Remuneration statement
September 2014
REMUNERATION STATEMENT
Bestmed’s employees are remunerated in terms of the stipulations of the Remuneration policy approved by the Board of Trustees and the members of the Scheme. The principles of the Remuneration Policy was presented and approved by the members of the Scheme at the 2014 Annual General Meeting.
Bestmed links management remuneration to the performance of the organisation and individual contributions. Market factors are also crucial, as rewards and remuneration must be kept at levels that will assist us in retaining key leadership skills. Guaranteed pay is augmented by short-term incentives.
Local benchmarks are considered to ensure executive packages are aligned with those offered by companies of similar stature to Bestmed. We aim to remunerate in line with the median of the market to recruit and retain the best management team to lead our business. The executive remuneration strategy is constantly reviewed to stay abreast of best practices.
The remuneration of the Chief Executive Officer is determined by the Board. The remuneration of all other executives is recommended by the Board’s Remuneration committee and approved by the Board.
The Board guided by the Remuneration committee who operate within the remuneration principles approved by the member at the 2014 AGM are comfortable that the remuneration of the Chief Executive Officer and members of Exco is fair and within the current benchmarks with a focus to retain key talent.
BESTMED PERFORMANCE – 2013
The 2013 financial year was an exceptional performance year for Bestmed and we grew our membership by 21% opposed to a 1.7% average growth of the open medical scheme industry.
The amount “saved” on total non-healthcare costs compared to the previous year exceeded R100 million and members reaped the benefit of this saving.
The reserves grew with R177.5 million for the year of which R123.40 million came from amalgamating partners.
Details of salary and bonuses are published in the full annual report, which can be viewed on the Bestmed website (www.bestmed.co.za).
Regards
The Bestmed Remunertion Committee |
