LTI Updates MultiChoice PSUs To account for the group’s strategic shift from a traditional pay-TV business to a broader consumer platform business, and to incorporate focused investments such as Showmax and KingMakers, the following changes have been made to the 2023 PSU performance measures (detailed on pages 108 and 109): Update Rationale Added an Investment Growth metric Given the importance of delivering returns on the investment into new verticals and to ensure new businesses gain the required amount of traction in the early stages, a revenue growth metric has been introduced (initially for Showmax with Moment to follow in subsequent years once it has been launched). Adjusted Core HEPS growth weighting and targets To account for the introduction of the new metric (above) the weighting of Core HEPS growth has been reduced. In addition, objectives have been linked to hard-coded targets based on current market trends and exclude Showmax and Moment. Updated Free Cash Flow Conversion Ratio targets Methodology and principles remain unchanged, but targets were updated to align with recent investments which will reduce free cash ow conversion in the medium term. Updated ESG weighting and targets Given the growing importance of ESG to the group, the weighting of this target has been increased (and weighting of Total Shareholder Return reduced). Some of the speci c targets were also updated to ensure they remain relevant as the group gains traction on these important initiatives. 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 103
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