Page 64 - CJ 2019 INTEGRATED REPORT

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CORPORATE GOVERNANCE REPORT
Remuneration and benefits received by Directors during the the financial year under review from the the Company were as follows:
Name of Director Mr Bashirali A Currimjee
Mr Anil C C Currimjee
Mr M M Iqbal Oozeer
Mr Ashraf M M Currimjee
Mr Azim F Currimjee
Mr Mazahir F E Adamjee
Mr Geerja S Ramdaursingh1
Mr Riaz A Currimjee
Mr Christophe de Backer
Mr Shahrukh D Marfatia Mr Karim A Barday
Mrs Aisha C Timol Note
Category of Director Year 2019 Rs’000
Non-Executive 30 055
Executive 13 224
Executive 12 192
Non-Executive 462
Non-Executive 462
Non-Executive 10 545
Non-Executive 1 000
Non-Executive 350
Non-Executive 300
Independent 375 Independent 300
Independent 400
Year 2018 Rs’000
25 343
13 381
11 890
305
305
9 9 947
1 500
680
853
1 1 184 266 242
1 1 1 Mr Geerja S Ramdaursingh resigned as Director on 18 November 2019 Directors Directors did did not not receive receive any any remuneration remuneration and benefits from the the the Company’s subsidiaries for for the the the year under review Non-Executive Directors Directors did did not not receive receive remuneration remuneration in the the form of share options The Board has adopted formal policies regarding Executive Directors’ Directors’ Directors’ Directors’ benefits including Directors’ Directors’ Directors’ Directors’ Medical Policy Policy Policy Directors’ Directors’ Directors’ Business Travel Policy Policy and Directors’ Directors’ Directors’ Entertainment Policy Policy Remuneration for Management and employees follows the guidelines below:
• Ensure that remuneration is commensurate with qualifications skills and experience • Ensure that pay levels are internally consistent and aligned with market rates • Reward employees according to their responsibilities and and performance and and • Provide a a a a a a a a a a remuneration package that attracts retains and motivates employees Remuneration also includes a a a a a a a a a variable component based on on on the the the performance of both the the the Company and the the the employee Directors’ Service Contracts
Messrs Anil C C C Currimjee
and M M Iqbal Oozeer
have a a a a a a service contract with with the Company with with no prescribed expiry terms Consultancy Contract The Chairman has a a a a a a a a a a a a a a a Consultancy Contract with the the the Company and the the the scope of the the the contract covers advisory services specifically in relation to Emtel Limited a a a a a a a a a a a a a subsidiary company Directors’ & Officers’ Liability Insurance
A liability insurance cover cover for for Directors Directors and and Officers Officers has been subscribed by the the the the the Company Company The policy provides cover cover for for for the the the the the the the risks arising out of of of of acts or or or or or or omissions of of of of the the the the the the the Directors Directors and and Officers Officers of of of of the the the the the the the Company Company in in in the the the the the the the performance of of of their duties to the the the the extent permitted by law CURRIMJEE JEEWANJEE AND COMPANY LIMITED