 7.248-1.0% off base | 7.9683 | 0.00% | |
Number of business disruptions as a result of community unrest | 2.50% | 5 | 3 | 1 | 0 | 3.75% | |
Core value: People | Strategic coverage | 2.00% | 11 successors | 13 successors | 15 successors | 15 successors | 3.00% |
Key staff retention | 1.00% | 85% pa | 90% pa | 95% pa | 96.43% | 1.50% | |
Gender diversity | 2.50% | 19% female representation | 21% female representation | 23% female representation | 16.96% | 0.00% | |
Total | 100% | 116.57% |
* Performance achievement in upper quartile of comparator group
The DSP measures resulted in an achievement of 122.57%. The committee applied downward discretion removing the incentive award for safety in light of the fatal accidents at the South Africa and Ghana operations. The final DSP achievement was thus 116.57%; maximum opportunity is 150%
Total remuneration outcomes – Kelvin Dushnisky
Outgoing Chief Executive Officer
- Start date:1 September 2018
- Notice period:12 months
- Change in control (as described in the Remuneration Policy, “Change in control”):12 months
- Total actual pay for Mr Dushnisky in 2020, which could result from the remuneration policy stated above, is shown in relation to target and maximum earning potential.
- Maximum DSP cash bonus opportunity: 150%Final cash bonus results: 118.3%
- Maximum DSP share awards opportunity: 300%Final share award results: *0%
- Total DSP opportunity: 450% (as % of base pay)Final DSP result for 2020: 118.3%
* It is to be noted that Mr Dushnisky is only eligible to receive DSP cash bonus due to his resignation. This is aligned to the rules of the DSP.
Key objectives and achievements: Outgoing CEO
Scorecard metrics | Weightings | Comments |
---|---|---|
Focus on safety | 10% |
|
Execute company strategy | 25% | Good progress on the company strategy was achieved, including concluding agreements for the sale of the Sadiola mine, the South African assets to Harmony and the appropriate decision to retain Cerro Vanguardia operation in Argentina |
Meet guidance: production, costs and capital | 10% | Despite the challenges associated with COVID-19, which surfaced materially in late Q1, production, costs and capital expenditures were all delivered according to plan |
Effective stakeholder management | 20% | Successful and effective engagement with all stakeholders, including host governments and communities, shareholders (large and small) and employees |
Disciplined capital allocation, balance sheet, reinvestment in the business and shareholder returns | 20% |
|
Maintain business continuity during the COVID-19 pandemic | 15% | Successful implementation of effective and efficient disaster management controls to ensure the safety of employees, while trying to balance the need to resume normal activities and safeguard livelihoods |
Outgoing CEO's performance incentive outcome 2020
2020 DSP performance year bonus outcome | Weighting | DSP Cash payment outcome |
---|---|---|
Financial performance targets | ||
Relative total shareholder return | 10.0% | 15.00% |
Absolute total shareholder return | 10.0% | 15.00% |
nCroe | 15.0% | 22.50% |
Production | 12.5% | 11.76% |
All-in sustaining costs ($m) | 15.0% | 18.17% |
Ore Reserve additions pre-depletion (Moz) | 6.25% | 9.38% |
Mineral resource additions pre-depletion (Moz) | 6.25% | 6.01% |
Safety, health, environment and community | 19.5% | 14.25% |
Core value: people | 5.5% | 4.50% |
Total % for company performance: | 100.0% | 116.57% |
× | ||
Organisational performance weighting: | 80.00% | |
= | ||
A - Organisational performance weighted outcome: | 93.3% | |
Individual performance results | ||
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets. | ||
Individual performance weighting: | 20.00% | |
X | ||
Performance rating bonus correlation: | 125.00% | |
= | ||
B - DSP opportunity based on individual performance: | 25.0% | |
Total % of cash bonus pay opportunity (A+B) | 118.3% | |
x | ||
On-target total cash bonus opportunity (as % of base pay) | 100.00% | |
On-target total deferred share award opportunity (as % of base pay) (1) | 0% | |
= | ||
Final cash bonus result (as % of base pay) | 118.3% | |
Final deferred share award result (as % of base pay) | 0% | |
Base pay as at December 2020 (all offshore payments converted to ZAR at exchange rate of ZAR16.4506: USD1 | x | |
21,813,496 | ||
= | ||
Annual cash portion of DSP: | 25,795,767 | |
Annual deferred share portion of DSP (to vest over five years) (1) | – | |
Total 2020 deferred share plan award: | 25,795,767 |
- (1) It is to be noted that Mr Dushnisky is only eligible to receive DSP cash bonus due to his resignation. This is aligned with the rules of the DSP.
Total remuneration outcomes – Christine Ramon
(a) Chief Financial Officer – eight months
- Start date:1 October 2014
- Notice period:6 months
- Change in control (as described in the Remuneration Policy, “Change in control”):6 months
- Total actual pay for Ms Ramon in 2020, which could result from the remuneration policy stated above, is shown in relation to target and maximum earning potential.
- Maximum DSP cash bonus opportunity: 127.5%Final cash bonus results: 100.5%
- Maximum DSP share awards opportunity: 277.5%Final share award results: 218.8%
- Total DSP opportunity: 405% (as % of base pay)Final DSP result for 2020: 319.3%
Key objectives and achievements 2020: CFO - eight months
Scorecard metrics | Weightings | Comments |
---|---|---|
Leadership and key stakeholder collaboration | 25% |
|
Liquidity, ratings and balance sheet management | 25% |
|
Cost discipline and cash preservation measures | 25% |
|
Governance and risk management | 25% |
|
DSP performance incentive outcome 2020: CFO – eight months
2020 DSP performance year bonus outcome | Weighting | DSP Cash payment outcome |
---|---|---|
Financial performance targets | ||
Relative total shareholder return | 10.0% | 15.00% |
Absolute total shareholder return | 10.0% | 15.00% |
nCroe | 15.0% | 22.50% |
Production | 12.5% | 11.76% |
All-in sustaining costs ($m) | 15.0% | 18.17% |
Ore Reserve additions pre-depletion (Moz) | 6.25% | 9.38% |
Mineral resource additions pre-depletion (Moz) | 6.25% | 6.01% |
Safety, health, environment and community | 19.5% | 14.25% |
Core value: people | 5.5% | 4.50% |
Total % for company performance: | 100.0% | 116.57% |
× | ||
Organisational performance weighting: | 80.00% | |
= | ||
A - Organisational performance weighted outcome: | 93.3% | |
Individual performance results | ||
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets. | ||
Individual performance weighting: | 20.00% | |
X | ||
Performance rating bonus correlation: | 125.00% | |
= | ||
B - DSP opportunity based on individual performance: | 25.0% | |
Total % of cash bonus pay opportunity (A+B) | 118.3% | |
x | ||
On-target total cash bonus opportunity (as % of base pay) | 85.00% | |
On-target total deferred share award opportunity (as % of base pay) | 185.00% | |
= | ||
Final cash bonus result (as % of base pay) | 100.5% | |
Final deferred share award result (as % of base pay) | 218.8% | |
Base pay for eight months as at December 2020 (all offshore payments converted to ZAR at exchange rate of ZAR 16.4506: USD1 | x | |
7,048,929 | ||
= | ||
Annual cash portion of DSP: | 7,085,419 | |
Annual deferred share portion of DSP (to vest over five years) | 15,421,202 | |
Total 2020 deferred share plan award: | 22,506,621 |
(b) Interim Chief Executive Officer – four months
- Total actual pay for Ms Ramon in 2020, which could result from the remuneration policy stated above, is shown in relation to target and maximum earning potential.
- Maximum DSP cash bonus opportunity: 150%Final cash bonus results: 118.3%
- Maximum DSP share awards opportunity: 300%Final share award results: 236.6%
- Total DSP opportunity: 450% (as % of base pay)Final DSP result for 2020: 354.9%
Key objectives and achievements 2020: Interim CEO – four months
Scorecard metrics | Weightings | Comments |
---|---|---|
Focus on safety | 10% |
|
Execute company strategy | 25% |
|
Meet guidance: production, costs and capital | 10% |
|
Effective stakeholder management | 20% |
|
Disciplined capital allocation: balance sheet, reinvestment in the business and shareholder returns | 10% |
|
The bond refinancing process | 10% | Successfully led the refinancing of the new $700m bond in October 2020 at a 3.75% pa coupon, the lowest coupon in AngloGold Ashanti’s history. |
Maintain business continuity, safely and responsibly navigating the COVID-19 pandemic | 10% |
|
DSP performance incentive outcome 2020: Interim CEO – four months
2020 DSP performance year bonus outcome | Weighting | DSP Cash payment outcome |
---|---|---|
Financial performance targets | ||
Relative total shareholder return | 10.0% | 15.00% |
Absolute total shareholder return | 10.0% | 15.00% |
nCroe | 15.0% | 22.50% |
Production | 12.5% | 11.76% |
All-in sustaining costs ($m) | 15.0% | 18.17% |
Ore Reserve additions pre-depletion (Moz) | 6.25% | 9.38% |
Mineral Resource additions pre-depletion (Moz) | 6.25% | 6.01% |
Safety, health, environment and community | 19.5% | 14.25% |
Core value: people | 5.5% | 4.50% |
Total % for company performance: | 100.0% | 116.57% |
× | ||
Organisational performance weighting: | 80.00% | |
= | ||
A - Organisational performance weighted outcome: | 93.3% | |
Individual performance results | ||
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets. | ||
Individual performance weighting: | 20.00% | |
X | ||
Performance rating bonus correlation: | 125.00% | |
= | ||
B - DSP opportunity based on individual performance: | 25.0% | |
Total % of cash bonus pay opportunity (A+B) | 118.3% | |
x | ||
On-target total cash bonus opportunity (as % of base pay) | 100% | |
On-target total deferred share award opportunity (as % of base pay) | 200% | |
= | ||
Final cash bonus result (as % of base pay) | 118.3% | |
Final deferred share award result (as % of base pay) | 236.6% | |
Base pay for four months as at December 2020 (all offshore payments converted to ZAR at exchange rate of ZAR 16.4506: USD1 | x | |
4,405,570 | ||
= | ||
Annual cash portion of DSP: | 5,209,840 | |
Annual deferred share portion of DSP (to vest over five years) | 10,419,679 | |
Total 2020 deferred share plan award: | 15,629,519 |
Non-executive directors’ fees and allowances audit complete
The board elected not to take an increase in 2020, given the COVID-19 pandemic. Non-executive directors have not received an increase in their fees since 2014. Note that while the fees have not changed, the absolute figures will vary according to the number of meetings held in a particular year.
The table below details the fees payable to non-executive directors in accordance with the company’s shareholder approved policy together with allowances paid in the year. It is to be noted that certain of the non-executive directors either waived an element of their fees or donated part of their fees to the South African Solidarity Fund or associated funds, and as such the table does not reflect the fees that were actually paid or received by these non-executive directors.
Director fees | Committee fees | Travel allowance | Total | Total | ||
2020 | 2019 | 2018 | ||||
---|---|---|---|---|---|---|
M Ramos (Chairperson) | 130,500 | 71,875 | – | 202,375 | 106,750 | – |
R Gasant (Lead independent director) | 150,500 | 72,000 | – | 222,500 | 193,250 | 229,500 |
K Busia (1) | 63,500 | 28,500 | 11,250 | 103,250 | – | – |
AM Ferguson | 130,500 | 59,000 | 7,500 | 197,000 | 216,500 | 52,500 |
AH Garner | 130,500 | 35,500 | 7,500 | 173,500 | 195,500 | 200,000 |
NP January-Bardill (2) | 33,500 | 16,625 | – | 50,125 | 185,7 | 197,500 |
N Magubane (3) | 130,500 | 40,000 | – | 170,500 | – | – |
MDC Richter | 130,500 | 67,000 | 11,250 | 208,750 | 230,250 | 235,250 |
RJ Ruston (2) | 33,500 | 13,125 | 10,000 | 56,625 | 218,250 | 260,750 |
JE Tilk | 130,500 | 67,875 | 7,500 | 205,875 | 230,500 | – |
SM Pityana (4) | 329,000 | 77,250 | – | 406,250 | 386,750 | 441,000 |
Total | 1,393,000 | 548,750 | 55,000 | 1,996,750 | 1,963,500 | 1,616,500 |
- (1) Director joined on 1 August 2020
- (2) Directors retired effective 6 May 2020
- (3) Director joined on 1 January 2020
- (4) Director resigned effective 7 December 2020
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and financial condition.
These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and other factors. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F has each been filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements.
AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
Disclaimer
The summary information of the Mineral Resource and Ore Reserve in this report is based on information signed off by Mr VA Chamberlain, a Competent Person who is a full-time employee of AngloGold Ashanti Ltd. Mr VA Chamberlain consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. AngloGold Ashanti confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resource or Ore Reserve, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.