VALUE CREATION
OUR STRATEGY, PERFORMANCE AND IMPACT
Remuneration Report
Performance-Driven Reward Philosophy
At SAICA, we recognise that organisational success is built on individual performance. Our remuneration philosophy is rooted in this belief, aiming to implement practices that maximise both individual and organisational performance. In 2024, the Remuneration and Reward Policy was updated after extensive consultations with our members. The revised policy emphasises performance-driven rewards and received strong backing at the 2024 AGM.
Governance of Remuneration Practices
SAICA aligns its remuneration practices with the principles in King IVTM, ensuring ethical and responsible governance. The committee chairperson regularly updates the Board on activities, confirming all statutory duties were fulfilled during the review period.
Key governance practices include:
Strategic alignment
Our remuneration framework matches SAICA's performance objectives and risk appetite, ensuring that compensation aligns with long-term goals
Structured framework
We maintain a fair and transparent remuneration framework, reinforcing our commitment to performance-based compensation
Independent oversight
The committee, comprising at least three Board members with relevant expertise, ensures impartiality in evaluating performance and recommending remuneration strategies to the Board
In addition to remuneration oversight, the HR & REMCO is crucial for human capital management, supporting talent acquisition and retention while maintaining performance-oriented practices across the organisation. Our human capital section of this report provides details of these elements.
Comprehensive Remuneration Structure
Our strategy to attract, develop, and retain talent includes competitive remuneration practices that emphasise high performance. Our performance-oriented remuneration strategy includes:
Fixed Pay
A competitive base salary aligned with industry benchmarks that reflects performance expectations
Non-Financial Incentives
The incorporation of employee recognition programmes, professional development opportunities, and a supportive working environment to drive engagement and reward performance
Short-Term Incentives (STIs)
Performance-based bonuses linked directly to individual and organisational achievements, ensuring that outstanding performers are recognised and rewarded appropriately
SAICA’s Performance Management Policy empowers managers to cultivate performance excellence, contributing to overall organisational performance.
Summary of the Remuneration and Rewards Policy
The policy ensures a consistent performance-based compensation approach while prioritising cost containment. It includes:
Objective
Serves to ensure a standardised approach in the application of remuneration principles and practices within all the business units and functions of SAICA
Scope
Provides for competitive market-aligned remuneration balanced with the need for cost containment. The policy is founded on a total rewards context which embraces all elements of the employee value proposition including compensation, benefits, recognition, career and growth opportunities, and the work environment
Compliance
Reviewed every three years, or as and when required, to ensure that the terms are current, fair and representative of relevant corporate and industry conditions
Implementation
To implement the policy provisions as envisaged, SAICA developed the Human Capital Strategy Framework encompassing key focused initiatives that would enable the attraction, development, and retention of high-performing employees
Salary benchmarking
The organisation conducts a bi-annual salary survey/benchmark to ensure that management rewards and remuneration are market related and kept at levels that will assist in retaining and attracting key leadership skills
SAICA remunerates in line with the 50th percentile (median) of the market across all occupational levels
