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In recognising that Implats strives to be the employer of choice, the company's compensation policy is determined by the Remuneration Committee and as such strives for competitive and fair reward in recognising individual and team achievement. This policy supports the premise that our success is founded on distinctive people, teamwork and inspirational leadership.

Remuneration policy

Guided by the Remuneration Committee of the board, the remuneration policy is aligned with business requirements and labour market dynamics to enable the attraction, retention and motivation of top performers. This policy aims to match the market for the broad talent pool and to lead in areas of critical jobs, talented individuals, important employment equity candidates and/or exceptional performers.

Implats' value proposition comprises a combination of guaranteed and variable performance-enhancing incentives and fair and equitable benefits aimed at attracting, retaining, developing, motivating and rewarding our people. Incentives are related to the performance of individuals, teams, the organisation as a whole and the share price.

During FY2009, the committee reviewed middle and senior management reward in support of a new group management structure and long term incentives ensuring the retention of employees. Several retention mechanisms have been implemented to retain specifically critical and scarce supervisory and technically skilled employees. Regular national, area and sector specific benchmark audits ensure market competitiveness and internal equity.

There has been a renewed focus on performance management, succession planning and accelerated development as talent management tools to minimise risks related to employee turnover in key positions.

In line with the cash preservation strategy that was announced by Implats in November 2008, there will be no salary increases for the D and E level employees in FY2010.

Non-executive directors' remuneration

In terms of the Articles of Association, the fees for services as a director are determined by shareholders in a general meeting. The fees to 30 June 2009 were approved at the annual general meeting on 23 October 2008. Fees for the services of a director of the board are R275 000 per annum and R1.5 million for the chairman of the board. Fees for the services of directors on board committees are R90 000 per annum and R200 000 for the chairman except for the Audit Committee where these fees are R130 000 and R275 000 respectively. Directors' fees in aggregate for serving on board committees for the year under review were as follows:

Non-executive directors' remuneration - for the year ended 30 June 2009 (R000)

FJP Roux	1 500						1 500	1 200
F Jakoet	275	130					405	222
JM McMahon	275	46		90	182		593	440
MV Mennell	275	130	90				495	375
TV Mokgatlha	69					22	91	377
Royal Bafokeng Management Services#	206					68	274	-
K Mokhele	275		182		108	200	765	515
NDB Orleyn	275		33	182		90	580	440
DS Phiri	275			90			365	251
LC van Vught	275	251		33			559	420
Total	3 700	557	305	395	290	380	5 627	4 240

^# Mr TV Mokgatlha's fees are paid directly to the Royal Bafokeng Management Services, effective October 2008 and going forward.

Directors' fees are reviewed annually. It is proposed that directors' fees be increased as follows:

	Member	Chairman	Member	Chairman
With effect from	1 July 2009		1 July 2008
Board	288 750	1 575 000*	275 000	1 500 000*
Audit Committee	136 500	288 750	130 000	275 000
Safety, Health and Environment
Quality Audit Committee	94 500	210 000	90 000	200 000
Nominations Committee	94 500	210 000	90 000	200 000
Remuneration Committee	94 500	210 000	90 000	200 000
Transformation Committee	94 500	210 000	90 000	200 000

* Includes attendance at all committee meetings

These fees have been waived by the executive directors.

Executive directors' remuneration

Executive directors' remuneration comprises the following:

• Basic remuneration package, which reflects the cash portion of the executive's remuneration, is aligned with the market to ensure external equity. The individuals' salary is reviewed annually based on their own performance, experience, responsibility, contribution, company performance and market competitiveness.
• Employee benefits, such as medical, retirement funding and group life contributions by the company are applicable to all employees.
• Annual performance bonus is determined by the performance of the individual and the company against a set of predetermined targets. The weighting of the respective contribution of company and individual targets is 50% company and 50% individual for production employees with a lesser individual percentage allocated to servicing employees. The bonus is capped at certain percentages based on the level of the executive. Senior management participates in the bonus scheme, which is based on individual achievement of balanced scorecard criteria, as set by the executive team and reviewed by the Remuneration Committee. The bonus is not guaranteed and the apportionment is based on the performance of group companies against set criteria and includes value-added elements (volumes and costs), safety improvements and transformation.
• Impala Share Appreciation Rights Scheme: is a share scheme issuing notional shares to all executives, based on various salary multiples depending on the executive's grade. The plan pays out in the form of a cash bonus, linked to the increase in the Implats share price on the JSE. All employees from Paterson D to F levels participate in this scheme.
• Impala Share Option Scheme is a share option scheme that was discontinued in 2004 and replaced with the Impala Share Appreciation Rights Scheme.
• Impala Preferred Compensation Scheme. Through the Impala Preferred Compensation Scheme the company contributes 20% of the employee's basic remuneration package to an endowment policy on behalf of the employee. The individual may request the benefit payment from the policy after the terms of the service agreement between the company and the individual has been met. This benefit accrues to the employee after 36 months and every 24 months thereafter, provided the employee is still in service. All employees from Paterson D to F levels participate in this scheme.

Executive directors' remuneration - for the year ended 30 June 2009 (R000)

Fixed remuneration	Package	Retirement funds	Other benefits	Total 2009	Total 2008
Executive directors
DH Brown	5 201	546	1 357	7 104	5 941
S Bessit	2 391	380	139	2 910	2 214
D Earp	2 984	313	519	3 816	3 009
LJ Paton	2 572	409	692	3 673	2 904
Senior executives	12 586	1 565	1 130	15 281	13 042
Secretary
A Parboosing	752	79	73	904	494
R Mahadevey	-	-	-	-	672

Executive directors' remuneration - for the year ended 30 June 2009 (R000)

Variable remuneration	Leave encash- ment	Bonus #	Preferred compen- sation (accrued)	Gains on share options exercised	Total 2009	Total 2008
Executive directors
DH Brown	223	3 460	1 087	3 801	8 571	10 755
S Bessit	-	692	467	5 383	6 542	3 183
D Earp	-	1 029	597	-	1 626	625
LJ Paton	-	885	514	-	1 399	5 204
Senior executives	-	3 900	2 469	4 337	10 706	30 915
Secretary
A Parboosing	-	136*	227	-	363	-
R Mahadevey	-	-	-	-	-	5 164

* Pro-rata for seven months.
^# Refers to bonuses for the period July 2007 to June 2008.

In the event of corporate action giving rise to a loss of office, demotion or the blighting of the career (in the opinion of the Remuneration Committee) of an executive director, that executive director is entitled to a severance package of 24 months salary.

Directors' share options

No share options were granted to non-executive directors. Details of share options and share appreciation bonus notional shares outstanding and exercised by the executive directors, group secretary and senior management are as follows: