november 1 2009

FULL RICH LIST P2, FULL EARNINGS LIST P4

MEET THE REAL TYCOONS OF SOUTH AFRICA

November 1 2009

HOW THEY MAKE IT... HOW THEY SPEND IT

Worth: R16.95bn Worth: R14.25bn Worth: R5.36bn Paid: R 41 1 . 6 0 m Paid: R50.38m Paid: R 4 9. 5 2 m

In a year the top 10 richest in SA lost ...

R 5 6 .1 - B I L L I O N

LAKSHMI MITTALThe steelbaron’s wealthhas droppedmore than half

PATRICE MOTSEPELost some valuebut still therichest SouthAfrican

NICKYOPPENHEIMEROnly his sharesin Anglo arecounted

CHIP GOODYEARShare gainsboost an alreadyhuge salary

BRETT LEVYHuge benefitsfor a smallp l ay e r

STEPHEN KOSEFFBasic salary lessbut performancebonus huge

HOW IT WAS ALL FIGURED OUTDirectors’ holdings for the Rich List reflectwealth at March 31 2009. The earningstable reflects what was earned in 2008.

THE RESEARCH WAS DONE AS FOLLOWS:An initial extraction of the remunerationand options, headline earnings and di-rector and family holdings was made byWho Owns Whom research staff. Theinformation was reviewed from the pub-lished documents by Who Owns Whommanagement and compared with the ex-traction. The information was again re-searched from the published documentsand compared with the management re-sult by the Who Owns Whom executivedirectors. Each director’s holding wassent to the relevant company secretary forc o r r o b o r at i o n .

PLEASE NOTE:ý The calendar years 2007 and 2008 were

researched from hard copy and Internetdocuments published in terms of the Com-panies Act and JSE listing requirements;

ý Shareholdings were extracted as pub-lished in public documents and publicshare registers;

ý Shareholdings included those held viatrusts, where this was deemed appro-p r i at e ;

ý The market price as at March 31 2009was used for the valuation of holdings;

ý It was assumed that the conditions ofconditional options would be met;

ý Options issued under more than onescheme or over a period were added wherethis was deemed appropriate;

ý Gains on options exercised in the yearunder review were included in remuner-at i o n ;

ý Earnings and directors’ fees paid toother companies were excluded;

ý Severance packages and retentionbonuses were included in remuneration;

ý Conversion rates to the rand were asfollows: British pound 14.3, US dollar 7.5,euro 11.3.

NOTES REGARDING THE RESEARCH:ý MTN DirectorsThe Alpine Trust and Newshelf 664 were

unwound in December 2008 as per theirsix-year mandate and the shares distribut-ed to directors and staff in accordancewith the mandate after settlement of debt,primarily to the PIC. In terms of previousvaluations of director entitlements wewere not privy to the funding arrange-ments and qualified those holdings asfollows: “It should be noted that the fund-ing arrangements for these holdings havenot been disclosed, which could offsetagainst the value of the holdings.”

The valuation of directors’ holdings inthe current study have not been confirmedby the company and were calculated basedon SENS announcements on the trans-action issued by the company.

ý Patrice MotsepeMotsepe’s holding in African Rainbow

Minerals is via African Rainbow MineralsExploration Investments (Pty) Ltd, but theshareholding of this private company isnot disclosed.

Countingthe manypennie s

November 1 2009


RICH LISTRICH LIST2M E T H O D O LO G Y

Data is checked, andchecked again

Lakshmi Mittal

Patrice Motsepe

Nicky Oppenheimer

Christo Wiese

Ackerman Family

Elephant Consortium

Rembrandt Trust

Desmond Sacco

Stephen Saad

Laurie Dippenaar

GT Ferreira

Bruno Steinhoff

Bill Venter

Adrian Gore

Giovanni Ravazzotti

Tokyo Sexwale

Cyril Ramaphosa

Giuseppe Zannoni

Gus Attridge

Koos Bekker

Barry Swartzberg

Royal Bafokeng Consortium

Jannie Mouton

Paul Harris

Michael Lewis

Maxim Krok

Phuthuma Nhleko

Markus Jooste

Sipho Nkosi

Lazarus Zim

Johnny Copelyn

Mark Willcox

Koos Raubenheimer

Michiel le Roux

Phoevos Pououlis

Brett Levy

Leon Kirkinis

Saki Macozoma

Zweli Mntambo

Mark Levy

Freddie Kenney

Marcel Golding

Peter Malungani

Des de Beer

Gino Stefanutti

Steven Gottschalk

Brian Joffe

Willie Marais

Alec Wapnick

Gordon Schachat

Hans Enderle

Roland Sassoon

Robert Nisbet

Stephen Koseff

Michael (Motty) Sacks

Meyer Kahn

Whitey Basson

Pat Goss

Bernard Kantor

Claas Daun

Ragi Moonsamy

William Battershill

Riaan Swart

Dave Van Niekerk

Nkululeko Sowazi

Alwyn Martin

Gary Morolo

Mikki Xayiya

Kevin James

Herschel Mayers

Edwin de la Harpe Hertzog

Msolisi Diliza

Herbert Theledi

Alan Burke

Jeffery Wapnick

Maldwyn Zimmerman

Reginald Sherrell

Sifiso Dabengwa

Sharon Wapnick

Dalikhaya Zihlangu

Michael Wylie

Sean Melnick

Jens Montanana

Robert Gumede

Michael Mark

Brian Holmes

Ivan Clark

Panagiotis Halamandaris

Pat Goldrick

Wolf Cesman

Lionel Jacobs

Marc Wainer

Terry Moolman

Neil Jowell

Jeff Zidel

Cecil Jowell

Theofanis Halamandaris

Simon Susman

Hymie Levin

Ian Kantor

Shaun Rai

Thys Visser

Perikles Halamandaris (jnr)

Glynn Burger

John Robertson

Jebb McIntosh

Herman Mashaba

Adam Fleming

Christopher Seabrooke

Chris Kruger

Arnold Goldstone

Thami Sokutu

Gregory Lotis

Piet Boshoff

Glen Forsdyke

David Ellwood

Dennis Polak

Nick Vlok

Steve Pacak

John Halamandres

Nigel Townshend

Steven Joffe

Brian Buckham

Antoinette Sedibe

Gavan Ryan

Moss Ngoasheng

Graham Mackay

Leslie Maasdorp

Tony Scharrighuisen

Elliot Salkow

David Samuels

Paul Theodosiou

Ronald Price

Mamphela Ramphele

Grant Pattison

Horst Sass

Martin Moritz

Fred Robertson

Barry Stuhler

Hugh Herman

Louis Stassen

Yolanda Cuba

Akhter Deshmukh

Graeme Gordon

Mustaq Brey

Riaan Stassen

Yogesh Narsing

Jonathan Hlongwane

David Lewis

Brian Bruce

ArcelorMittal SA

SanlamAfrican Rainbow Minerals

Anglo American plc

Shoprite HoldingsPSG GroupInvicta HoldingsTradehold

Pick n Pay Holdings

Telkom

Remgro (holding in B shares)

Assore

Aspen Pharmacare

FirstRandRMB Holdings

RMB Holdings

Steinhoff International

AltechAltron

Discovery Holdings

ItaltileCeramic Industries

Mvelaphanda ResourcesMvelaphanda Group

SABMiller plcStandard Bank GroupBidvest GroupAssore

ItaltileCeramic Industries

Aspen Pharmacare

Naspers -N

Discovery Holdings

Merafe ResourcesMetair Investments

Steinhoff InternationalPSG Group

FirstRandRemgroRMB Holdings

Foschini

Aspen PharmacareGold Reef Resorts

MTN Group

Steinhoff InternationalPSG GroupPhumelela

SanlamExxaro Resources

SanlamNortham Platinum Mvelaphanda Resources

HCI


Raubex Group

Capitec Bank HoldingsZeder Investments

Keaton Energy Holdings

Blue Label Telecoms

African Bank Investments

Standard Bank Group

Exxaro Resources

Blue Label Telecoms

Raubex Group

HCI

Investec LtdPhumelela Gaming & LeisureSuper Group

Pangbourne PropertiesResilient Property Income FundCapital Property Fund

Stefanutti & Bressan

Value Group

Bidvest GroupAfrocentric

Omnia Holdings

Premium PropertiesOctodec Investments


City Lodge Hotels

Sasfin Holdings

MTN Group

Investec plcInvestec

NetcareAdvtechAfrocentric

SABMiller plcAfrocentric

Shoprite Holdings

FirstRandRMB HoldingsAVI

Investec plcInvestec LtdPhumelela Gaming & Leisure

Steinhoff InternationalKap International

Growthpoint PropertiesMvelaphanda Resources

BSI Steel

Blue Financial Services

Blue Financial Services

Exxaro ResourcesEmira Property Fund

Petmin

Datacentrix Holdings


Country Bird Holdings

Discovery Holdings

RemgroMedi-Clinic CorporationDistell Group

Growthpoint Properties

Blue Label Telecoms

ARB Holdings


Combined Motor Holdings

Invicta Holdings

MTN Group


Exxaro Resources

Wilson Bayly Holmes - Ovcon

Peregrine Holdings

Datatec

Gijima AST Group

Truworths International

Wilson Bayly Holmes - Ovcon

Grindrod

Famous Brands

Cashbuild

Redefine Income FundApexhi PropertiesMadison Prop. Fund Managers

Bidvest Group

Redefine Income FundMadison Prop. Fund Managers

Caxton & CTP Pub. & Printers

TrencorMobile Industries

Resilient Property Income Fund

TrencorMobile Industries

Famous Brands

Woolworths Holdings

NetcareAdvtechFamous Brands

Investec plcInvestec Ltd

Ambit Properties

British American Tobacco plc

Famous Brands

Investec plcInvestec Ltd

Discovery Holdings

Combined Motor Holdings

Growthpoint Properties

Witwatersrand Cons Gold

Massmart HoldingsDatatecMetrofile HoldingsSet Point Technology

Africa Cellular Towers

Invicta Holdings


Metmar

Metmar

Metmar

Metmar

Foschini

Digicore Holdings

Naspers -N

Famous Brands

TWP Holdings

Gold Reef Resorts

Advtech

Keaton Energy Holdings

Coronation Fund ManagersMetair Investments

Kelly Group

SABMiller plc

Pangbourne Properties

Argent Industrial

Ellies Holdings

Invicta Holdings

Acucap PropertiesSycom Property Fund

Eureka Industiral

Medi-Clinic Corporation

Massmart Holdings

Bowler Metcalf

Comair

RemgroBrimstone

Pangbourne PropertiesCapital Property Fund

Growthpoint PropertiesInvestec plcInvestec LtdPick n Pay Holdings

Coronation Fund Managers

Steinhoff International HoldingsMvelaphanda Group

Sea Kay Holdings

Liberty International plc

Nedbank GroupBrimstone Investment Corp.

Capitec Bank Holdings

Pangbourne Properties

Vukile Property FundEsor

Resilient Property Income Fund

Murray & Roberts

52.02%

5.75%41.46%

2.50%

15.15%8.05%

33.15%61.19%

49.33%

5.85%

0.00%

23.79%

14.71%

0.06%7.49%

7.21%

11.79%

0.02%56.14%

9.47%

32.13%33.03%

13.24%16.90%

0.00%0.29%0.46%4.01%

22.69%23.17%

4.99%

1.16%

4.92%

29.28%24.85%

0.26%23.66%

0.05%0.04%2.49%

6.30%

2.34%5.45%

0.32%

2.28%10.39%1.28%

0.01%2.26%

0.01%1.25%6.74%

10.33%

6.62%4.04%

13.69%

15.78%0.04%

28.68%

11.73%

2.02%

0.31%

1.56%

10.76%

11.29%

7.08%

2.88%4.54%7.39%

0.06%5.64%0.65%

25.72%

55.60%

1.02%1.51%

13.22%

10.53%12.50%

1.49%

10.61%

44.14%

0.14%

1.15%0.71%

2.09%0.10%2.10%

0.11%2.10%

0.91%

0.00%0.96%0.07%

0.01%1.98%4.52%

0.03%39.98%

0.43%2.46%

44.66%

16.62%

16.62%

0.61%1.59%

28.92%

39.54%

2.21%4.04%

57.98%

1.43%

0.46%0.57%0.02%

1.09%

5.87%

51.39%

6.46%9.18%

40.43%

13.49%

0.10%

6.19%8.71%

0.79%

3.46%

14.69%

7.04%

34.07%

1.22%

3.10%

2.58%

12.22%

9.42%

0.03%0.02%

12.04%

0.54%

0.02%11.81%

2.64%

0.03%12.64%

2.68%

0.03%12.41%

10.59%

1.58%

0.77%2.50%1.06%

0.35%0.75%

6.60%

0.03%

9.48%

0.49%0.39%

0.81%

23.73%

0.62%

9.50%

0.30%0.40%5.43%

19.65%

34.23%

7.50%

0.56%

15.30%

15.30%

15.30%

15.30%

1.03%

15.73%

0.16%

7.51%

24.46%

2.07%

6.95%

6.89%

3.68%6.47%

30.77%

0.04%

1.59%

11.41%

37.18%

6.34%

2.29%0.06%

41.10%

0.73%

0.66%

21.49%

10.37%

0.00%11.62%

0.60%1.42%

0.00%0.31%0.28%0.02%

5.52%

0.59%0.16%

24.42%

0.42%

0.00%11.25%

2.94%

1.32%

1.84%4.32%

1.35%

0.57%

R16 950

R2 093R12 153

R5 359

R4 166R217R502R168

R3 267

R3 214

R3 116

R2 886

R2 422

R90R1 866

R1 796

R1 629

R1R1 516

R1 405

R877R469

R825R337

R1R366R135R487

R619R329

R821

R750

R730

R504R170

R35R638

R35R11

R620

R666

R385R270

R637

R315R280R10

R3R555

R3R116R420

R529

R412R81

R450

R424R0

R421

R413

R410

R392

R383

R379

R371

R363

R300R34R25

R4R325R23

R326

R324

R302R10

R311

R151R154

R302

R292

R285

R273

R198R74

R238R1

R14

R236R14

R249

R4R239

R4

R2R206R34

R4R238

R82R154

R234

R233

R233

R151R78

R224

R222

R137R81

R217

R212

R137R73R2

R209

R207

R205

R92R113

R204

R204

R204

R89R107

R195

R195

R193

R182

R181

R178

R174

R168

R167

R165

R2R2

R159

R159

R1R156

R157

R1R155

R154

R1R152

R145

R144

R87R37R15

R59R78

R132

R131

R130

R83R40

R120

R120

R119

R119

R42R10R17R46

R114

R114

R113

R111

R111

R111

R111

R109

R107

R106

R103

R103

R103

R102

R101

R57R44

R100

R100

R97

R97

R96

R96

R93R2

R94

R93

R93

R90

R90

R0R87

R36R50

R1R53R30R2

R85

R82R3

R85

R82

R0R81

R81

R80

R50R29

R78

R77

R16 950

R14 246

R5 359

R5 053

R3 267

R3 214

R3 116

R2 886

R2 422

R1 956

R1 796

R1 629

R1 518

R1 405

R1 346

R1 162

R988

R949

R821

R750

R730

R674

R673

R666

R666

R655

R637

R605

R558

R538

R529

R493

R450

R424

R421

R413

R410

R392

R383

R379

R371

R363

R360

R351

R326

R324

R312

R311

R304

R302

R292

R285

R273

R272

R254

R250

R249

R247

R242

R241

R236

R234

R233

R233

R229

R224

R222

R218

R217

R212

R212

R209

R207

R205

R205

R204

R204

R204

R195

R195

R195

R193

R182

R181

R178

R174

R168

R167

R165

R163

R159

R157

R157

R156

R154

R153

R145

R144

R138

R137

R132

R131

R130

R124

R120

R120

R119

R119

R115

R114

R114

R113

R111

R111

R111

R111

R109

R107

R106

R103

R103

R103

R102

R101

R101

R100

R100

R97

R97

R96

R96

R95

R2R94

R93

R93

R90

R90

R87

R86

R85

R85

R85

R85

R82

R82

R81

R80

R79

R78

R77

Director & company %holding

Investment total (R-m)





1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

THE RICHEST

Figures in this table have been rounded off

November 1 2009


RICH LISTRICH LIST 3BOSSES RAKE IN MILLIONS IN BONUSES REGARDLESS OF HOW WELL THEY DO

Tricks of the tradeCEOs look after No 1

LAKSHMI MITTAL PATRICE MOTSEPE CHIP GOODYEAR

MARCIA KLEIN

MEMBERS of remuner-ation committees havea lot to answer for.This year’s Rich List,

which tracks not only SA’s rich-est people, but also the country’sbiggest earners, shows that exec-utives are pocketing all sorts ofadditional bonuses and makingmega-profits on unacceptablygenerous share options.

This is in addition to huge basicsalaries and performance bonus-es, with bonuses still beingearned by many despite the non-performance of their companies.

The innovative ways andmeans to add to executives’ potsincreases with every year.

The list also shows executivesget special payments when com-panies dispose of assets or list.

In 2008 Chip Goodyear, the for-mer boss of BHP Billiton, earned astaggering R411.6-million, withR380-million pocketed from gainson shares. The top of the top-earners list is dominated by ex-ecutives of offshore-listed com-panies, including Richemont’sNorbert Platt, and British Amer-ican Tobacco’s Paul Adams.

I nve st e c ’s Stephen Koseff isranked fifth in the earnings tablewith R49.5-million pay in 2008,and MD Bernard Kantor, whoranked sixth, earned similarly.

But alongside the top inter-national earners are a few glaringanomalies.

Brett Levy, the joint CEO ofpre-paid telecoms company BlueLabel Telecoms, was the fourth-highest earner on the list, pock-eting over R50-million in 2008.This includes R40-million paid inlieu of a pre-listing contractualbonus entitlement, which wasthen used to buy shares. This isover and above an exceptionallygenerous R5.9-million salary for acompany of that size, and a per-formance bonus of R3.4-million.

Having got the shares from thepre-listing payment, and themany more he owns, Levy is nowSA ’s 36th richest person, withR413-million of Blue Label stock.Blue Label’s other joint CEO,B r e tt ’s brother Mark Levy, wasranked seventh in the earningstable, raking in R49.5-million, thebulk of it coming from the samescheme. His wealth is R379-mil-lion, ranking him 40th.

Prakash Desai, the CEO ofAvusa, the owner of this pub-lication, earned a massive R29.3-million in 2008, including a R10.7-million top-up payment on thesale of M-Net SuperSport and un-bundling of Naspers and otherassets, and over R13-million gainon the sale of shares.

The Levys, Grindrod’s Tim Mc-Clure (earnings: R39.8-million),Rainbow Chicken’s Miles Dally(R39.7-million) and Desai, all ofwhom received special payments

of some kind, all earned morethan executives of major com-panies like FirstRand’s outgoingCEO Paul Harris, Bidvest CEOBrian Joffe and Anglo AmericanCEO Cynthia Carroll.

Retention bonuses and re-straints of trade also featured onthis year’s earnings list. TelkomCEO Reuben September earnedR19-million, including a R13-mil-lion restraint-of-trade payment.

Kgomotso Mosehla, a formerexecutive of Mvelaphanda Re-sources, earned R15.8-millionduring the year, which included aR12-million long-term retentionbonus and a R2.5-million termi-nation benefit — meaning he wa spaid both to stay and to go away inthe same year.

Termination benefits signifi-cantly boosted a number ofsalaries. Mondi paid Paul Holling-worth almost R19.5-million to go,while Sasol paid Trevor MundayR16-million. In fact, of SA’s 100biggest earners of 2008, close to 20are no longer working at the com-panies who felt the need to paythem so handsomely to retaintheir services.

Executives earn performancebonuses in good and bad times.The best example is Larry Lip-schitz, the former CEO of SuperGroup, who earned R10.9-millionincluding a R5-million perfor-mance bonus in what was one ofthe company’s worst years ever.He finally left it struggling forsurvival. While he was still beingpaid performance bonuses, in-vestors lost most of their money.

The earnings list, (available indetail on Page 4), reflects re-search into the top executives anddirectors of all of SA’s listed com-panies. The Rich List, (on Page 2),is a comprehensive report on SA’srichest people whose wealth is amatter of public information.

The economic crisis has been ablow to the fortunes of SA ’swealthiest, almost without excep-tion. Lakshmi Mittal, althoughnot a South African, remains atthe top through his holding inArcelorMittal SA. At this timelast year, this holding was worthR45.7-billion. This year it is worthR16.95-billion, but he retains hisposition. This is just a fraction ofwhat he is worth through hisother international holdings.

Patrice Motsepe, the richestSouth African and the second-ranked person in the SA Rich List,was worth R22-billion last year,and is now worth R14.25-billion.He has, however, made some re-covery as his wealth was R9.7-billion in mid-November, at thepeak of the economic crisis.

Between March and Novemberlast year, SA’s 10 richest peoplelost a total of R61.5-billion. Theirwealth was R114.6-billion lastMarch. By mid-November theirwealth plunged to R54.1-billion.

The Rich List published today

shows that there has been only aslight recovery between then andMarch this year, the cut-off datefor the research, as their col-lective wealth inched up toR58.5-billion.

Among the wealthiest, NickyOppenheimer follows Motsepe atnumber three, with wealth ofR5.4-billion, down from R16-bil-lion last year. This only includeshis holding in Anglo American;

the family’s wealth is largely heldin De Beers.

Christo Wiese, ranked fourth,is one of the few in the top rankswhose wealth increased, fromR4.3-billion to just over R5-billion,largely due to strong performersShoprite and PSG Group.

The Ackerman family’s Pick nPay interest was static at R3.3-billion. The Elephant Consor-tium, ranked sixth, whose invest-

ment in Telkom is valued atR3.2-billion, and Royal BafokengHoldings, ranked 22nd, are notindividuals but are still includedon the list.

Rembrandt Trust, essentiallythe Rupert family, slips fromfourth to seventh, although thevalue, at R3.1-billion, is un-changed. The Ruperts and Op-penheimers were once the richestin the country by far.

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Graphic: FIONA KRISCH

Chip Goodyear

Norbert Platt

Paul Adams

Brett Levy

Stephen Koseff

Bernard Kantor

Mark Levy

Brian Bruce

Graham Mackay

Glynn Burger

Tim McClure

Miles Dally

Johann Rupert

Marius Kloppers

Carl Grim

Richard Lepeu

Prakash Desai

Diane Radley

Paul Harris

Brian Joffe

Brad Mills

Paul Hollingworth

Jim Sutcliffe

Nicandro Durante

Pieter Cox

Julian Roberts

Sifiso Dabengwa

Cynthia Carroll

Malcolm Wyman

Paul Rayner

Jabu Mabuza

Jannie Mouton

Ian Farmer

Trevor Munday

Robert Venter

Jeff Wright

Phuthuma Nhleko

Alan Tapnack

Ben Stevens

Reuben September

Peter Cooper

David Brown

Pat Davies

Gavin Soll

Steve Booysen

Walter Ballandino

Steve Phiri

David Hathorn

Sean Flanagan

Mark Cutifani

Michael Mark

Whitey Basson

Dennis Gammie

Peter Surgey

Alain Perrin

Tom Boardman

Jens Montanana

Bob Carpenter

Kgomotso Brian Mosehla

Chris Cory

Bruce Campbell

Anthony Stewart

Phil Crous

Chris Otto

Dirk Van Staden

Brett Dawson

Duncan Wanblad

Abdul Mahomed

Jacko Maree

Peter Oswald

Alan Ferguson

René Médori

Jonathan Nicholls

Grant Pattison

David Redshaw

Sizwe Nxasana

Johan Van Zyl

Nolitha Fakude

Stuart Murray

Izak De Wet Goosen

Papi Molotsane

Frank Thompson

Venkat Venkatakrishnan

Markus Jooste

Louis Von Zeuner

Michael Kilbride

John Bortolan

Richard Inskip

Jan Rupert

Craig Venter

Gerald Riemann

Marius Heyns

Clive Thomson

David Rennie

Larry Lipschitz

Hubert Brody

Aubrey Karp

David Robinson

David Kneale

Neil Cumming

BHP Billiton plc

Compagnie Financière Richemont


Blue Label Telecoms

Bidvest GroupInvestec LtdInvestec plcJSE

Investec plcPhumelela Gaming & Leisure

Blue Label Telecoms

Murray and Roberts Holdings

SABMiller plc

Investec LtdInvestec plc

Grindrod

Rainbow Chicken


BHP Billiton plc

Aveng


ElementOne (prev. Johnnic Communications)

Allied Electronics Corp.

Discovery HoldingsFirstRandRemgro

Bidvest Group

Lonmin plc

Mondi plc

Nedbank GroupOld Mutual plc


Sasol

Old Mutual plc

MTN Group

Anglo American plcAnglogold Ashanti

SABMiller plc


Hosken Consolidated Investments

Capitec Bank HoldingsPSG GroupRemgroSteinhoff International

Lonmin plc

Absa GroupBarloworldReunertSasol


Afgri

MTN Group

Investec LtdInvestec plc


Telkom Group

Discovery HoldingsRMB Holdings

Impala Platinum HoldingsSimmer and Jack Mines

Sasol

Clientele

Absa Group

Highveld Steel & Vanadium Corp.

Impala Platinum HoldingsMerafe ResourcesZurich Insurance Co. SA

Mondi plc

Murray and Roberts Holdings

Anglogold Ashanti

Truworths International

Shoprite Holdings

Aveng

Barloworld


Nedbank Group

Datatec

Assore

Mvelaphanda Resources

Assore

Alexander ForbesMutual & Federal

Grindrod

Assore

Capitec Bank HoldingsPSG Group

Exxaro Resources

Dimension Data Holdings plc

Anglo Platinum

Imperial Holdings

Standard Bank Group

Mondi plc

Lonmin plc

Anglo American plc

Old Mutual plc

Massmart Holdings


FirstRand

SanlamSantam

Sasol

Aquarius Platinum

Afgri

Telkom Group

Advtech

Anglogold Ashanti

PSG GroupSteinhoff International

Absa Group

Exxaro Resources

Nampak

Woolworths Holdings


Allied Electronics Corp.Allied Technologies

Imperial Holdings

Basil Read

BarloworldPretoria Portland Cement

Grindrod

Super Group

Imperial Holdings

Shoprite Holdings

Aveng

New Clicks Holdings

Nampak

Former CEO

CEO

CEO

Joint CEO

Non-execCEOCEOFormer Non-exec

Exec MDNon-exec

Joint CEO

CEO

CEO ExecExec

Exec

CEO

Exec Chairman

CEO

Former CEO

Execl

Former exec

Former Exec

Former Non-execCEONon-exec CEO

Former CEO

Former Exec

Former Non-exec Former CEO

Exec

Non-exec Chairman

CEO

Exec CEOFormer Non-exec

Exec Financial

Former Director

Exec

Former Non-exec ChairmanExec ChairmanFormer Non-execNon-exec

CEO

Non-execFormer Non-execNon-execFormer Exec

CEO

Former MD

CEO Exec Exec

Exec

CEO

Non-exec Exec

CEOFormer Non-exec

Exec

Exec

Former CEO CEO

Non-execCEONon-exec

CEO

Exec

CEO

CEO

CEO & MD

Exec Financial

Exec

Exec

CEO

CEO

Exec Deputy Chair Former Exec

CEO CEOFormer MD

Exec

Exec Non-execExec

Exec

CEO

Former Exec

Exec

CEO

Exec

Exec

Exec

Former Exec

CEO

Exec

Exec

CEONon-exec

Exec

CEO

Former Exec

Former CEO

CEO

Exec

Non-execCEO

Exec

Former Exec

CEO

Former Exec

Exec

Exec CEO

Exec

CEO

CEOFormer Non-exec

Exec

CEO

CEO

Exec

Exec

CEO

Former Exec

HEPS increase

/decrease 2007/2008

Salary (R'000)

Total benefits (R'000)

Termin-ation

benefit (R'000)

Perfor-mance bonus

(R'000)

Other benefits (R'000)

20.0%

18.4%

11.0%

97.9%

10.1%-3.3%-3.3%56.4%

-3.3%-22.0%

97.9%

69.2%

19.5%

-3.3%-3.3%

94.5%

7.8%

18.4%

20.0%

72.2%

18.4%

130.8%

32.5%

4.1%-8.9%16.5%

10.1%

100.5%

-48.6%

-4.2%-55.2%

11.0%

50.1%

-55.2%

43.0%

4.3%96.1%

19.5%

11.0%

34.7%

16.5%-43.2%16.5%31.7%

100.5%

4.6%-48.0%139.3%

50.1%

32.5%

18.7%

43.0%

-3.3%-3.3%

11.0%

-4.4%

4.1%-6.1%

57.4%-29.4%

50.1%

27.8%

4.6%

81.9%

57.4%320.0%-30.5%

-48.6%

69.2%

96.1%

18.9%

53.7%

72.2%

-48.0%

18.4%

-4.2%

11.8%

317.7%

107.7%

317.7%

-113.4%

94.5%

317.7%

16.5%-43.2%

-100.0%

65.1%

7.1%

-49.4%

-1.9%

-48.6%

100.5%

4.3%

-55.2%

17.3%

32.5%

-8.9%

-58.9%-35.3%

50.1%

26.3%

18.7%

-4.4%

25.6%

96.1%

-43.2%31.7%

4.6%

-100.0%

-4.0%

-9.5%

18.4%

32.5%22.2%

-49.4%

68.4%

-48.0%7.6%

94.5%

-89.3%

-49.4%

53.7%

72.2%

26.7%

-4.0%

6 6666 666

51 96651 96620 27320 273

6 7646 7644 629

––

4 629–

5 2945 294

–5 8615 8613 1193 119

14 58614 586

3 142–

3 1422 0012 0013 4183 418

16 64716 64712 57812 578

2 5252 525

28 77328 773

1 9291 9292 7232 7234 495

–4 495

–6 6926 6928 9238 9237 4067 406

11 440–

11 4407 3907 390

––

8 8238 8233 7713 771

15 01515 015

–8 7958 7959 2199 2191 9971 9972 897

–2 897

––

5 0275 027

–––––

4 4394 4393 4303 4306 4986 4983 694

–3 6947 5637 5632 4542 4542 211

–2 2114 8844 884

–5 7585 7581 3351 3355 5565 556

17 25217 252

2 299–

2 299–

13 85413 854

2 2592 2599 5139 5133 7123 712

13 15813 158

1 8451 8452 2802 280

16 35016 350

4 1044 1047 8907 8903 2323 2321 1931 1932 9502 9502 0692 069

–1 8051 8052 5922 5922 172

–2 1722 9862 9865 0635 0631 9661 9663 4233 4234 5474 547

11 44011 4406 0426 0429 4389 4387 5087 5082 5502 5502 9302 9304 0654 0654 4924 492

–2 9252 9255 8425 8422 1252 125

12 03612 036

1 6391 6395 5855 585

10 690–

10 6903 3863 3861 9211 9214 2054 2052 1042 104

11 03811 0383 4073 407

–4 2084 2082 6862 6863 8733 873

–1 9021 9024 8714 8713 7873 7872 0532 0534 5614 5614 0544 0541 7341 734

3 2003 200

739 739

1 5031 503

260 260

1 055––

1 055–

539 539

– 263 263 932 932

5 3775 377

612–

612 619 619 413 413

17 51417 514

5 5915 591

444 444 696 696 379 379 521 521

2 705–

2 705–

1 0461 046

18 27118 271

286 286

4 404–

4 4043 9923 992

––

3 0893 0891 0361 0362 8312 831

–4 1694 1693 4533 4531 4841 484

81–

81––

16 56516 565

–––––

717 717

1 0601 060

460460441

– 441

1 3811 381

––

493–

4931 0591 057

21 5571 557

30 30

456 456510

510 484

– 484

–

431431

525 525

1 5011 5011 0071 0073 4823 482

405 405

9 3909 390

––

309 309

1 5971 597

977 977

––

920 920280

280–

627 627 811 811

81–

81 599 599 233 233 235 235 752 752

1 0181 018

4 4

7 2927 292

787 787

2 5882 588

445 445 616 616 683 683684

684–

1 0371 037

323 323 831 831

26 26

511 511

1 0041 004

718–

718 335 335 571 571 267 267 261 261 520 520 721 721

–1 2091 209

334 334

1 2191 219

– 718 718 962 962 689 689 722 722

1 2131 213

450 450 149 149

–––––––––––––––

––––––––––

––––––––––––––––––––––

19 46619 466

––––––––––––

–––––––––––––

16 165–––

16 165––––––––––––––––––––––––––

––––

–––––

––––––––––––––––

2 4842 484

––

13 00013 000

––

–––––

3 1283 128

–––––––

–

–––

––––––––––––––––––––––

–––––

5 4145 414

–––––––––––––––––

–

––––––––––

6 9996 999

––

29 39829 398

3 3603 360

41 470––

41 470–

41 47041 470

–3 3603 3606 2506 250

22 96622 96634 976

–34 976

2 4202 4202 6272 627

––

13 54413 544

3 0003 000

––

3 0003 000

––

8 200–

8 200–

8 5458 545

–––––––

13 33313 333

––

6 9936 9936 2506 2504 5624 562

–9 1529 1529 2619 2611 9001 9004 500

–4 500

––––

4 360–––

4 3604 3314 331

10 83110 83113 00013 00010 725

–10 72510 42910 429

3 4363 4364 750

–4 750

427 427

–6 3146 314

17 60517 60512 00012 000

––

1 962–

1 962–

3 3213 3213 0003 0005 8775 877

10 40010 400

––

2 4462 4462 1322 132

––

6 0006 0006 7006 700

11 84311 843

––

11 68211 682

–––

2 2402 240

11 47811 4782 000

–2 0005 7725 7729 1139 1132 4232 4231 6751 6758 5168 5162 4022 402

––

2 9742 974

––

3 8803 8802 2882 2888 1008 1007 5007 500

–2 3092 3095 6765 6767 1467 146

––

1 4851 4853 6133 613

–––

8 0008 0003 5573 5571 0001 000

––––

2 6592 659

–6 0216 0218 3338 3334 3484 348

–2 4202 4205 0635 0631 7001 7002 2502 2504 9174 9171 8011 801

––

14 09514 095

––––

40 00040 000

––––––––

40 00040 000

––

4 4344 434

–––

32 46532 465

––––––––––

10 65010 650

––––––––––––––––––––––––––––––––––––––––––––––

2 7282 728

–––––––

13 21913 219

–––

1 0591 059

–––––––––––––

––––––

1 5451 545

––––––––––––––

12 20912 209

––––––––––––

3 3––––

741 741

––––––––––

6 1256 125

–––––––––––

445 445

–––––––––––

2 2––

9 2249 224

––––––––––––––––––––––

4 2074 2077 9827 982

Gains on

shares (R'000)

Fees/levy pay

(R'000)380 639380 639

––––––

2 264–

7871 477

–2 1402 140

–––

37 43037 430

––

7 2112 6144 5972 3522 352

33 20833 208

––––

25 41025 410

––

13 37813 37825 29425 29412 353

–12 353

–11 50311 503

––––

9 929–

9 929––

20 29720 297

4 8804 880

12 58512 585

–––––––

16 54516 54513 714

1 25312 461

–––––––––

11 22011 2202 4882 488

––

5 0571 3703 687

––––

11 469–

11 46911 4479 2692 1785 3955 395

––––––

12 540–

12 540–

––

11 34311 343

––––––

11 94311 9432 8052 805

––

5 7835 783

–––––––––––

10 57510 575

––

10 306–

10 3062 2302 230

––

9 5659 5657 5537 553

––––––––

3 0423 042

––

7 1157 115

–––––

6 2586 258

––

1 5731 573

––

8 4128 4121 8371 837

–––––

264 264

6 1336 133

––––

4 765–

4 765––––

1 8761 876

–5 8805 880

––

4 6664 6665 7925 792

––––

599 599

––––––––

106 70

––

36 78

– 78

––

49 49

–––––––––––––––––––––

268 93

– 175

––––––

235 235

–––

3 7503 750

–––––––––––––

46888

––

380––

908 720 152

36––––––––––––––

170 170

– 167

– 167

––––

141 141150

150 432 251

– 181

––

49 49

––––––––––––––––

96 96

––

96 96

–––––

96 96

175 175

––––––––––––––––––––––––––––––

563 563

––––––––

625 75

550 160 160

––––––––––––––––––––––––––––––––

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

Name & company Designation

29 74629 746

––

31 21031 21015 91015 91052 449

541 392

50 871 133

51 92351 851

7213 24513 24599 18199 18139 20039 20043 944

2 95740 98723 77323 77310 31510 315

––

17 38817 38834 76134 761

––

4 4744 4744 4904 490

25 867 138

25 582 147

26 90326 90319 16619 16619 33419 33429 583

27029 313

––

8 2978 297

21 68921 68931 51931 51937 36737 338

2920 50620 50620 22020 220

8 2308 230

23 098500

22 129 99

3707 9027 902

33 250 357 211

–32 682

7 3117 311

12 05112 05116 25716 25726 214

1 14825 066

––––

7 506–

7 50610 74610 644

10220 84620 84618 30918 30918 77418 774

6 9296 9294 668

174 471

180

34 41534 415

4 7004 700

18 45818 45813 57213 57212 63812 63816 27616 276

9 8129 812

––

24 86524 86513 23613 236

9 6249 6244 2354 2359 2609 2601 839

–1 839

15 97515 975

8 6808 680

15 550 149

15 4016 0926 092

13 25813 25810 45310 453

9 1899 189

32 39032 390

––

3 0083 008

14 63014 63015 17615 17613 45313 453

6 7006 700

13 43313 43313 75513 755

–4 7584 7589 2479 2475 9745 9743 9263 9264 9114 9117 2957 2959 751

759 676

13 64213 642

6 0506 0508 6938 6935 2355 235

––

7 0555 6821 3738 4548 454

11 28511 28513 04413 005

3915 79815 798

8 4018 4014 6024 6025 2925 2927 2577 2575 6505 6505 0255 025

Total 2007

(R'000)

Total 2008

(R'000)

% salary increase

from 2007

HEPS increase

/decrease 2007/2008

Salary (R'000)

Total benefits (R'000)

Termin-ation

benefit (R'000)

Perfor-mance bonus

(R'000)

Other benefits (R'000)

Gains on

shares (R'000)

Fees/levy pay

(R'000)

Name & company Designation Total 2007

(R'000)

Total 2008

(R'000)

% salary increase

from 2007

411 598

52 705

51 174

50 384

70787

48 63136

49 44478

49 484

47 780

47 362

2 61443 327

39 857

39 666

34 161

31 713

31 379

29 469

29 337

28 538

9327 753

175

27 786

27 194

27 158

23525 774

24 715

24 047

23 784

23 642

22 408 –

22 115

21 933

21 926

1 34119 939

– 380

21 592

720 152

3620 525

20 707

20 537

19 958

1 37018 547

19 373

19 109

17018 923

16 6962 347

19 024

18 970

18 153

17 912

25117 285

181

17 606

17 176

16 891

16 664

16 640

16 639

16 607

16 350

16 196

16 186

16 148

15 886

15 648

15 349 –

15 247

14 977

17514 559

14 719

14 408

14 188

14 144

14 081

13 846

13 334

13 199

13 138

13 000

12 949

12 848

12 676 –

12 529

12 404

12 120

12 062

12 046

12 039

7511 958

11 881

11 729

11 604

11 589

11 558

6 7874 765

11 438

11 353

11 316 –

10 920

10 896

10 842

10 817

10 691

10 512

10 463

411 598

52 705

51 174

50 384

49 524

49 522

49 484

47 780

47 362

45 941

39 857

39 666

34 161

31 713

31 379

29 469

29 337

28 538

28 021

27 786

27 194

27 158

26 009

24 715

24 047

23 784

23 642

22 408

22 115

21 933

21 926

21 660

21 592

21 433

20 707

20 537

19 958

19 917

19 373

19 109

19 093

19 043

19 024

18 970

18 153

17 912

17 717

17 606

17 176

16 891

16 664

16 640

16 639

16 607

16 350

16 196

16 186

16 148

15 886

15 648

15 349

15 247

14 977

14 734

14 719

14 408

14 188

14 144

14 081

13 846

13 334

13 199

13 138

13 000

12 949

12 848

12 676

12 529

12 404

12 120

12 062

12 046

12 039

12 033

11 881

11 729

11 604

11 589

11 558

11 552

11 438

11 353

11 316

10 920

10 896

10 842

10 817

10 691

10 512

10 463

1283.7%

64.0%

216.7%

29.6%-43.5%

-4.4%-72.9%

-4.6%8.3%

273.6%

-51.8%

20.8%

-11.6%5.7%

67.7%

284.5%

82.4%

-9.7%

555.7%

535.6%

-32.6%8.5%

19.0%

3.3%

41.9%

40.5%

-13.0%-12.1%

189.8%

9.7%

-25.0%

-40.0%-100.0%

7.8%

8.5%

166.4%

168.2%-9.9%

-100.0%2.7%

173.3%

101.4%-28.0%

-37.2%

183.2%

70.4%

22.8%

19.3%-26.0%

152.1%

56.9%2200.5%

-8.7%

3.6%

-3.3%

158.5%

1376.5%286.6%

0.6%

-48.8%

265.4%

-8.5%

22.8%

31.7%

2.2%

69.3%

-34.9%

22.3%

67.8%

275.1%

69.0%

-100.0%

-4.6%

72.5%

17.4%-5.5%

141.6%

8.7%

35.7%

53.9%

-56.5%

343.2%

-9.8%

-13.4%

-3.4%

93.3%

-4.4%

-7.8%

163.3%

34.1%

102.9%

207.2%

145.3%

65.0%

0.0%23.6%

-12.9%

93.9%

33.5%

121.4%

19.4%247.1%

35.3%

0.6%

-13.0%-100.0%

-30.9%

29.7%

135.6%

104.4%

47.3%

86.1%

108.2%

THE BIG EARNERS

November 1 2009


RICH LISTRICH LIST 5THE GLOBAL RECESSION HAS KNOCKED CRUCIAL ZEROES OFF THEIR WORTH

The rare billionairesThere are 10 fewer ofthem in SA this yearSIMPIWE PILISO

THE financial crisis tookits toll on South Africa’srichest people, wipingout almost half the value

of their shares.Plunging stock markets,

volatile commodities and the col-lapse of several financial insti-tutions around the world, saw thevalue of shares owned by thecountry’s top 10 wealthiest in-dividuals plummet from R114.6-billion to R58.5-billion.

Research staff of Who OwnsWhom analysed holdings of allJSE-listed companies — the onlyquantifiable way of measuringwealth based on publicly avail-able documents. They could notinclude property, cash, offshoreinvestments or money held withfund managers in their calcu-lations, so one can assume thatpeople on the list are much richerthan they appear.

Entrepreneurs, sports stars,holders of patent rights and own-ers of unlisted companies may beas rich as people on the list, but itis impossible to determine theirwe a l t h .

In just eight months last year,between March and November,the combined worth of the coun-try’s 10 richest people plummet-ed by a staggering R61.5-billion.

By last November the com-bined wealth of the 10 individualsstood at R54.1-billion, comparedwith R114.6-billion on March 31.

According to the latest RichList, released today, Indian steelmagnate Lakshmi Mittal, who isofficially the richest man in thecountry, remains at the top of thelist, despite his shares in steel-maker ArcelorMittal SA losingmore than half their value.

The value of his shares in thesteel giant dropped from R45.7-billion to R16.95-billion in just oneye a r .

The India-born businessman,who tops the list for the fifthconsecutive year, has been in-cluded on the list by virtue of hisshareholding in ArcelorMittalSA. His wealth represents thevalue of his investment in SAonly. Mining tycoon Patrice Mot-sepe, ranked second on the list,watched the value of his share-holding in African Rainbow Min-erals and Sanlam dive from R22-billion to R14.2-billion.

Nicky Oppenheimer, chairmanof the world’s biggest diamondproducer, De Beers, saw hisshareholding in Anglo Americandrop from R16-billion to R5.3-billion.

In sixth position on the RichList is the controversial ElephantConsortium, an empowermentvehicle that acquired 6.7% ofTelkom for R3.5-billion in 2005,and at the time had among itsbeneficiaries former civil ser-vants, politicians and business-men.

But, like scores of wealthy in-dividuals hit hard by local andinternational financial turmoil,the Elephant Consortium, head-ed by Andile Ngcaba and GloriaSerobe, has lost about R783-mil-

lion of its value since March lastyear. While there were 26 bil-lionaires — with a combined for-tune of R118-billion — last year,today there are only 16 in SouthAfrica and their combined wealthis R67.3-billion.

The former chairman of theMvelaphanda Group, TokyoSexwale, who now holds the gov-ernment post of minister of hu-man settlements, just made thecut-off with R1.2-billion worth ofshares.

The global financial collapsehelped two billionaires gain entryinto the exclusive list of the coun-try’s 10 wealthiest individuals.

Laurie Dippenaar, who holdsshares worth R1.9-billion in bank-ing giant FirstRand and RMBHoldings, is now ranked 10th,compared with 12th last year.

Pharmaceutical boss StephenSaad, who was ranked 17th lastyear, with R1.6-billion worth ofshares in Aspen PharmacareHoldings, is now ranked ninthwith R2.2-billion.

While Dippenaar and Saad laidclaim to a place on the top 10,Bruno Steinhoff and electronicsbillionaire Bill Venter, whofounded the Altron Group with

capital of R12 000 in 1965, droppedin the rankings.

Steinhoff’s shareholding inSteinhoff International Holdingsdropped from R2.8-billion to R1.6-billion. He is now ranked 12th.

The financial crisis cost Ven-ter, who is ranked 13th, half thevalue of his shares in Altron andAltech. His fortune in sharesdropped from R3.2-billion to R1.5-billion.

Cellular operator MTN’s chiefexecutive, Phuthuma Nhleko , os-tensibly experienced one of thebiggest reversals of fortune, slip-ping to number 27 on the list fromnumber 11, as the value of hisshares in the MTN group sankfrom R2.3-billion to R637-million,but this reflects the unwinding ofNewshelf shares in MTN.

Families in the retail sectorseem to have dodged the melt-down. Pick n Pay’s Ackermanfamily, ranked ninth on the listlast year, are now positionedfifth. Their R3.2-billion share-holding in Pick n Pay Holdingshas barely budged in the 12months. Pepkor’s Christo Wiese,listed fourth — from fifth position— saw his fortune jump fromR4.3-billion to R5-billion.

Some might consider our strict policy of discretion a hindrance. After all, advertising would be so much easier if we

could mention just a few of our many wealthy and influential clients. But then Citadel has never done anything the

easy way. We prefer to do it the right way, which is to be discreet at all times. Not that we’re paragons of virtue. It’s

just that our wealthcare managers can only do their job of providing highly tailored, efficient and effective solutions

to our clients if they know about their dreams and ambitions, their families and their lifestyles; all of which requires

an atmosphere of openness and trust. It’s an approach that has attracted many people you may have heard of, but

not from us. And that’s the way we think it should be.

Port Elizabeth: 041 394 1300 Johannesburg: 011 722-7600 Pretoria: 012 470 2500 Claremont: 021 670 9100 Tyger Valley: 021 940 7200 Durban: 031 560 7000 www.citadel.co.za

Citadel is an authorised financial services provider. Member of the Group.

OM

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OUR CLIENT LIST READS LIKE

THE WHO’S WHO.

BUT WE PREFER NOT TO SAY WHO.

November 1 2009


RICH LISTRICH LIST6

What a way to goFor some, poor performance seems to be a highway to riches

GOLDEN HANDSHAKES ARE CLEAR EVIDENCE OF POOR GOVERNANCE

ROB ROSE

AS the debacle at the SABroadcasting Corpora-tion succinctly illus-trates, the quickest

route to a swollen bank account isto be handed a pink slip.

Former SABC boss Dali Mpofuwas given a R12-million “goldenh a n d s h a ke ” despite leaving thebroadcaster in far worse shapethan he found it.

This continues a fine traditionthat reached an arguable highpoint in 2002 when Coleman An-drews was paid R256-million toleave South African Airways.

By comparison, the “termina-tion of contract” benefits paid toKhaya Ngqula to leave the airlinelast year are small change.

While it is tempting to labelthis a disease of state-ownedcompanies, the private sector hasbeen only marginally less gen-erous with the departing.

The largest on termination

payout was R19-million for PaulHollingworth, the former finan-cial director of SA- and London-listed paper company Mondi, aspart of his R27-million salary.

According to Mondi, Holling-worth left because the financeministry stipulated that the fi-nancial director must be based atthe South African head office.Hollingworth decided not to re-locate, so he resigned.

Mondi’s annual report saidthat Hollingworth was given apayment “reflecting his salary,car allowance and pension con-tribution for his 12 months’ noticeperiod”.

Shareholders generally do notlike “golden handshakes” at all.

At Sasol’s annual meeting l a stDecember, pointed questionswere asked about the R16.1-mil-lion paid to former executiveTrevor Munday after he left inmid-2007.

Sasol’s annual report said thiswas a restraint of trade payment

to Munday, which boosted hisoverall package last year to R20.5-million.

CEO Pat Davies explained thatMunday had “strategic and tech-nological” knowledge, so it“wo u l d n ’t have been in our in-terests if he went to work for ac o mp e t i t o r ”.

Perhaps Davies has a point, butthat looks like a particularlyhandy “restraint of trade pay-ment”.

Neil Cumming, the formerhead of the perpetually under-performing packaging companyNampak, also scored by resign-ing.

Last year, Cumming was paidR10.4-million (more than doublehis 2007 salary), including R7.9-million mostly to compensatehim for an “early retirement”, a“retirement gratuity”, and a “re-straint of trade” p ay m e n t .

Jeff Wright’s departure aftereight years as CEO of agricul-tural company Afgri saw him

take only R2.7-million in “otherbenefits”, which included leavepay. Not that anyone should feelsorry for Wright, given that hewas paid R20.5-million last year,and is not earning that badly upat Country Bird either.

Rick Reato, former CEO of theSouth African arm of Arcelor-Mittal Steel SA, may have onlybeen shifted to the company’sLondon office, but he still man-aged to secure a R2-million ter-mination payment.

Signing-on bonuses are handytoo. A broker at AlexanderForbes, Bruce Campbell, was paidR13-million as a sign-on fee whenhe joined in 2007 as executivechairman. After much turbulencehe replaced Peter Moyo, who hadquit citing “irreconcilable differ-ences” with the board.

What is worrying is that gold-en handshakes seem to be aspopular as ever, even if some ofthem are now being cloaked un-der the guise of “restraint of

trade” p ay m e n t s .In this year (not included in

this year’s rich list), Steve Booy-sen was paid a R19.1-million gold-en handshake for leaving Absabefore his contract expired. AsBooysen recently spoke about histesty relationship with Absachairman Gill Marcus, this is aclear sign that bad relations atthe board can be expensive forshareholders.

But the popularity of goldenhandshakes is surprising, despiteclear evidence that it is poorg ove r n a n c e .

The new King III report s aysthat “balloon payments on ter-mination do not generally meetthe requirements of a fair andbalanced remuneration policy”.

After all, any director whoknows that poor performancewill net him a windfall is notincentivised to perform to hispeak.

Time for the sordid practice tost op .

DALI MPOFU NEIL CUMMING TREVOR MUNDAY RICK REATO

All pay, but no work Tapping the mother lode Taking their fair shareSA ’S highest paidnonexecutive director,Pieter Cox, took homeR24-million from Sasollast year without havinga day job at the group.

His take-home payincludes R3.7-million inchairman’s fees andR20.3-million fromcashing in some shares.

There are many peoplewho earn millions fromcompanies withouthaving to clock in eachmorning.

Cyril Ramaphosaearned R8.75-millionfrom six companies, withthe bulk coming from hischairmanship of Mondi.None of his earnings in

2008’s Rich List are fromthe company where hedoes have a day job —Shanduka.

Multiple boardmember David Nurekearned R6.85-millionfrom eight companieswhere he holdsnonexecutive positions.This includes aR3.5-million gain onClicks shares (so muchfor nonexecutives beingindependent).

Bruno Steinhoff,nonexecutive at SteinhoffInternational, took homeR9.8-million last year,including a R6.9-millionsalary, and the rest infees. — Marcia Klein

MOST of SA’s billionaireshave made it rich in miningand commodities, if onelooks at the top ranks of theRich List. Also high up arepeople who have made it inthe retail sectors, financialservices, pharmaceuticalsand telecommunications.

The top three — LakshmiMittal, Patrice Motsepe andNicky Oppenheimer —have all made their for-tunes in mining and com-modities. Christo Wiese,ranked fourth, has a num-ber of investments, but thebulk of his wealth is inretail through Shoprite.The Ackerman family,through Pick n Pay, are j u stbehind.

In healthcare, Aspen andDiscovery have made somepeople very wealthy. As-pen’s Stephen Saad andGus Attridge are ranked9th (R2.4-billion) and 19th(R821-million) on the RichList, while Discovery’sAdrian Gore and BarrySwartzberg are ranked14th (R1.4-billion) and 21st(R730-million). Among thebankers, Laurie Dippenaarand G T Ferreira, throughFirstRand and RMB, areranked 10th and 11th withR1.9-billion and R1.8-billionrespectively. The othermember of the FirstRandtrio, Paul Harris, is ranked24th with R666-million. —Marcia Klein

IT HAS been profitable toleave poorly paid politicsfor business.

A number of former po-litical bigwigs who havecrossed the floor featureon this year’s Rich List.

The most notable isCyril Ramaphosa, whoseinvestments in StandardBank, Bidvest and Assoreplace him 17th on the list,worth R988-million.

Just above him is TokyoSexwale, who has re-turned to politics — andwho can afford to, becausehis investments in Mve-laphanda (Group and Re-sources) were worth R1.2-billion at the end ofMarch.

Among other former no-table politicians, Saki Ma-cozoma had shares in Stan-dard Bank worth R392-mil-lion. Jakes Gerwel’s sharesin Brimstone were worthR58-million while ValliMoosa’s Sun Internationalshares, as well as smallerholdings in Angloplat andSanlam, were worth R56-million.

Bulelani Ngcuka’s sharesin Buildmax and Basil Readwere worth R20-million.

Alistair Ruiters’s sharesin Metmar were worth R33-million.

Lulu Gwagwa’s shares inSun International and VoxTelecom were worth R49-million. — Marcia Klein

November 1 2009


RICH LISTRICH LIST 7GLASS CEILING MUCH IN EVIDENCE ON RICH AND EARNINGS LISTS

Big paydays still eluding women

JANE STEINACKER

SOUTH African women arestill stuck in the corporatekitchen, with only threemaking this year’s S u n d ay

Times Top 100 earnings list.Diane Radley from Altron is 18th

on the list (earning R28.5-million,largely made up of R2.7-millionsalary and R25.3-million on sharegains), followed by Cynthia Carrollat 28th, with R22-million. Carrollwas ranked 11th last year, when sheearned more than R37-million.

The only other high-earningwoman in the Top 100 earners wasSasol’s Nolitha Fakude, who tookhome R12.5-million last year, a highsalary for a company executive.

Another high-earning female ex-ecutive at Sasol is Christine Ramon,who earned R6.1-million.

Nonkululeko Nyembezi-Heita,one of the few women who is CEO ofa major company, ArcelorMittal SA,earned R4.9-million — a salary notanywhere near putting her on thelist of high earners.

At parastatals, Transnet paid itsformer CEO Maria Ramos R5.8-mil-lion last year. Her salary is set tosoar this year now that she is atAb s a .

Among SA’s richest people, thereis only one woman in the Top 100.

SA ’s richest woman, according tothe Rich List, is the relatively un-known Sharon Wapnick, whose in-vestments in Octodec Investmentsand Premium Properties are valuedat R195-million, placing her 79th.

Antoinette Sedibe’s investmentin Keaton Energy, valued at R101-million, places her second amongwomen, but only 124th on the list.

Mamphela Ramphele is worthR93-million through the value of herMedi-Clinic shares, and Mvelaphan-da’s Yolanda Cuba is worth R85-million through her shareholding inSteinhoff International.

The number of women rising tostronger commercial positions isgrowing, but at a snail’s pace.

The South African Women inCorporate Leadership study con-ducted by the Business Woman’sAssociation (BWA) shows that thepercentage of executive manage-ment posts held by women has in-creased from 14.7% in 2004 to 25.3%.

According to BWA presidentBasetsana Kumalo: “In real terms,this has grown from 739 to 1 227wo m e n , ” of which only 13 hold po-sitions as CEOs and chairmen ofboards.

While the study showed an in-crease in top positions held by wom-en, it also showed that these womenwere being paid significantly lessthan men and that female repre-sentation on boards was still low.

The study further showed thateven though board representationhad increased by 1.4% since 2007,this was actually a downward trendas the number of company boardshad increased by 17 in the past year.There were 318 in 2007 and 335 in2008.

This was just not good enough,said the BWA’s Yvette Montalbano.

Just not goodenough— B WA

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November 1 2009


RICH LISTRICH LIST8FIVE OF THE TOP WALLET-WHACKING WHEELS OF FORTUNE

Simply the bestHead-turners with all the power and luxury money can buy

JUSTICE MALALA

DON’T go to the MichelangeloHotel and think you have beenplaces. That’s crass. So is the fauxsophistication of Auberge Michel— t h at ’s for people on govern-ment expenses, like PaulM a s h at i l e .

Show some class. Go here:1. Assaggi: There are probably

more millions per table at thisJohannesburg eatery than youwill find anywhere else in thecountry. The food is fantastic (trythe chicken or the spaghettiniaglio olio, and start with the zuc-chini fritti).

2. The Fisherman’s Plate: Thecrab curry is, simply, heaven.

3. The Tasting Room: Be sure tobook into the Quartier Francais,home of this restaurant. Th e nsettle down to the eight-coursetasting menu paired with localwines. A meal to savour and anexperience to treasure.

4. Reuben’s: Unassuming, un-derstated, but heck, the food is somouth-watering, so well pre-pared, it is no wonder it flirts withbeing one of the best in the coun-try.

5. Mariana’s Home Deli: To geta table in the next three monthsyou will have to know someonewho knows someone. But whenyou do finally get there, you willexperience one of the most grat-ifying dining experiences in SA.

ADELE SHEVEL

THOUGH plastic surgery isstill on the menu of the well-heeled, many continue tosupport non-surgical ways oflooking after themselves.

At good spas, a day packagecosts anything from R900 toR4 500. Top spas, according toSarah McGrath, MD ofconcierge serviceQuintessentially, include:

ý Ellerman Villa in BantryBay, which offers seclusion andprivacy. Guests can hire thewhole floor should they wish;

ý The Island Spa at theOne & Only Hotel in CapeTown is so called becausedifferent sections aresurrounded by water;

ý OneWellness in Sandtonand Cape Town, where you canget spa and gym membership;

ý Equinox Spa at the CapeRoyale Hotel and Residence inGreen Point and

ý Mangwanani Day Spas,with the flagship spa justoutside Pretoria.

McGrath said clients becomeloyal to a particular spa andspas become popular throughword of mouth.

For those who find evengetting to a spa is too much likehard work, there is the optionof calling the masseur ortherapist to your home.

JEREMY THOMAS

IT IS nice to know there is stillsomething not even the wealth-i e st person can be guaranteedbeing able to buy — and that’s theright to play on South Africa’smost exclusive golf course.

Membership of River Club inBryanston is tightly limited andopportunities to play on thecourse are extremely rare — un-less you have a roster of mateswho happen to be members.

If you do crack the nod, thecourse is a revelation. Apart fromone eyesore on the horizon downRandburg way, there is little toremind you that common peoplelurk in the vicinity. River Club istranquil, manicured to perfectionand a devil of a test for anyonewho thinks it too pretty to bemore than a pushover.

There may be tougher courses,like Randpark, or ones with amore openly illustrious list ofmembers — like JohannesburgCountry Club — but River Clubquietly trumps them all.

Forget about pitching up withyour chequebook and hoping tojoin. The only time you need con-cern yourself with annual subs isafter you get the discreet tap onthe shoulder inviting you to be amember. Costs of membershipvary from year to year and itwould be considered vulgar toask what you are in for.

CRAIG JACOBS

IF YOU are turning up at GTFe r r e i r a ’s place and you wouldlike to bring him a tipple thatwould earn you kudos,Vaughan Johnson of theVaughan Johnson Wine andCigar Shop at Cape Town’sWaterfront suggests youconsider a bottle of Columellafrom Malmesbury winemakerEben Sadie, which earned thehighest score in the latest JohnPlatter guide.

There is nothing wrong withbringing along a bottle ofBillecart-Salmon Rosé (whichgoes for just R900 a pop fromVaughan Johnson Wine andCigar Shop), but if you reallywant to impress a trendybillionaire, follow R&Bsuperstar P D i d dy ’s lead andcough up R8 050 for a 750mlbottle of Louis RoedererCristal Rosé, the undisputedking of champagne bling. Youwill find Cristal at NormanGoodfellows in Illovo,Jo h a n n e s b u r g .

Norman Goodfellows alsosells 50-year-old Glenfiddich,which will set you backR150 000 for the 750ml in aselect cask — which is boundto impress Tokyo, thoughpossibly not if you throw in thefact that he could have builtfive RDP houses for that price.

FRESH from its debut atthe 2009 Frankfurt MotorShow, the Ghost is the lat-est member of the exclu-

sive Rolls-Royce clan.Sleeker and more driver-

focused than its bigger Phantombrother, this Roller is endowedwith a 6.6-litre twin-turbo V12engine that is good for 100km/h in4.7 seconds.

Undeniably cool on the outside,the Ghost also has one of theplushest interiors known to man.Handcrafted from the finest

hides and wood veneers, it ishome to a 16-speaker sound sys-tem and lamb’s wool floor mats.

Porsche Panamera Turbo: FromR 1 .1 8 - m i l l i o nForget that ostentatiousCayenne. The Porsche makingthe biggest impression in thebusiness world at the moment isthe new Panamera Turbo, aBahn-busting supercar that cancarry four people in comfort andtop out at a speed of more than300km/h.

Maserati Quattroporte SportGTS: From R2-millionWhile the original MaseratiQuattroporte was a good enoughcar to begin with, this new SportGT S version offers increasedstraight-line performance andcornering prowess. A stiffenedsuspension ensures keener han-dling and that all-new eight-cylin-der engine dishes out more pow-er and torque than ever.

Bentley Continental Flying Spur:P OA

Another rapid four-door luxurysaloon, the Bentley ContinentalFlying Spur combines the best ofBritish styling with bulletproofGerman mechanicals. On theopen road it provides impressiveperformance too, thanks to a 12-cylinder engine. Fitted with twinturbochargers, it whips out anincredible 412kW and is capableof running this 2.4-tonne mono-lith to a top speed of 312km/h.

Mercedes-Benz S 65 AMG: FromR 2 .1 - m i l l i o n

Still the world’s best mainstreamlimo, Mercedes-Benz’s legendaryS-Class delivers uncompromis-ing comfort and power. Th i sclassy executive can dash to100km/h in 4.4-seconds thanks toits V12 bi-turbo engine.

Also renowned for its driversafety, the S 65 AMG is equippedwith Night View Assist Plus, aninnovative optic system that pro-jects a clear, infra-red image ofthe road ahead onto the LCDdisplay for night driving.— Thomas Falkiner

PORSCHE PANAMERA TURBO MASERATI QUATTROPORTE SPORT GT S BENTLEY CONTINENTAL FLYING SPUR MERCEDES-BENZ S 65 AMG

Fine farefor the trulydiscerning

Spas anoption tothe scalpel

Pay up totee up atRiver Club

Can I buyyou adrink?

CRAIG JACOBS

BILLIONAIRES love fine dining,and many breathed a sigh of re-lief in April this year when SunKing Sol Kerzner returned to thelocal hotel industry with the star-studded arrival of the One & O n lyat Cape Town’s Waterfront.

While the hotel boasts its ownprivate villas, it is Nobu restau-rant that has really attracted thepinnacle of the local wealth set.

The restaurant under the helmof famed Japanese chef NobuMatsuhisa is the only Noburestaurant in Africa and featuresdécor touches like an origamilight fixture and a sculpture bySA artist Brett Murray. Who onour Rich List has been known tosavour Nobu’s Japanese fine din-ing experience, which includesblack cod Den Miso for R435 or itsspecially flown-in Wagyu beef (atR385 per 100 grams)?

Johann Rupert and PatriceMotsepe have both been spottedthere. Also in Cape Town, butfurther out, on the Constantia-Uitsig wine estate, billionaireswith a penchant for Asian andFrench fusion food from award-winning chef Luke Dale-Robertsfrequent La Colombe. The restau-rant is a favourite of RaymondAckerman and Tokyo Sexwale. Itoffers a six-course menu for R600without wine, or R800 per headwith the estate’s wines.

Breakingbread withbillionaires

november 1 2009

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