VALUE CREATION
OUR STRATEGY, PERFORMANCE AND IMPACT
Consistent With King IVTM, We Disclose Executive Directors’ Remuneration for the Period of 1 January 2024 to 31 December 2024 as follows:
| Category | Names | Base salary | Benefits | STI | Other | Total |
|---|---|---|---|---|---|---|
| CEO | Mrs Patricia Stock | 4,900,803 | - | - | - | 4,900,803 |
| CEO | *Mr Freeman Nomvalo | 424,905 | - | - | 528,219 | 953,124 |
| COO | **Mrs Fanisa Lamola | 1,865,774 | 172,618 | 952,868 | - | 2,991,260 |
| Executive Director – Learning, Development and National Imperatives | Mr Robert Zwane | 2,312,401 | 367,712 | 653,464 | - | 3,333,577 |
| Executive Director – Governance | Mr Jaco Snyman | 2,430,734 | 318,423 | 669,649 | - | 3,418,806 |
| Executive Director – Standards | Mr Milton Segal | 2,154,714 | 281,532 | 592,067 | - | 3,028,313 |
| Acting Executive Director – IT, Member Engagement and Support, and Risk and Compliance | Mr Nasiegh Hamdulay | 1,324,746 | 140,383 | - | - | 1,465,129 |
| CFO | ***Mr Obrey Nekhavhambe | 2,102,430 | 256,218 | - | - | 2,358,648 |
| Acting CFO | ****Mr Deon Watson | 408,254 | 42,467 | - | - | 450,721 |
| CEO – SAICA Enterprise Development | Mrs Annie McWalter | 1,153,113 | - | 120,038 | - | 1,273,151 |
| Senior Executive – SAICA Enterprise Development | Mrs Jill Johnson | 792,038 | - | 93,588 | - | 885,626 |
All decisions regarding executive remuneration were made in strict accordance with SAICA’s Remuneration and Reward Policy, with no deviations observed during the reporting period.
HR and REMCO’s Key Focus Areas and Contribution to Value Creation in 2024
During the review period, the committee oversaw, monitored and guided high-impact initiatives aimed at driving engagement and unlocking performance throughout SAICA. Key among these efforts was the oversight of the HR & REMCO work plan, which sought to invigorate employee engagement and elevate overall performance across the organisation.
The committee actively reviewed and refined SAICA’s strategic roadmap for the 2024–2028 period, ensuring that it aligns with evolving industry demands and organisational goals. As a cornerstone of this effort, the evaluation of the balanced scorecard for 2025 played a crucial role, with recommendations made for Board approval to enhance accountability and measure success effectively.
In addition, the committee provided essential oversight for the organisational review, the ambitious Project ReCAlibrate, ensuring that SAICA remains agile and responsive to internal and external changes. Implementing the HCIS was another significant milestone, designed to streamline operations and improve employee experience.
The committee diligently conducted annual salary reviews and approved short-term incentives to reward high performance, alongside updating the Remuneration and Reward Policy to reflect a commitment to fairness and transparency. The emphasis on continuous professional development for HR & REMCO members ensured that the committee stays at the forefront of best practices. Finally, the proactive response to insights gleaned from the employee engagement survey underscored the committee’s dedication to promoting an inclusive and supportive workplace culture. Together, these initiatives highlight SAICA’s commitment to value creation and its pursuit of excellence in every facet of the organisation.
Future Support of Performance-Driven Excellence
As SAICA looks toward 2025 and beyond, our commitment to performance-driven excellence will guide our initiatives, ensuring that the organisation remains at the forefront of the accountancy profession. The key areas of HR & REMCO oversight in 2025 include:
Empowering transformation through Project ReCAlibrate
The leadership team will lead the change in implementing Project ReCAlibrate recommendations aimed at aligning operations with SAICA’s strategic objectives for 2024–2028. This effort will be crucial to enhancing efficiency and effectiveness within the organisation.
Harnessing technology for people-centric automation
Continuous automation of people practices will be a priority through the HCIS. This initiative aims to streamline processes and enhance the employee experience, making it easier for our talented workforce to thrive.
Data-driven decisions empowered by AI
The incorporation of cutting-edge AI-driven practices into decision-making processes will be emphasised. By leveraging data insights, SAICA will ensure that its strategies are informed and adaptable to changing needs.
Dynamic salary benchmarking for competitive advantage
Maintaining rigorous, ongoing salary benchmarking and policy reviews will help ensure that compensation practices remain competitive and aligned with market trends, aiding in the retention and attraction of top-tier talent.
Proactive engagement with employee feedback
SAICA will sustain its focus on strategic actions driven by employee engagement survey outcomes. By actively responding to employee insights, we will create an environment that values feedback and enhances our culture.
Through these initiatives, HR & REMCO will continue to oversee the implementation of the Human Capital strategy, the annual salary review process, making informed recommendations for short-term incentive payments to the Board. This proactive approach ensures that SAICA’s remuneration practices are consistently aligned with its performance-driven philosophy.
Conclusion
The committee assures stakeholders that our governance and implementation of the Remuneration and Reward Policy align with best practices within the context of SAICA. Our commitment to performance-driven, fair, and transparent remuneration continues to play a pivotal role in supporting our long-term strategic objectives and promoting a culture of accountability and high performance.
