In alignment with the requirements of King IV, our remuneration report is divided into three parts: Background The background statement provides context around performance and how this in uenced our remuneration decisions. 1 PART ONE The remuneration policy The remuneration policy is a forward-looking section that provides an overview of our remuneration philosophy and policy. 2 PART TWO Dear shareholder, On behalf of the remuneration committee, I am pleased to present our FY23 remuneration report for the MultiChoice Group. I would like to thank my fellow remuneration committee members, Adv Kgomotso Moroka and James du Preez for their valuable contributions during the year. I would also like to thank our investors for the constructive engagements prior to the 2022 AGM and for their input provided. We achieved the highest shareholder vote in FY22 since we listed in 2019, which is testament to our ongoing engagements, dialogue and consequent improvements in remuneration policy and its implementation. Shareholder engagement Our move away from performance measures that were linked to internal budgets, to more objective metrics that could be measured externally, was positively received by shareholders. They appreciated the changes which aligned business growth with shareholder value creation and made it possible to objectively measure management performance over the three-year vesting period. As re ning our approach is an ongoing journey, we continued our engagement with shareholders through individual meetings and calls, as well as by providing a dedicated email address for shareholders to provide feedback, suggestions and comments. During FY23, the remuneration committee established a working sub-committee to analyse the feedback received from shareholders and to provide appropriate recommendations for further enhancements. Given the supportive (96%) vote on our remuneration policy at our 2022 AGM, our focus has been on implementing enhancements to our disclosure to demonstrate our commitment to continuous improvement and to align with current market best practice where possible. Investor Shareholding as at 31 March 2023 (%) Meeting date Allan Gray 6.02 27 February 2023 Sanlam Investment Management 1.61 27 February 2023 Ninety One 0.66 27 February 2023 M&G Investments 7.65 28 February 2023 Aeon Investment Management 0.43 28 February 2023 Argon Asset Management 0.41 28 February 2023 Abax Investments 0.34 28 February 2023 Public Investment Corporation 12.25 1 March 2023 Note: Some of the other large investors were either not available or did not raise any concerns. Chairman’s letter Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 98 Remuneration report Corporate governance review continued
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