• Added retrospective disclosure on Short-term Incentive (STI) and LTI targets • Linked LTI targets to external metrics • Included ESG performance hurdles • Additional disclosure on the PPS scheme • Shifted executive committee (ExCo) LTIs to 100% performance-linked • Introduced Phantom Performance Scheme (PPS) for eligible executives with vesting in years 4-5 • Disclosed triggers for malus and clawback • The Irdeto RSU scheme was implemented During FY23, we continued engagements with our shareholders and investors, and feedback was combined under a number of key issues detailed below, which is where we focused our efforts this year. Our response We have included tailored disclosures for our executive directors, with context on the categories of targets and the extent to which they were met (refer to pages 120, 121, 124 and 125). We have disclosed the absolute values for these targets, the actual outcome and the percentage of target achieved (refer to pages 118 and 119). We illustrate historic performance, with descriptive context for the target setting process in each year (refer to page 102). Additional details on the core HEPS target have been disclosed, in particular how the weighted average cost of capital is calculated (refer to pages 108 and 109). The Nigeria cash extraction target has been retained for the group Long-term Incentive (LTI) scheme, with additional disclosure included on the measurement thereof and the introduction of risk committee mandates for permissible foreign exchange rates (refer to pages 108 and 109). Members of the executive committee can pledge LTI awards (by placing the shares in escrow) to ensure the shareholding requirements are met. FY21 FY22 FY23 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 101
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