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Rewarding value creation

Clicks Group’s remuneration policy is aimed at driving a high-performance culture that creates sustainable value for shareholders.

The remuneration policy, which is outlined in part 1 of this report, will again be proposed to shareholders for a non-binding vote at the annual general meeting (AGM) in January 2019. The application of the remuneration policy in 2018, which details how the group has rewarded value creation, is covered in part 2 of this report. In accordance with the King IV governance code, this implementation report will be tabled separately to shareholders for a non-binding vote at the AGM.

Clicks Group values the views and insights of investors, and encourages shareholders to proactively engage with management on remuneration issues to enable informed decisions to be made when voting on the group’s remuneration policy.

In addition to this commitment, and in accordance with King IV, in the event that either the remuneration policy or the implementation report receives 25% or more dissenting votes, management will engage directly with these shareholders to:

  • determine the reasons for the dissenting votes; and
  • address legitimate and reasonable objections or concerns by clarifying or amending the remuneration policy, its implementation or processes, or reviewing the remuneration governance, or taking other steps to resolve the concerns.

The steps taken to address legitimate and reasonable concerns will be disclosed in the following years’ integrated report.

The remuneration philosophy and reward principles remain consistent with last year when the remuneration policy was aligned to King IV to outline the group’s approach to fair, responsible and transparent remuneration practices across the business. At the 2018 AGM, 93.9% of shareholders who voted supported the group’s remuneration policy and 94.6% supported the group’s remuneration implementation report.

This report provides an overview of the remuneration of all group employees as well as disclosing executive director remuneration and the alignment with shareholder value creation. The remuneration paid to executive and non-executive directors for the 2018 financial year is detailed in part 2 below.


Part 1: Remuneration policy


The group’s remuneration policy is based on the total rewards model and integrates the five key elements that attract, motivate and retain human capital to achieve the desired business results:

  • compensation;
  • benefits;
  • performance and recognition;
  • learning and development; and
  • work-life integration.

The reward principles of fair and responsible remuneration, market competitiveness, and pay-for-performance are entrenched in the policy. The policy is transparent and incorporates a pay framework that clearly differentiates between occupational levels and pay grades that facilitate remuneration benchmarking for each job within a skill pool.

The remuneration mix includes a combination of monetary and non-monetary rewards for employees in exchange for their time, efforts, talent and performance at an individual, team and company level.

Monetary rewards include annual guaranteed pay, variable pay such as short and long-term incentives that relate to performance to agreed targets, as well as other benefits.

Non-monetary rewards are less tangible and range from formal and informal recognition programmes, training and job rotation opportunities and exposure to stimulating work assignments, all of which are designed to motivate, affiliate and retain employees.

Employees receive a total reward statement annually which provides a personalised comprehensive view of all their rewards.

Pay levels are benchmarked on national and retail market benchmark data. The 2018 benchmarking process and the resultant pay framework was peer reviewed by independent reward consultants (21st Century) who verified the accuracy of the benchmarking process and outcomes, as well as compliance to King IV. Premiums are paid for scarce and critical skills such as pharmacy, buying and planning, finance and IT skills, based on the relevant market data.

Annual salary increases are merit based, with increases being directly related to each employee’s annual performance rating. The range of increase percentages per performance rating is applied consistently across the group, including to the executive directors. The annual increase for an employee in the bargaining unit is based on a collective bargaining process (refer to the section on remuneration of management and staff).

Remuneration structure

The total rewards framework provides flexibility to meet the differing needs of employees.

Annual guaranteed pay is determined by considering the following factors:

  • the size of the job, based on the Hay job evaluation methodology;
  • the nature of the job relative to its defined market position, including any market premiums for scarce and critical skills;
  • individual performance as assessed during the performance review process; and
  • individual position in the pay band range relative to competence and talent positioning.

The remuneration and nominations committee (the committee) reviews the group’s overall pay framework annually against defined market benchmarks per job grade, job size or skill pool.

The group’s benchmarking and market information is based on independent surveys, including the PricewaterhouseCoopers REMchannel, Deloitte Top Executive and The Korn Ferry surveys. These benchmarking exercises recognise the complexity in the group’s business model and the regulatory environment within which the group operates.

The group also participates in a biennial benchmarking exercise to maintain a competitive remuneration position in respect of pharmacists and pharmacy managers.

The annual performance review of all employees focuses on both financial and non-financial levers across the following metrics:

  • Financial performance
  • Business process improvement metrics, including transformation targets, where this can be influenced by the employee
  • Customer satisfaction
  • Learning and growth

Executives are also measured against the objectives set by the social and ethics committee in relation to all the elements of the BBBEE scorecard.

All employees are required to achieve a satisfactory performance rating to qualify for full participation in the short-term incentive scheme.

Executive directors' remuneration

The group’s remuneration policy has been reviewed by the committee to ensure that executive directors’ remuneration is fair and responsible in the context of overall employee remuneration, particularly given the nature of the retail industry and considering South Africa’s socio-economic landscape.

The policy prescribes that the levels of pay and incentives awarded to executive directors are set rationally and impartially, and are free from discrimination, self-interest, prejudice or favouritism. Executive pay is linked to value creation and positive outcomes, is subject to independent oversight and approval by the committee, and is considered by the directors to be sustainable and responsible.

To align with shareholder interests, executive remuneration is linked to the group’s performance, with clearly defined and measurable one-year and three-year deliverables.

The remuneration of executive directors consists of three components:

Guaranteed remuneration
Variable and performance-related remuneration
Annual guaranteed pay, comprising base salary, retirement and other benefits; allows for flexible retirement fund contributions Annual short-term cash-based incentive bonus Long-term incentive schemes
Performance measurement
Annual individual performance review Average monthly return on net assets (RONA) Diluted headline earnings per share growth over a three-year period subject to performance hurdles
Operating profit Total shareholder return growth over a three-year period subject to performance hurdles

The performance of the chief executive officer is assessed by the committee, while the performance of the other executive directors is evaluated by the chief executive officer and reviewed by the committee.

The annual pay increase of the executive directors is directly related to individual performance ratings and aligned to the annual increase ranges per performance rating as determined by the committee and applied consistently across the group. The sustainability of the group’s business is critical in determining remuneration and the board is satisfied that the performance targets do not encourage increased risk-taking by the executives.

Incentive schemes

A significant portion of short-term and long-term remuneration is variable and designed to incentivise executive directors.

Should executive directors not meet the targets set by the committee for the short-term and long-term incentive schemes, then no amounts will be payable under the schemes and executive directors will only receive their guaranteed remuneration. Performance hurdles and caps for both the short-term and long-term incentive schemes apply to the participants, including the executive directors, which are set out below and under the incentive schemes section further down on the page.

Short-term incentive scheme

A bonus of 40% (60% in the case of the chief executive officer) of annual guaranteed pay is paid on the achievement of an on-target performance with performance hurdles of at least 95% of the targeted group RONA and operating profit.

  • Performance exceeding the targeted performance may result in the payment of a higher bonus. This is self-funded and only paid if the group exceeds the targeted operating profit.
  • The scheme provides for a stretch performance incentive to drive extraordinary performance. The stretch performance hurdle is met when the targeted group RONA is achieved and the targeted operating profit has been exceeded by at least 5%.
  • Bonus payments are capped at 120% of annual guaranteed remuneration for the chief executive officer and at 80% for the other executive directors.

The achievement of targets is reviewed by the committee before any incentive payments are made to executive directors.

Long-term incentive scheme

Executive directors participate in the cash-settled long-term incentive scheme.

Remuneration of management and staff

Senior managers receive an annual guaranteed salary and participate in the short-term incentive bonus scheme. Salaries may include premiums for scarce and critical skills. A limited number of senior managers participate in the long-term incentive scheme, based on strategic contribution to their business unit and their individual performance levels.

An annual performance-based salary increase is paid to all permanent monthly paid non-bargaining unit employees. The annual increase date is 1 September which is aligned with the group’s financial year and budgeting period.

Collective salary increases are negotiated with the representative trade union for the Clicks bargaining unit. The negotiation team is headed by the Clicks human resources executive. Trade union membership comprises 13% of the total group employees (2017: 18%). The employees in the bargaining unit also participate in the group’s short-term incentive schemes.

All store employees’ compensation complies with the sectoral determination and is above the national minimum wage or statutory requirements in all countries in which the group operates and the minimum rates of pay as determined for the retail industry are either met or exceeded.

Through a partnership with Discovery Health, and as an additional element within the total reward strategy, approximately 9 000 employees with six months continuous service in customer service, clerical and supervisory roles will be enrolled on the Discovery PrimaryCare Comprehensive plan on 1 January 2019. The employee’s membership will be funded by the company. Employees will have the option to include their spouse and child dependants at their own cost through a monthly payroll deduction. The plan provides comprehensive primary and trauma care, including unlimited access to a general practitioner, optical and dental benefits, ambulance and casualty services. The introduction of this health benefit will contribute to reducing the inequality in healthcare services provided to the different segments of society, and will contribute to increased employee affiliation and retention, as well as improving the health and well-being of employees and their family members.

The healthcare needs of all other permanent employees are catered for through membership of one of the company’s approved medical aid schemes (Horizon Medical Scheme, Discovery Health Medical Scheme and Profmed Medical Aid Scheme).

Employee share ownership programme

The employee share ownership programme (ESOP) was implemented in 2011 to attract and retain scarce and critical skills, accelerate transformation, build employee commitment and enable employees to share in the growth and success of the business.

Entry to this scheme closed in 2015 and the scheme matures in 2018 and 2019.

The executive directors and senior employees who participate in the group’s long-term incentive scheme did not participate in the ESOP.

Through the ESOP scheme 10% of the group’s issued shares (after the issue of “A” shares equating to 29.2 million “A” shares) were placed in a share trust for allocation to all full-time permanent staff. Employees with more than five years’ service, pharmacists and senior employees from designated employment equity groups received a 15% enhancement of their share allocation.

Shares are held by 7 839 beneficiaries, with black employees receiving 86% and women 65% of the shares. Pharmacists comprise 5% of the ESOP beneficiaries. Participating employees receive a cash dividend annually, equal to 10% of the total dividend paid to ordinary shareholders each year.

Group retention scheme

The group retention scheme is aimed at retaining talented employees by providing them with a long-term financial incentive which is aligned with shareholders’ interests.

The scheme targets high-potential employees, black staff and employees with scarce and critical skills. There are currently 42 employees participating in the scheme, of whom 31% are black and 33% are women.

Incentive schemes

Short-term and long-term incentives are an integral part of the total rewards framework and aim to align employee performance with the interests of shareholders.

Short-term incentive schemes

All permanent employees in the group participate in the short-term incentive schemes which reward the achievement of performance targets of the business.

  • RONA-based short-term incentive scheme

    Performance for the group’s RONA-based short-term incentive scheme is measured at the group, business unit and team level against agreed targets. Although the scheme rewards team performance, individual performance as measured through the group’s annual performance appraisal process may limit the value of the payment should an employee not meet individual performance targets.

    Performance exceeding the targeted performance may result in the payment of a higher incentive, provided this is funded by an increase in the operating profit. Incentives for management and staff are capped at two times the value of an on-target bonus.

  • Retail store incentive scheme

    The retail store incentive scheme rewards staff in retail stores for outperforming quarterly store sales targets.

Long-term incentive scheme

Long-term incentive (LTI) schemes are aimed at aligning executive remuneration with shareholder interests by rewarding executives for the creation of shareholder value. The LTI schemes have a three-year term, with performance hurdles. Successive annual allocations ensure that the executives and senior managers who participate in the scheme are incentivised based on the sustained performance of the group measured by the increase in diluted headline earnings per share (HEPS) and the increase in total shareholder return (TSR).

The LTI schemes are regularly reviewed and enhanced to align with evolving best practice locally and internationally, and based on engagement with major shareholders.

  • The schemes are cash settled and based on share appreciation units. As there are no shares issued in terms of the LTI schemes, there is no share dilution.
  • The remuneration multiple used to determine the number of appreciation units granted is unchanged.
  • A cap limits the value payable at the end of the three-year performance period to a maximum of five times the annual guaranteed pay of participants in the scheme.
  • The group has implemented a programme to hedge against the economic risk linked to the share price based on the anticipated payout of the TSR portion of the long-term incentive.

Currently 15 (2017: 15) executives participate in the schemes. The relevant amounts are expensed through the statement of comprehensive income.

  • 2015 to 2018 and 2016 to 2019 schemes

    The LTI schemes align executive and long-term investor interests by including both an earnings performance metric as well as exposing participants to market volatility.

    The value of appreciation units are apportioned equally between two performance components:

    (1) diluted HEPS; and

    (2) total shareholder return (TSR).

    (1) HEPS appreciation units

    The base value for the HEPS appreciation units is calculated at the date of allocation by multiplying the group’s reported diluted headline earnings per share (HEPS) by an internal price earnings ratio of 12.

    An exercise value is determined at the end of the three-year period by multiplying the published diluted HEPS for the year by the same factor of 12.

    The difference between the exercise value and the base value is the amount paid out in cash.

    In order to enhance the alignment between executive and shareholder interests, the HEPS appreciation units are subject to performance hurdles as follows:

    Diluted headline earnings per share

    Performance hurdle
    Range (based on three-year CAGR in diluted HEPS)
    Percentage of LTI payout
    Weak 0% or negative growth 0%
    Below target Up to 7.9% growth 70%
    On target 8% to 14.9% growth 100%
    Above target 15% to 19.9% growth 150%
    Exceptional Above 20% growth 200%

    (2) TSR appreciation units

    The base value for the TSR appreciation units is the 20-day volume weighted average price (VWAP) of the Clicks Group shares, measured over the 20 business days at the end of the previous financial year.

    The exercise value is the corresponding 20-day VWAP at the end of the three-year period. The financial incentive received by the participants is the appreciation in the Clicks Group share price over the three-year period.

    The TSR units are subject to the following performance hurdles:

    Total shareholder return

    Performance hurdle (based on three-year CAGR in TSR)
    Percentage of LTI payout
    Below 10% Unit allocation forfeited
    Above 15% Unit allocation increased by 50%
    Above 20% Unit allocation increased by 100%

    For the purposes of calculating the TSR growth in relation to the performance hurdles, TSR is defined as the overall return to shareholders, being the appreciation in the 20-day VWAP of the Clicks Group share, plus dividend payments reinvested over the three-year performance period, divided by the VWAP of the Clicks Group share at the commencement of the period, expressed as a percentage.

  • 2017 to 2020 and 2018 to 2021 LTI scheme

    The design of the 2018 scheme is unchanged from previous schemes, with the value of appreciation units being apportioned equally between diluted HEPS and TSR units, which are subject to performance hurdles.

    The performance hurdles for the diluted HEPS appreciation units have remained unchanged, as follows:

    Diluted headline earnings per share

    Performance hurdle
    Range (based on three-year CAGR in diluted HEPS)
    Percentage of LTI payout
    Weak 0% or negative growth 0%
    Below target Up to 7.9% growth 70%
    On target 8% to 14.9% growth 100%
    Above target 15% to 19.9% growth 150%
    Exceptional Above 20% growth 200%

    However, based on market conditions, in particular the lower inflation rate and South African economic growth forecasts compared to expectations at the commencement of the previous schemes, the TSR hurdles have been revised for the 2017 to 2020 and 2018 to 2021 LTI schemes as follows:

    Total shareholder return

    Performance hurdle (based on three-year CAGR in TSR)
    Percentage of LTI payout
    Below 9% Unit allocation forfeited
    Above 12% Unit allocation increased by 50%
    Above 15% Unit allocation increased by 100%
Directors’ participation in the LTI

Executive directors have been awarded the following appreciation units:

2016 – 2019 scheme 2017 – 2020 scheme 2018 – 2021 scheme
HEPS units allocated at R52.62 per unit TSR units allocated at R126.03 per unit HEPS units allocated at R60.25 per unit TSR units allocated at R146.10 per unit HEPS units allocated at R69.36 per unit TSR units allocated at R193.96 per unit
Bertina Engelbrecht 136 830 57 129 129 461 53 388 121 107 43 308
Michael Fleming 198 404 82 837 189 212 78 029 176 759 63 209
David Kneale* 547 320 228 517 525 809 216 838
* As a result of Mr Kneale’s retirement on 31 August 2019 he has not been awarded any appreciation units in the 2018 – 2021 scheme

In line with best governance practice, non-executive directors do not participate in incentive schemes.

Executive service conditions

The chief executive officer is subject to a 12-month notice period and the other executive directors to a six-month period. The retirement age for the current chief executive is 65 while the other executive directors retire at the age of 63. None of the executive directors are appointed on fixed-term contracts.

Non-executive directors' fees

The fee structure for non-executive directors is based on a review of a number of internal, economic and market factors, and is independently benchmarked each year. The group’s policy is to pay non-executive director fees in a range of 80% to 120% of the median of a comparator group of JSE-listed retail companies. The median is based on the number of board and committee meetings held per annum. Non-executive directors receive a base fee for serving on the board or any committee, together with an attendance fee per meeting. The base fee comprises 75% of the total fee. The chairman of the board or any committee receives a higher fee. Directors’ fees are paid for a calendar year.

Remuneration governance

The committee, operating under the authority delegated by the board, is responsible for overseeing the establishment and maintenance of the group’s remuneration policy, policy outcomes and pay practices. The committee assists the board in ensuring the group has a competitive remuneration policy and governance framework which is aligned with the group’s strategic and organisational performance objectives.

In line with the recommendations of King IV the committee comprises only independent non-executive directors, namely Professor Fatima Abrahams (chair), John Bester, David Nurek and Martin Rosen. The chief executive officer and the group human resources director attend committee meetings by invitation but are recused from discussions that relate to their own performance appraisal and remuneration. Detail on the committee meeting attendance is included in the board and committee meeting attendance table.

An external rewards specialist is retained to advise the committee on remuneration trends and benchmarking of both executive and non-executive remuneration. The members of the committee have independent access to the adviser and may request professional advice on any remuneration issue.

The primary responsibilities of the committee include:

  • ensuring the remuneration policy is aligned to and promotes the achievement of the group’s strategic objectives and encourages individual performance;
  • ensuring the critical elements of the remuneration policy, including annual guaranteed pay, scarce skills premiums, benefits and incentives, are appropriately benchmarked to ensure the group is competitive in the employment market;
  • ensuring all benefits, including retirement benefits and other financial arrangements, are justified and correctly valued;
  • reviewing and approving the performance evaluation of the chief executive officer and executive directors against agreed deliverables;
  • reviewing incentive schemes to ensure alignment to shareholder value creation and that the schemes are administered in terms of the rules; and
  • reviewing the remuneration of non-executive directors and recommending adjustments to the fees at the AGM.

Part 2: Remuneration implementation report 2018

Annual salary increase

The average performance-linked increase effective from 1 September 2018 is 6.0% (2017: 5.8%). Negotiations regarding the salary increase for the bargaining unit employees in South Africa have not yet been concluded. In 2017 the average salary increase for bargaining unit staff was 7.8%.

Short-term incentive schemes

RONA-based short-term incentive scheme: The targeted average monthly RONA was 85.7% and the group achieved 102.2%. The group achieved 99.7% of the targeted operating profit. The Clicks, UPD, The Body Shop and group services business units exceeded the short-term targets and R90.4 million will be paid in accordance with the scheme rules (2017: R97.5 million). This includes incentives paid in terms of the retail store incentive scheme where R21.0 million (2017: R20.3 million) was paid to retail store staff for the 2018 year.

Employee share ownership scheme

In February 2018, R1.3 billion was paid to 7 839 beneficiaries, representing the gain on the first 50% of the shares allocated under the ESOP. The remaining 50% will be paid in 2019. A dividend of R7.2 million (2017: R6.8 million) was paid to scheme participants in 2018.

Group retention scheme

During the financial year R46.1 million (2017: R50.4 million) was paid out to participants in the scheme.

Long-term incentive scheme

For the three-year performance period ended 31 August 2018 the group achieved the following compound annual growth rates (CAGR):

  • Diluted HEPS: 14.6% CAGR: This is within the “on target” performance hurdle range.
  • TSR: 30.2% CAGR: This exceeds the “above 20%” performance hurdle and the TSR share allocations to participants were increased by 100% in accordance with the rules of the scheme.

The payout of the TSR portion has been fully hedged to limit the cost to the group.

The committee approved the long-term incentive payment of R162.7 million (2017: R153.5 million) to the scheme participants.

Directors' remuneration

Executive directors’ remuneration
Director (R’000) Salary Pension fund Other benefits Total annual guaranteed pay RONA short-term incentive Performance-based long-term incentive* Total variable pay Total
Bertina Engelbrecht 3 489 411 3 900 1 560 17 453 19 013 22 913
Michael Fleming 5 287 356 57 5 700 2 280 25 268 27 548 33 248
David Kneale** 9 909 649 2 10 560 6 336 52 800 59 136 69 696
Total 18 685 1 416 59 20 160 10 176 95 521 105 697 125 857
Bertina Engelbrecht 3 220 380 3 600 1 508 17 081 18 589 22 189
Michael Fleming 4 879 284 57 5 220 2 186 25 883 28 069 33 289
David Kneale** 9 083 515 2 9 600 6 031 48 000 54 031 63 631
Total 17 182 1 179 59 18 420 9 725 90 964 100 689 119 109
* Payments relating to the performance for the year ended 31 August are paid in November. The expense is provided for over the three-year vesting period in the relevant financial year
** The LTI payment to Mr Kneale has been capped at five times annual guaranteed pay in accordance with the rules of the scheme
Non-executive directors’ remuneration
Director (R’000) 2018
Directors’ fees
Directors’ fees
David Nurek 1 169 1 059
Fatima Abrahams1 630 459
John Bester 647 581
Fatima Daniels3 523 408
Nonkululeko Gobodo2 450 213
Nkaki Matlala4 n/a 161
Martin Rosen 354 329
Total 3 773 3 210
1 The fees paid to Professor Abrahams include an amount of R78 150 (2017: R24 610) for performing the role of chairperson of The Clicks Group Employee Share Ownership Trust and R72 917 for her appointment as director of Clicks Retailers Proprietary Limited
2 Appointed with effect from 1 March 2017
3 The fees paid to Fatima Daniels include an amount of R72 917 for her appointment as director of Clicks Retailers Proprietary Limited
4 Retired with effect from 26 January 2017

None of the non-executive directors have service contracts with the group and no consultancy fees were paid to directors during the year.

Total directors’ remuneration
R’000 2018 2017
Executive directors (including the long-term incentive scheme) 125 857 119 109
Non-executive directors 3 773 3 210
Total directors’ remuneration 129 630 122 319
Directors’ shareholdings at 31 August
2018 beneficial shares 2017 beneficial shares
Director Direct Indirect Total Direct Indirect Total
David Nurek 100 000 100 000 100 000 100 000
John Bester 12 000 10 000 22 000 12 000 10 000 22 000
Bertina Engelbrecht 75 068 75 068 105 068 105 068
Michael Fleming 30 421 30 421 30 421 30 421
David Kneale 285 370 285 370 285 370 285 370
Martin Rosen 2 000 2 000 2 000 2 000
Total 402 859 112 000 514 859 432 859 112 000 544 859

The total number of ordinary shares in issue is 253 948 352 and the percentage of issued share capital held by directors is 0.20% (2017: 0.22%). Details of dealings in Clicks Group shares by directors during the financial year are contained in the directors’ report in the annual financial statements.

Non-executive directors' fees

The fee structure for non-executive directors was benchmarked externally against a retail comparator group of The Foschini Group, Mr Price Group, Pick n Pay Stores, Shoprite Holdings, The Spar Group, Truworths International, Massmart Holdings, Woolworths Holdings and Dis-Chem Pharmacies Limited.

The proposed increases to the fee structure for 2019 take into account these benchmarking results. Higher increases are proposed for the remuneration and nominations committee and social and ethics committee chairs, and members of the remuneration committee, which were below the group’s policy range of 80% of the median of the benchmarked comparator group. The total fees proposed for non-executive directors for the 2019 calendar year represent an increase of 12.5% over the previous year.

The fees for the 2019 calendar year are subject to approval by shareholders at the AGM in January 2019.

2019* 2018*
Board position Proposed
base fee
meeting fee
total fee
Board chairman** 1 012 500 337 500 1 350 000 900 000 300 000 1 200 000
Board member 255 000 85 000 340 000 226 500 75 500 302 000
Chair: Audit and risk committee 238 500 79 500 318 000 225 000 75 000 300 000
Member: Audit and risk committee 126 000 42 000 168 000 120 000 40 000 160 000
Chair: Remuneration and nominations committee 105 000 35 000 140 000 86 625 28 875 115 500
Member: Remuneration and nominations committee 60 000 20 000 80 000 48 825 16 275 65 100
Chair: Social and ethics committee 82 500 27 500 110 000 60 000 20 000 80 000
Member: Social and ethics committee n/a n/a n/a n/a n/a n/a
* Fees relate to the calendar year
** Fees for the board chairman are inclusive of all committee memberships