The remuneration committee is mandated by the board to set the remuneration and incentive strategies and arrangements of all executive directors of both the holding company and main subsidiary company. In addition, the remuneration committee recommends directors' fees payable to non-executive directors and members of board sub-committees. These fees are approved by shareholders at the annual general meeting.
It is also responsible for measuring the performance of the executive directors in discharging their functions and responsibilities.
Ellies is committed to its shareholders and therefore determines its remuneration policy and philosophy on best practices in the market place. The Group's Directors are remunerated on a cost to company basis, which includes benefits such as medical aid, life insurance, death cover, disability and retirement. Increases and incentives are based on individual performance and measured against defined targets for the Group.
The committee comprises three non-executive directors, and is chaired by an independent non-executive director. The remuneration committee meets when necessary but at least once a year. The Executive Chairman, CEO and CFO attend meetings as invitees.