South African companies to be acknowledged for remuneration reporting excellence

The South African Reward Association (SARA) has launched a new remuneration report award that is sponsored by PwC Remchannel, to recognise excellence in reporting on remuneration issues by local companies.
 

The award encourages best practice during a time when effective, transparent disclosure of executive remuneration increases in importance, in line with the greater focus on corporate governance in South Africa following the launch of King III in March 2010.
 

Open and transparent stakeholder communication, and trust through reporting disclosures, needs to be improved to better align financial, economical and environmental interests, according to PwC’s director of Human Resource Services Gerald Seegers.

"This award can promote and encourage good corporate governance practices and acknowledges the efforts by companies to become good corporate citizens. PwC believes that free enterprise prospers in an environment of good and balanced corporate governance,” says Seegers.
 

The winner will be announced at the SARA Reward Awards Banquet, to be held on Saturday 29 October 2011 following a nominations process that closed 8 August 2011.
 

The companies shortlisted as finalists are:

• Anglogold Ashanti
• Nedbank
•  Netcare
• Sappi  
• Vodacom

These companies were judged on their remuneration reports published prior to 30 June 2011 and in respect of financial years ending on or before 31 March 2011. The winning remuneration report will be chosen by an independent judging panel, appointed by SARA.

Seegers concludes: “An effective remuneration report includes legislation requirements and corporate governance principles, the report will provide evidence of a manifest commitment to best practice and communicates how the company's approach to remuneration supports its business strategy and aligns the interests of its executives with those of its shareholders.”