Directorate

 
GT Ferreira Gerrit Thomas Ferreira [64] Non-executive chairman / BCom, Hons B (B&A), MBA

Appointed: December 2010 / GT Ferreira has been involved in the financial services sector since graduating from the University of Stellenbosch. He started his career at the Bank of Johannesburg in 1972 and was a co-founder of Rand Consolidated Investments (“RCI”) in 1977. RCI acquired control of Rand Merchant Bank (“RMB”) in 1985 and he was managing director of RMB from 1985 to 1988, after which he was elected as executive chairman. When RMBH was founded in 1987 he was appointed chairman, a position which he still holds. Following the formation of FirstRand he was appointed non-executive chairman from 1998 to 2008. He is a trustee of the University of Stellenbosch 200 Trust and a member of the University’s investment committee.

RMI Holdings – committee memberships: Management committee (chairman) / Directors’ affairs and governance committee / Remuneration committee
Listed directorships: Remgro Limited (lead independent director) / RMB Holdings Limited (chairman)

Peter Cooper Peter Cooper [56] Chief executive officer / Financial director / BCom (Hons), CA (SA), HDipTax

Appointed: December 2010 / Peter Cooper graduated from the University of Cape Town. After qualifying as a chartered accountant he worked in the financial services sector, first as a tax consultant and later specialising in structured finance with UAL Merchant Bank. He joined RMB’s Special Projects division in 1992 and transferred to
RMB Holdings in 1997. He represents RMI Holdings on the boards of its unlisted investments.

RMI Holdings – committee membership: Management committee
Listed directorships: Discovery Holdings Limited / RMB Holdings Limited (chief executive officer / financial director)

Laurie Dippenaar Lauritz Lanser Dipenaar [63] Non-executive / MCom, CA (SA)

Appointed: December 2010 / Laurie Dippenaar graduated from Pretoria University, qualified as a chartered accountant with Aiken & Carter (now KPMG) and spent three years with the Industrial Development Corporation before becoming a co-founder of RCI in 1977. He became an executive director of RMB in 1985. He was appointed managing director of RMB in 1988, a position he held until 1992 when RMBH acquired a controlling interest in Momentum. He served as executive chairman of that company from 1992 until the formation of FirstRand in 1998. He was appointed as the first chief executive of FirstRand and held this position until the end of 2005 when he assumed a non-executive role. He was elected to the position of chairman of FirstRand in November 2008 and chairman of MMI Holdings in December 2010, which position he held until November 2011.

RMI Holdings – committee memberships: Management committee / Directors’ affairs and governance committee
Listed directorships: FirstRand Limited (chairman) / RMBHoldings Limited

Jan Dreyer Jan Wilem Dreyer [61] Independent non-executive / BCom, LLB, HDip Co Law, HDipTax

Appointed: December 2010 / Jan Dreyer is a graduate of Stellenbosch University and the University of the Witwatersrand. He joined Edward Nathan Friedland Mansell & Lewis where he was admitted as an attorney in 1975. He then joined Hofmeyr Van der Merwe & Botha as a commercial lawyer. He was admitted as a partner in 1978 and was chairman of the firm from 1993 until 1999. In 2000 Jan left the legal profession to join Rembrandt Group as an executive director. Upon the split of that company into Remgro and Venfin, he became a non-executive director of each of the two companies. He was re-appointed as an executive director of Remgro during November 2008. He joined the board of RMB in 1984 and on the formation of RMBH, joined its board.

RMI Holdings – committee memberships: Audit and risk committee (chairman) / Directors’ affairs and governance committee / Social and ethics committee (chairman)
Listed directorships: Remgro Limited / RMB Holdings Limited

Jannie Durand Jan Jonathan Durand [45] Non-executive / BAcc (Hons), MPhil, CA (SA)

Appointed: December 2010 / Jannie Durand is the chief executive officer of Remgro Limited. As a chartered accountant (SA), he holds a BAcc (Hons) degree from the University of Stellenbosch and as a Rhodes Scholar he completed an MPhil (Management Studies) at Oxford University.

RMI Holdings – committee memberships: Directors’ affairs and governance committee / Remuneration committee
Listed directorships: Remgro Limited / Rainbow Chicken Limited / Discovery Holdings Limited / Capevin Investments Limited

Pat Goss Patrick Maguire Goss [64] Lead independent non-executive / BEcon (Hons), BAccSc (Hons), CA (SA)

Appointed: December 2010 / Pat Goss graduated from the University of Stellenbosch. He qualified as a chartered accountant with Ernst and Young and then joined the Industrial Development Corporation. He has served as a director on various group companies for the past 30 years. A former chairman of the Natal Parks Board, his family interests include Umngazi River Bungalows and other conservation related activities.

RMI Holdings – committee memberships: Directors’ affairs and governance committee (chairman) / Remuneration committee (chairman)
Listed directorships: FirstRand Limited / RMB Holdings Limited (lead independent director)

Paul Harris Paul Kenneth Harris [62] Non-executive / MCom

Appointed: December 2010 / Paul Harris graduated from the University of Stellenbosch and joined the Industrial Development Corporation. He was a co-founder of RCI in 1977 and he became an executive director of RMB in 1985. He spent four years in Australia where he founded Australian Gilt Securities (later to become RMB Australia) and returned to South Africa in 1991 as deputy managing director of RMB. In 1992, he took over as chief executive officer. Subsequent to the formation of FirstRand, he was appointed chief executive officer of FirstRand Bank Holdings in 1999, a position he held until December 2005 when he was appointed chief executive officer of FirstRand. He retired from his executive position at the end of December 2009.

RMI Holdings – committee memberships: Management committee / Directors’ affairs and governance committee
Listed directorships: FirstRand Limited / Remgro Limited / RMBHoldings Limited

Thabo Vincent Mokgatlha [37] Independent non-executive / BCompt (Hons) CA (SA)

Appointed: May 2011 / Thabo Mokgatlha is a chartered accountant, having completed his articles with Coopers & Lybrand (now PwC). He previously lectured at the University of the North West.

RMI Holdings – committee memberships: Audit and risk committee / Directors’ affairs and governance committee / Social and ethics committee
Listed directorships: Impala Platinum Holdings Limited

Sonja Sebotsa Sonja Emilia Ncumisa Sebotsa [40] Independent non-executive / LLB (Hons) LSE, MA (McGill), SFA

Appointed: December 2010 / Ms Sebotsa is a principal partner of Identity Partners, an investment firm which holds equity investments, carries out advisory work and facilitates finance for SMEs by the Identity Development Fund. Sonja Sebotsa’s areas of study were in Law, Business and Economics. She had been an executive director of WDB Investment Holdings where she led the structuring of WDB’s participation in the FirstRand BEE transaction. As a result, she served as WBD’s representative on the FirstRand board. She was previously a vice president in the investment banking division of Deutsche Bank, in Mergers & Acquisitions and Corporate Finance.

 

RMI Holdings – committee memberships: Audit and risk committee / Directors’ affairs and governance committee / Social and ethics committee
Listed directorships: Discovery Holdings Limited / Anglo Platinum Limited / RMB Holdings Limited

Khehla Shubane Khehla Cleopas Shubane [56] Independent non-executive / BA (Hons), MBA

Appointed: December 2010 / Khehla Shubane graduated at the University of the Witwatersrand. Prior to this he was a student at the University of the North where his studies were terminated following his arrest for political activities, conviction and sentence which he served on Robben Island. Upon his release he was employed at Liberty Life for a short time. He served on various political organisations until joining the Centre for Policy Studies in 1988. He is an author and has co-authored several political publications, and is a member of the board of the Centre for Policy Studies.

RMI Holdings – committee membership: Directors’ affairs and governance committee
Listed directorships: MMI Holdings Limited / RMB Holdings Limited


Directors’ interests in ordinary shares of RMI Holdings (audited)

Directors have disclosed the following interest in the ordinary shares of RMI Holdings at 30 June 2012:

000’s   Direct  
beneficial  
Indirect  
beneficial  
Held by  
associate  
Total  
2012  
P Cooper   681   –   3 061   3 742  
LL Dippenaar   –   73 903   233   74 136  
JW Dreyer   1   –   –   1  
JJ Durand   –   –   –   –  
GT Ferreira   –   149   40 405   40 554  
PM Goss   –   11 580   –   11 580  
PK Harris   –   14 762   –   14 762  
TV Mokgatlha   –   –   –   –  
SEN Sebotsa   –   –   –   –  
KC Shubane   3   3   –   6  
Total interest   685   100 397   43 699   144 781  

Directors have disclosed the following interest in the ordinary shares of RMI Holdings at 30 June 2011:

000’s   Direct  
beneficial  
Indirect  
beneficial  
Held by  
associate  
Total   
2011  
P Cooper   539   –   3 061   3 600  
LL Dippenaar   –   85 179   233   85 412  
JW Dreyer   1   –   –   1  
JJ Durand   –   –   –   –  
GT Ferreira   20 982   149   60 104   81 235  
PM Goss   –   11 580   –   11 580  
PK Harris   1 420   27 936   –   29 356  
TV Mokgatlha   –   –   –   –  
SEN Sebotsa   –   –   –   –  
KC Shubane   3   –   –   3  
MH Visser   –   –   –   –  
Total interest   22 945   124 844   33 398   211 187  
Since 30 June 2012 to the date of this report, the interest of directors remained unchanged.


Directors’ emoluments (audited)

Schedule of directors’ emoluments in respect of the year ended 30 June 2012:

  Services  
as director  
R000’s  
Salary  
R000’s  
Other  
benefits (1) 
R000’s  
Performance   related (2) 
R000’s  
Total  
2012  
R000’s  
Executive            
P Cooper – Accrued in personal capacity   –   –   –   2 725   2 725  
P Cooper – Paid to RMBH (3)  –   2 316   856   –   3 172  
  –   2 316   856   2 725   5 897  
Non-executive            
GT Ferreira   160   –   –   –   160  
LL Dippenaar   83   –   –   –   83  
JW Dreyer   132   –   –   –   132  
JJ Durand (4)  130   –   –   –   130  
PM Goss   83   –   –   –   83  
PK Harris   83   –   –   –   83  
TV Mokgatlha   113   –   –   –   113  
SEN Sebotsa   107   –   –   –   107  
KC Shubane   83   –   –   –   83  
MH Visser (4),(5)  65   –   –   –   65  
Total   1 039   2 316   856   2 725   6 936  
Notes:
1. “Other benefits” comprise provident fund and medical aid contributions.

2. “Performance related” payments are in respect of the year ended 30 June 2012, but will become payable in tranches during the next two years.

3. Mr Cooper’s executive remuneration is paid by RMBH. RMBH recovers a portion of his remuneration and other infrastructure costs from RMI Holdings.

4. Directors’ fees for serviced rendered by Messrs Durand and Visser were paid to the Remgro group.

5. The directors’ fees for Mr Visser are for the period from 1 July 2011 to 26 April 2012.
  


Directors’ participation in RMI Holdings’ share schemes (audited)

  Share   Strike  
price  
(cents) 
Exercise  
date  
Opening  
balance  
1 July  
2011  
Issued  
000’s  
Forfeited  
000’s  
Exercised  
000’s  
Closing  
balance  
Benefit  
derived  
R000  
RMI share appreciation rights   
P Cooper    RMI   1 309   14/09/2014   –   439   –   –   439   –  
Deferred bonus plan   
P Cooper    RMI   †   14/09/2013   –   47   –   –   47   –  
No strike price is associated with the awards made under the deferred bonus share plan.   


Schedule of directors’ emoluments in respect of the period ended 30 June 2011:

  Services as  
director  
R000’s  
Salary  
R000’s  
Other  
benefits  
R000’s  
Performance  
related  
R000’s  
Total  
2011  
R000’s  
Executive            
P Cooper – Accrued in personal capacity   –   –   –   2 550   2 550  
P Cooper – Paid to RMBH   –   613   137   –   750  
Total   –   613   137   2 550   3 300  
Non-executive            
GT Ferreira   58   –   –   –   58  
LL Dippenaar   20   –   –   –   20  
JW Dreyer   20   –   –   –   20  
JJ Durand   20   –   –   –   20  
PM Goss   20   –   –   –   20  
PK Harris   20   –   –   –   20  
TV Mokgatlha   5   –   –   –   5  
SEN Sebotsa   20   –   –   –   20  
KC Shubane   20   –   –   –   20  
MH Visser   20   –   –   –   20  
Total   223   613   137   2 550   3 523  


Directors’ emoluments paid by subsidiaries and associates (audited)

Schedule of directors’ emoluments paid by subsidiaries and associates in respect of the year ended 30 June 2012:

  Total  
2012  
R000’s  
Total  
2011  
R000’s  
Executive      
P Cooper (1)  875   754  
Non-executive      
GT Ferreira   –   –  
LL Dippenaar   1 377   1 195  
JW Dreyer   –   –  
JJ Durand (2)  354   –  
PM Goss   –   –  
PK Harris   407   388  
TV Mokgatlha   –   –  
SEN Sebotsa   570   360  
KC Shubane   960   461  
MH Visser (2)  268   –  
Total   4 811   3 158  
Notes:
1. Directors’ fees for serviced rendered by Mr Cooper were paid to RMI Holdings.

2. Directors’ fees for services rendered by Messrs Durand and Visser were paid to Remgro Limited.
  


Board meetings

The board met five times during the year. The meeting in March 2012 was conducted via teleconference. The attendance at the meetings was as follows:

  September  
2011  
December  
2011  
February  
2012  
March  
2012  
May  
2012  
GT Ferreira (chairman)                
P Cooper                 
LL Dippenaar               LOA  
JW Dreyer                 
JJ Durand                 
PM Goss                 
PK Harris            LOA     
TV Mokgatlha                 
SEN Sebotsa                 
KC Shubane                 
MH Visser              
(deceased 26 April 2012)           LOA   –  
LOA – Approved leave of absence            


Directors’ affairs and governance committee meetings

Since all non-executive directors are members of this committee, matters relating to the charter of this committee are dealt with as an integral part of the normal proceedings of the quarterly board meetings. When these issues are discussed, it is usual for the chief executive officer to excuse himself from the meeting.

Remuneration committee meetings

The separate remuneration committee comprising Messrs PM Goss (chairman), JJ Durand and GT Ferreira met for the first time in May 2012. All members were present at the meeting.


Management committee meetings

The management committee continued to meet during the year on a regular basis. The members of the management committee are Mr GT Ferreira (chairman) and Messrs P Cooper, LL Dippenaar and PK Harris.


Audit and risk committee meetings

The audit and risk committee met twice during the year and attendance was as follows:

  September  
2011  
February  
2012  
JW Dreyer (chairman)       
TV Mokgatlha        
SEN Sebotsa        


Social and ethics committee meetings

The social and ethics committee met twice during the year and attendance was as follows:

  September  
2011  
February  
2012  
JW Dreyer (chairman)       
TV Mokgatlha        
SEN Sebotsa        


Annual general meeting

All the directors attended the annual general meeting of the shareholders held on 2 December 2011.

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