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)) )4)15 TOP MONEY-SPINNERS Wage slaves in a HE wealth of South Africa’s 20 richest peo- 6 ple, worth R134-billion different league altogether, rose a mere 8% over the past year as the sluggish global economy 1 2415 weighed heavily on steel and TOP EARNERS mining share prices. *02 *EEJ ’I JA= B E E C Patrice Motsepe, heading the ANA?KJELAI MAHA JDA >EC A=H  Rich List for the second year AHI =IJ OA=H =?? H@E C J JDA running, steel magnate Laksh- 4E?D EIJ >A=JE C 1 LAIJA?’I mi Mittal, ranking third, and > IIAI MD =HA HA M A@ B H mining heir Nicky Oppen- A=H E C A H KI > KIAI heimer in fourth place were . KH *02 *EEJ >ECMECI the big losers in the top 20. MAHA = C JDA J F  The exception in the top four A=H AHI E 5 KJD )BHE?= MEJD was second-ranked retail *02 FAJH AK +-) *E?D=A mogul Christo Wiese, who got ;A=CAH J FFE C JDA EIJ >O a lot richer. CAJJE C 4 " 'EE E JDA Motsepe, worth R20.07-bil-  BE = ?E= OA=H R115 -million lion, had to contend with his 6DA E E C CE= J’I +-) Michael Yeager fortune shrinking 13%. Mittal’s *=HEKI 0 FFAHI M=I E JDA R13-billion stake in ArcelorMit- K>AH JDHAA F IEJE MEJD tal was 38% lower than last J J= HAK AH=JE B 4&& '  year. Oppenheimer’s 2.3% stake EE in Anglo American, worth R9- . H > JD A   IJ B JDAEH billion, was 19% lower. A=H E CI ?=A BH  ANAH?EI Despite their investments on R15 -billion E C ID=HA FJE I ;A=CAH A  the JSE taking a hammering, Christo Wiese 2 OA@ ID=HA C=E I B 4' E these three were still worth E  = FAHB H= ?A > KI B more than a third of the com- => KJ 4 EE = @ = bined wealth of the top 20. I==HO B 2KIJ LAH 4'EE Each of the top 20 is worth 0 FFAHI M=I F=E@ 4 # "& more than R2-billion. The top EE E I==HO HA?AELA@ = 30 are all worth more than R1- FAHB H= ?A > KI B 4 %  R90 -million billion, based on disclosed in- EE = @ CA AH=JA@ 4"' " Grant Pattison vestments in JSE-listed compa- EE BH  ID=HA C=E I nies at the end of March. )KJC E C *02 *EEJ ?DEAB BE = ?E= BBE?AH )AN They are all 8= IA M C J 4 $ " &   E   E  =7E C DE JDA BEBJDDECDAIJ probably a lot richer A=H AH *02 *EEJ BAHH KI = @ ? = +-) *=H?KI 4=  as the valuations do @ FD M=I E JD =BJAH CAJJE C 4#! #!EE B H JDA OA=H not include unlisted =I =E O CA AH=JA@ BH  ID=HAFHE?A C=E I investments, 1   O 0 FFAHI BH  R89-million JDA *02 *EEJ JA= M=I property or cash ? K JA@ =I A B 5 KJD Marius Kloppers )BHE?=’I J F  A=H AHI 1 LAIJA? ANA?KJELAI M =  7A @ )KIJH=E= E?7A =IIAJI They are all probably a lot =M=O MEJD DKCA FAHB H= ?A 1 LAIJA?’I > =H@ ?KJ 0 IABB’I richer as valuations do not R13 -billion > KIAI ? FA I=JE >O &% =BJAH EJI include unlisted investments, R20-billion ... Patrice Motsepe Lakshmi Mittal 6DHAA B JDA >= 7’IA NA ? K  FH BEJ @H FFA@ = @ HAJKH I DEJ property or cash. JELAI MAHA E ?K@A@ E JDA J F = HA? H@  M @KHE C EJI  Oppenheimer, who sold the  A=H AHI 1 LAIJA? )IIAJ BE = ?E= OA=H 0 IABB 0= J H f a m i ly ’s 40% stake in De Beers *= =CAA J +-) 0A @HE7 @K = @ *KHCAH ME J HA?AELA to Anglo late last year, is esti- ments worth R208-million. FirstRand-related entities. 22nd, and his colleague Zweli 6 EJ A=@I JDA JA= =I JDA FAHB H= ?A > KIAI E JDA mated by Forbes to be worth A handful of billionaires — Wiese, who holds stakes in Mntambo, worth R1.1-billion, is ? K JH O’I IENJDDECDAIJ A=H AH  BE = ?E= OA=H $6.8-billion (R57.7-billion), mak- the Ruperts, Oppenheimers Shoprite, Brait, PSG, Invicta ranked 30th. =BJAH DA HA?AELA@ = FAHB H 5D FHEJA +-) 9DEJAO *=I ing him the 139th-richest per- and manganese heir Des Sac- Holdings and Tradehold, Saki Macozoma ranks 39th = ?A > KI B 4"% #EE I  MD M=I JDA >AIJ F=E@ son in the world and the rich- co, who has a stake in Assore enjoyed 42% growth in his list- with investments worth R634- = @ A=H A@ = J J= B 4#% % JDA   EIJ HA?AELA@ JDA est South African. — inherited family empires. ed investments to R15-billion. million. Lazarus Zim is 68th EE >ECCAIJ I==HO AN?K@E C ID=HA Forbes puts Motsepe’s For others, notably Motsepe The taxman should be with investments worth R419.6- 1 LAIJA? +-) 5JAFDA C=E I H > KIAI =IJ OA=H =J wealth at $2.7-billion, ranking and Cyril Ramaphosa, black pleased. Wiese, who was found million in Sanlam and 0 IABB MD M=I ?HEJE?EIA@ B H 4! EE 0 MALAH DA M=I him fourth in South Africa economic empowerment legis- carrying £674 920 in cash at Northam Platinum. >AE C DA=LEO LAHF=E@ MDEA O JDA JDDECDAIJ A=H AH behind Oppenheimer, Johann lation opened a few doors. London City Airport in 2009, al- Robert Gumede ranks 82nd JDA >= 7 M=I JDA M HIJ FAH E  Rupert and family, whose The Royal Bafokeng Consor- legedly faces an outstanding with his Gijima stake worth B HAH E JDA ? K JHO J 7 6DA JM J F A =J *=II wealth is estimated at $3.1-bil- tium, with stakes in c o mp a n i e s tax bill from the South African R334.4-million. D A = FAHB H= ?A > KI B =HJ =@A EJ J 5 KJD lion, and Wiese, who is worth like Vodacom and Rand Mer- Revenue Service of R2-billion. Human Settlements M i n i st e r 4!& #EE @KHE C  )BHE?=’I J F  A=H AHI EIJ B H an estimated $3.1-billion. chant Bank Holdings, ranked Ninth-ranked Stephen Saad’s Tokyo Sexwale is not included = @ DEI J J= HAK AH=JE JDA BEHIJ JEA *=II=HJ +-) India-born Mittal, who lives fifth, with assets valued at fortune from Aspen Pharma- in this year’s ranking as his ?=A J 4## #EE 1  /H= J 2=JJEI M=I IA? @ in London, has a global steel nearly R8.2-billion, built on the care grew 51% to R6.4-billion. listed investments were moved LAIJA? *, *AH =H@ 0= J H = @ ?DEAB FAH=JE C BBE?AH empire worth an estimated foundations of its p l at i n u m - His colleague Gus Attridge to blind trusts when he was = @ BE = ?E= @EHA?J H /O /KO 0=OM=H@ B KHJD 6DAEH $20.7-billion, ranking him 21st rich land in the North West. ranked 21st and is worth near- appointed to the cabinet in *KHCAH MAHA =I =M=H@A@ F=?7=CAI MAHA =E O BH  on Forbes’s list of billionaires. While fortunes of some bil- ly R2.2-billion. The duo started 2009. His worth was put at > KIAI B  HA JD= 4! ID=HAFHE?A C=E I The Sunday Times Rich List lionaires dwindled over the Aspen in 1997, building a multi- R1.95-billion on the 2010 Rich EE 6DA 4E?D EIJ HAIA=H?D shows most of South Africa’s past year, many more of them billion-dollar business in just List, which would have placed 0 MALAH = @EBBE?KJ  ID MI JD=J  HA JD= % richest people are self-made have reason to pop some vin- 15 years. him 23rd on this year’s list. JH=@E C OA=H ME FKJ = A @ J FA FA F ?7AJA@ E AN?AII B men. Sixteen of the top 20 are tage Dom Perignon. Ramaphosa also had a prof- The only new entrant to this >EC ANA?KJELA > KIAI MEJD 4 EE A=?D =IJ OA=H entrepreneurs who built their Media magnate Koos itable year — his worth ye a r ’s top 20 is UK business- J F = =CAA J B > JD *02 * HA JD= "  FA FA A=H A@ empires after spotting a gap in Bekker, CEO of Naspers, saw jumped 39% to R3.1-billion. man John Whittaker, whose *EEJ = @ 1 LAIJA? B HBAEJE C  HA JD= 4#EE the market. his fortune jump 117% to R3.7- This includes his investments 20% stake in Capital Shopping JDAEH > KIAI B H JDA  BEI ,AIFEJA JDA A? E? Jannie Mouton, known as billion, placing him in 14th in Assore, Bidvest, Mondi, Centres Group (CSC), formerly ?= OA=H @ M JKH  ' B JDA J F  the “Boere Buffett” after US position. MTN, SABMiller and Standard known as Liberty Internation- 1 JDA  BE = ?E= OA=H A=H AHI HA?AELA@ DABJO FAHB H investment guru Warren Buf- Laurie Dippenaar, GT Bank, which totalled R3.1-bil- al, is worth R6.9-billion. Whit- *02 *EEJ F IJA@ HA? H@ = ?A > KIAI ) O AECDJ fett, started financial services Ferreira and Paul Harris, lion, but excludes the value of taker gained the stake in CSC FH BEJI B  >EE  MDE?D = C JDA J F  A=H AHI group PSG after he was fired who founded FirstRand bank- unlisted investments held after selling The Trafford Cen- I MA@ J => KJ  $>EE @E@ J HA?AELA = FAHB H= ?A from his stockbroking job at ing group, all ranked in the through Shanduka, such as tre, one of the UK’s biggest B H  > KI the age of 48. top 20, and saw their invest- McDonald’s and a coal-mining shopping malls, to CSC in 2011. * JD 0 FFAHI = @ ;A=CAH )JD KCD = O > IJ JDAEH Mouton is now worth R2.5- ments grow 39%, 58% and 41% partnership with international Whittaker replaced electron- I=E@ JDAO M K@ B HAC JDAEH J=7AD A F=O IEC EBE?= JO billion, putting him in 19th respectively. Dippenaar leads trading house Glencore. ics entrepreneur Bill Venter,  > KIAI J ? FA I=JA JDH KCD C=E I ID=HAI JD position. His son Piet features the trio with investments of Ex x a r o ’s Sipho Nkosi, worth who ranked 25th this year with B H = ! !>EE MHEJA@ M AHI HA?AELA IEC EBE?= J >A ABEJI in 120th place with invest- R7.2-billion, mainly in nearly R2-billion, was ranked a stake worth R1.57-billion. B 75 ID=A C=I = @ 9AIJAH E =@@EJE J JDAEH I==HEAI

1 2415 has just spent more than a week =@ )) )4)15 ‘ ’ meeting investors in the UK and Spreading labour unrest may damage economy US, “and they are getting G OV E R N M E NT ’s inability to concerned about the viability of contain and resolve unrest in the which faced a six-week illegal bedevilling the industry”. intervention in the mining been quick to pass the buck onto The mining industry employs their investments in SA”. mining industry is “ext r e m e ly strike at the start of the year, Konrad Reuss, country managing industry, as threatened by mining companies with the recent about a million people and Lou van Vuuren, CEO of Great concerning” to investors and will sending mining production director for ratings agency Mineral Resource Minister Susan unrest. There have been service- contributes about 8% to GDP. Basin Gold, which suspended cause untold damage to the plummeting by 16.8%, said its Standard and Poor’s, said it will be Shabangu in a scathing attack on delivery protests all across the Large diversified miners like operations at its Burnstone mine economy if action is not taken mines were operating normally. “critical” to see government’s mining companies in the Financial country, not just where you find BHP Billiton and Rio Tinto have in Mpumalanga this week, said urgently, a range of stakeholders The spreading labour unrest may policy response with regard to Times, and renewed talk about the mines. This is a national decreased their exposure to SA in miners need foreign investment as said this week. be “extremely damaging to our public finances, labour regulations nationalisation will increase the i s su e . ” recent years, while the country’s local capital markets do not have On Friday, there was no prospect e c o n o my ”, Finance Minister Pravin and mining-industry regulations. risk of a downgrade, Reuss said. SA has already been struggling gold miners are exploring and the “depth” to fund requirements. of resolving a strike at Lonmin, Gordhan said at a briefing on The agency, along with Moody’s Speaking at the opening of Royal to attract investment in the mining building gold mines in countries Other market watchers say now in its sixth week. Anglo F r i d ay . and Fitch, has downgraded South Bafokeng Platinum and Angloplats’ sector. During the previous ranging from Papua New Guinea to there should be a distinction American Platinum, Xstrata and Peter Leon, partner at Webber Africa’s outlook over the past 10 new R12-billion Styldrift mine near commodities boom, between 2001 Kyrgyzstan. AngloGold Ashanti between labour-intensive platinum Aquarius Platinum have suspended Wentzel, said the situation is months because of political and Sun City on Friday, RBPlat CEO and 2008, China, Chile, Peru, Brazil, has publicly stated that it is and gold mines, which investors operations in the Rustenburg area, “extremely negative for investor socio-economic risk. This means Steve Phiri said the project “c r e at e s Australia, Colombia, India, Russia considering splitting its business to are shying away from, and areas while Gold Fields was n e g o t i at i n g sentiment, coming on top of the there is a one in three chance t h at hope while the country is on fire”. and even Venezuela managed to give investors the option to only like coal and iron ore, where fewer with workers to resolve an illegal unresolved nationalisation debate the rating may be downgraded, “We are in crisis. Not just on the enjoy growth in the value added by invest in its non-SA operations. workers are needed and unions strike at KDC West near as well as the regulatory, Reuss said. mines, this is a national crisis,” mining in real terms. SA achieved Harmony, which still mines most tend to be less militant, and which Carletonville. Impala Platinum, infrastructure and cost issues Increasing regulatory Phiri said. “Certain ministers have a contraction of 1% over the period. of its gold in South Africa, said it are seen as more attractive. Business

Business, 16-Sep-2012-Page 2, Cyan Business, 16-Sep-2012- Page 2, Magenta Business, 16-Sep-2012-Page 2, Yellow Business, 16-Sep-2012- Page 2, Black

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Camera: Relocated from left iPhone 4S of ear piece to just above it (shown to scale) Display: Increased from 960 pixels -6 6-45 deep to 1,136 pixels – screen now accommodates extra row of app icons. AJJAHI(>KIEAIIJEAI?= Compared to landscape 3:2 aspect ratio of iPhone 4S, iPhone 5 has ratio of =O MH AHI =HA J >=A almost 16:9 – ideal for watching movies IN “How China bleeds SA dry” (September ’ iOS 6 HIGHLIGHTS 9), Chris Barron blames China s Apple’s latest operating undervaluation of its currency, as well as system for mobile devices export incentives, for the plethora of cheap Chinese imports into South Africa. Siri: Open apps and post Having spent a lot of time in Chinese comments to social networks factories (as well as Korean, Japanese, using voice commands Taiwanese and Malaysian), I can tell you Facebook: Integrated into the biggest competitive factor is our poor built-in apps like Calendar, productivity. The Asian tigers h ave Maps, Camera and Photos workforces light years ahead of SA in Passbook: Stores copies of terms of productivity. Sadly, our labourers

boarding passes, movie 123.8mm spend too much time marching, rallying tickets, retail coupons etc and trashing to be competitive. FaceTime: Video chat now As to our “strong currency”, history has works over phone networks proved that protectionist trade policies as well as Wi-Fi connections 102mm (4”) – 640 x 1136 pixels will damage quality, are h i g h ly Safari: iCloud Tabs keeps inflationary and will wipe out what is left track of open web pages of our struggling industries, while on multiple devices destroying more jobs than they c r e at e . Maps: Google Maps replaced While our labour is unproductive, we by Apple’s own mapping app will keep looking for state protection for local industry, which is merely pouring oil that is vector-based for greater — D Wolpert, Rivonia detail and includes audio sat-nav on troubled waters.

Unibody case: All-in-one aluminium -@K?=JE EI JDA AO shell with rear glass panels top and JEREMY Thomas in Bull’s Eye, bottom for Wi-Fi, GPS and Bluetooth (September 9) may as well call the reception. Taller design allows National Development Plan the National internal 7.6mm 58.6mm Wish List. Without a commitment to components iPhone 4 replaces education, little of the plan can be iPhone 3GS in to be spaced implemented. — Peter Darley out more, making product line-up iPhone 5 thinner Dock connector: A6 chip: 22% ,EI?IA BE@ECI  BH=? EC 30-pin connector smaller, CPU and THE latest development in the fracking Headphone jack: replaced with graphics processors s ag a remains shrouded in mystery. It is Moved from top of 80% smaller perform twice as one thing to lift the moratorium, but will Earphones: iPhone to bottom, “Lightning” plug – fast as before while the public be allowed to know what the Redesigned next to dock will also be used being more energy findings of the mysterious task team are? “EarPods” connector on iPods and iPads efficient I 64-)574-- ) EAH D=@I LAH JDA BEHIJ FEA?A B JDA &=HAI O HAAB% @HE A@  .HE@=O BH JDA 4O= — Mike Ferrar, Middelburg Sources: MacRumors, Apple, Apple supply chains © GRAPHIC NEWS *=B AC 5JO @HEBJ EA E JDA 2E =AI>KHC 21+674- )60-41- 71+-4- 6= EC =@L=J=CA B EAHI SINCE most mineworkers are f i n a n c i a l ly illiterate, the Farlam commission should investigate the high level of unsecured 90)6 ) 9-- debt which, in many instances, has led to garnishee orders against the salaries of workers, leaving them with little money to take home. A garnishee order is an order in terms of which a court orders that deductions are made from salaries on behalf of creditors. — Meyer de Waal Travel receipts hit record levels, 6H=IAJ KIJ M KF THE article “Transnet appeals over pension payout” (September 2) refers. Some 22 years after my wife left PACT (Performing Arts Council of Transvaal), a substantial amount of money was paid but jobs keep evaporating into her account after an extensive search for her whereabouts. What are the parallels with the I 60- /,  I 60- *),  Transnet payout? Two court cases have proved the state entity’s fund still holds money belonging to some of its members. I DURING the second quarter of I South Africa’s platinum group bank, FirstRand, posted a 26% rise I SOUTH Africa faces a real dued external demand, while in- previous year. Why does it not do the right thing: admit 2012, travel receipts rose by R5-bil- metal production rose 11.7% in in full-year earnings, helped by a prospect of a jobs recession, said creased government spending on it was wrong, make an effort to find all the — I people to whom it owes money, and pay lion to R83.5 billion an all-time July, said Statistics SA. push to increase retail customers recruitment group Adcorp as em- wages pushed up gross domestic Investment bank and asset — record that far exceeds the level of that boosted income from lending. ployment numbers fell for the ex p e n d i tu r e . manager Investec said it expects over the money to its rightful owners? I “ Barry J Lessing, ex-deputy MD of travel receipts recorded during Kagiso Media reported that third month. Most of the job flat first-half earnings, following Transnet, Somerset West the Fifa World Cup in the second annual earnings a share rose I Offshore accounts last week losses during August were in the I Comair reported a 76.1% drop declining investment and trading quarter of 2010. Over the past 211.8% to 474.5 cents a share. bought a net R5.2-billion worth of formal sector, which shed 14 382 in diluted headline earnings a income. Investec has been the year, SA travel receipts are up local bonds and R279-million in jobs,” Adcorp said in a statement. share for the year ended June, af- worst hit of major South African R10.6-billion or 14% year on year. I Sasfin Banking Group lifted its shares, data from the JSE s h owe d . fected by the sustained high fuel banks by the global economic *)66-4 . .)+6 The net result was that the sur- total assets by 25% and annual I South Africa’s current account price and weak global economy. meltdown, given its exposure to I plus on the travel account in- profit before tax by 30%. Clover Industries reported dilut- recorded its largest shortfall in Europe and Australia. )56 MAA E “5=F DJ IA=J BH =EH$ creased by R8.225-billion to R53.45- ed headline earnings a share of over three years in the second I Poultry producer Country Bird “ I I FHJ ?DEAB”% MA E?HHA?J O IJ=JA@ JD=J billion, the highest ever. Th i s Manufacturing output grew 5.8% 108.7c for the year ended June quarter of 2012, to 6.4% of GDP, posted a 61% drop in its annual Building confidence dipped in &==@= &=O=JIDA M=I BEHA@ =I +-( helped to cushion the deteriora- year on year in July after rising from 106.2c a year ago. as exports fell because of sub- diluted headline earnings a the third quarter of the year, said ” B JDA 2IJ (BBE?A LAH JA@AH EHHAC$ tion of the current account, said by 0.9% in June, said Statistics SA. share, hit by high levels of im- First National Bank and the Bu- K =HEJEAI 0A M=I J BEHA@ ) JDKCD Stanlib economist Kevin Lings. ports‚ significant increases in raw reau for Economic Research. Th e I HEAVYWEIGHTS DEI IK??AIIH EIJEJKJA@ BH=K@ =@ ?H$ Technology and business ser- material input costs and the nine- FNB/BER building confidence in- HKFJE ?D=HCAI =C=EIJ DE% DA M=I I The country’s biggest pharma- vices group EOH reported a 30.4% week strike at Supreme Poultry’s dex registered 26 index points for ‚ PRICE CHANGE =JAH ? A=HA@ B JDA = AC=JEI 9A ceutical group Aspen Pharma- hike in diluted headline earnings a Botshabelo plant. the third quarter, compared with =F CEIA J &=O=JIDA BH =O A$ care, reported normalised diluted share for the year ended July. 27 in the previous quarter. >=HH=IIAJ ?=KIA@ >O JDA AHHH headline earnings a share rose BAT 42257 1.63% I The financial situation of the “The current level of the index 22% in the year to the end of June. I Shares in Rand Merchant Insur- “technically insolvent” Road Acci- suggests more than seven out of ance Holdings rose more than 3% dent Fund deteriorated further in 10 respondents in different sec- I Sasol posted a 25% rise in yearly as the company lifted full-year SABMILLER 36280 0.23% the year to end-March, with its tors of the building industry rate headline earnings a share, b o o st e d profit by 48%. Investment holding estimated net deficit plunging to prevailing business conditions as If the fiscal cliff isn't ” addressed, I don't think by a 17% rise in the average crude company RMB Holdings reported BHP BILLITON 27306 9.03% R46.4-billion from the previous u n s at i s f a c t o r y , FNB said. oil price and an 11% softer average a 3% rise in diluted headline earn- ye a r ’s R29.9-billion. our tools are strong I enough to offset the rand/dollar exchange rate. ings a share for the year to Ju n e . BHP Billiton said it would cease effects of a major fiscal ANGLO 27700 7.58% I Investment holding company production at its Gregory open-cut shock. I Building materials retailer I Brands group AVI reported a Mvelaphanda Group reported an coal mine in the state of Queens- Federal Reserve Cashbuild said it expected its ad- 28.2% rise in headline earnings a after-tax loss of R223.9-million for land from October 10 owing to chairman Ben Bernanke, justed headline earnings a share share for the year ended June. MTN 15990 3.15% the year to e n d - Ju n e ‚ c o mp a r e d weak coal prices, high costs and a warning about automatic in the year ended June to be be- with a R104.7-million loss the strong Australian dollar. year-end spending cuts and tax hikes tween 20% and 30% higher. I South Africa’s second-biggest Graphic: FIONA KRISCH Source: I-NET BRIDGE % over 1 week QUOTE OF THE WEEK JSE TOP 40 ASPEN PHARMACARE RAND/DOLLAR EXCHANGE Index 60- 9-- )0-), 32500 15000 Share price (cents) 8.600 R/$ ,); 5-26-*-4 % 30750 13250 8.300 JOHANNESBURG — Value Group AGM; Naspers trades ex-dividend 29000 11500 8.000 NEW DELHI — Reserve Bank of India an- nounces mid-quarter monetary policy review LISBON — Bank of Portugal publishes bulletin 27250 9750 7.700 67-5,); 5-26-*-4 & 25500 8000 7.400 SSO N D JJF M A M J A SSO N D JJF M A M J A O N D J F M A M J J A S JOHANNESBURG — ArcelorMittal hosts investor day Graphic: RUBY-GAY Source: I-NET BRIDGE Graphic: RUBY-GAY Source: I-NET BRIDGE Graphic: FIONA KRISCH Source: I-NET BRIDGE PRETORIA — Statistics South Africa releases second-quarter employment statistics SYDNEY — Reserve Bank of Australia publish- es minutes of September 4 meeting / *) 94)2 % 60- '5- + * * , 1 6 1 - 5 9-,-5,); 5-26-*-4 '

.A@ BBIAJI IJHEA BA=HI JOHANNESBURG — Cashbuild annual results PRETORIA — Statistics South Africa releases Washington plan buoys Gold reaches six-month August CPI data and July retail sales data OUTH African stocks fied miner African Rainbow TOKYO — Bank of Japan interest rate decision ’ booked a fresh record Minerals, up 8.63% at R173.80, LONDON — Bank of England publishes min- the world s bourses 5 high close on Friday as followed by Anglo American high on stimulus move utes of September 6 monetary policy meeting aggressive stimulus by and Harmony Gold, up 7.78% CANBERRA — Structural Change and the Rise the US Federal Reserve boosted and 5.96%, respectively. ’ of Asia conference hosted by the International HE Federal Reserve s rose 2.8%. In bond markets, mining shares and outweighed Aquarius Platinum ended up OLD hit a six-month and hedge fund buying, but the Monetary Fund and Reserve Bank of Australia new plan to spark the yields on 10-year Italian govern- worries over strikes in the plat- 17.66% despite news that it high on Friday, ex- key to keeping momentum go- PARIS — French government presents legisla- 6 US economy lit a fire ment bonds fell below 5% for the inum and gold sectors. would suspend operations at its / tending gains after ing in the gold price will be a tion to parliament to authorise ratification of under risk assets on first time since late March as Copper, gold and oil hit multi- Kroondal platinum mine until the US Federal Re- revival of physical buying from European Union budget responsibility pact Friday, sending global stocks to the Fed’s news enhanced the month highs after the Fed’s September 16 as a precaution- serve unleashed a long-awaited India and China, said Tom a 13-month high and driving the recently improved sentiment move to stimulate the world’s ary measure. stimulus programme. Kendall, an analyst at Credit 60745,); 5-26-*-4  dollar to a more than four- towards riskier assets. top economy spurred expecta- Losers were led by F i r st R a n d , Bullion’s rise was compara- Suisse in London. month low against the euro. The Dow Jones was up 65 tions for increased global down 3.65% at R25.62, and tively modest after it jumped 2% Spot platinum jumped more The Fed said on Thursday it points, or 0.5%, at 13 605. The demand for raw materials. Shoprite, which fell 3.44% to on Thursday and a total of 10% than 2% to a six-month high of CAPE TOWN — Bureau of Economic Research would pump $40-billion into the S&P 500 was up nine points, or “The Fed’s decision c r e at e d R158.60, followed by several oth- over the past month, largely in $1 713/oz, before paring gains to releases inflation expectations survey economy every month until the 0.6%, at 1 469. The Nasdaq wa s positive momentum throughout er banking and retail stocks. anticipation of the easing move $1 705.74/oz, as concerns about PRETORIA — Reserve Bank announces US jobs market showed sus- up 33 points, or 1.06%, at 3 189. the market. That’s good for “There is a cyclical switch out by the US central bank. supply deepened due to labour decision on interest rates tained improvement. European equities surged, economies around the world,” of the retailers, out of the bank- Silver, platinum and palladi- unrest in top producer South WASHINGTON — Federal Reserve releases The action enhanced an with the pan-European FTSEu- said Bruno van Eck, a trader at ing stocks and into the mining um, widely used in industrial Africa’s mining sector. quarterly flow of funds accounts of the US already upbeat mood in finan- rofirst 300 index rising 1.6% to Thebe Securities. st o c k s , ” said van Eck. (See applications, also climbed to Spot palladium was at cial markets since the European 1 118 points. The MSCI index of The All Share index booked a Bull’s Eye, page 24) their highest in about six $697.60/oz after its 11th straight .41,); 5-26-*-4 Central Bank announced plans global stocks jumped 1.7% to 340 record close, rising 1.85% to Trade volume was high, with months, as the appetite for session of gains, its longest win- to cut the borrowing costs of points, near the highest level 36 550. It earlier hit the highest more than 310 million shares riskier assets rose. ning streak since at least 1984. ZURICH — Swiss National Bank publishes struggling eurozone members. since August last year. level in its 17-year history at changing hands, above last Spot gold added 0.3% to Silver rose to a six-month bulletin on business cycle trends On Wall Street, cyclicals and The dollar index measured 36 585. The Top 40 index also ye a r ’s daily average of 255 mil- $1 774/oz after climbing to an in- high of $34.92/oz, before easing financials led the way higher. against a basket of currencies booked a record close at 32 329, lion shares. Advancers outnum- traday peak of $1 777.51/oz, its to $34.27, down 0.7%. It was An index of US housing shares, fell to its lowest level in over up 2.14%, after earlier touching bered decliners 206 to 93. highest since February 29. headed for a 2.5% weekly rise, 5A@ OKH @E=HO J aided by the Fed’s plan to buy four months at 78.714 after the a life record of 32 382. Altogether 65 stocks were The gold rally so far has been extending its winning streak to AJJAHI(>KIEAIIIJEAI?= ’ — R e u t e rs — R e u t e rs — R e u t e rs mortgage-backed securities, Fe d s move. Gainers were led by diversi- unchanged. fuelled largely by institutional a fourth week. M M MJ E  A I E L A  ?    = Business

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09 16 9)5 ) .1/74-, 76

RICH List research was compiled by r e m u n e r at i o n ; Who Owns Whom (Pty) Ltd. ý Earnings and directors’ fees paid to While directors’ holdings for the Rich other unlisted companies were List reflect wealth at March 31 2012, the exc l u d e d ; Only the seriously earnings table reflects what was earned ý Severance packages and retention in companies’ 2011 financial year as bonuses were included in remuneration; reported in annual reports released and over the course of this year. ý Conversion rates to the rand were as follows; USD: 7.32 (7.3 in 2010); GBP: ý 60- 4-5-)4+0 9)5 ,- )5 11.6 (11.2); euro: 10 (9.7); NZD: 5.71 (5.2); .   9 5  AUD: 7.47 (6.6); CAD: 7.32 (7.1); Nigerian An initial extraction of the naira: 0.05 (0.0478); Botswana pula: 1.06 wealthy need apply remuneration and options, headline (1.05); Namibian dollar: 1 (1) earnings, and director and family holdings was made by Who Owns Whom ý 6-5 4-/)4,1/ 60- 650-2 )50-/ Another potential candidate is research staff. The information was 4- 5 - ) 4+ 0  Cyril Ramaphosa. He has played reviewed from the published documents ý Patrice Motsepe: HEY might claim to be his cards close to his chest, but by Who Owns Whom management and Motsepe’s holding in African Rainbow in the trenches fighting his role in the expulsion of Julius compared with the extraction. The Minerals is via African Rainbow alongside the masses, Malema from the ANC in his ca- information was again researched from Minerals Exploration Investments (Pty) but for the most part pacity as the head of the disci- the published documents and compared Ltd, but the shareholding of this private politics in South Africa is a rich plinary committee has propelled with the management result by the Who company is not disclosed. man’sgame. him back into the political lime- Owns Whom executive directors. While ý Lakshmi Mittal: As the ANC prepares for its light. His name has subsequently great care has been taken to ensure We received notification from a battle royale in Mangaung in been touted as a potential run- accuracy, the possibility of error does reader that M i tt a l ’s worth has been December, the deep pockets of ning mate to Zuma as a deputy ex i st . overstated. According to the reader, the candidates could s h ap e the president. Ramaphosa has de- “Mr. Mittal & family (through his family outcome. nied any such ambitions. ý 2-)5- 6- 60- .91/ trust) has an indirect and effective Whereas the financial position If he were to throw his hat in ý The calendar years 2010 and 2011 21.24% stake, worth R8.7-billion in of candidates in the American the Mangaung ring, Ramaphosa were researched from hard copy and ArcelorMittal SA and his family trust election is a big talking point, would arguably be the most internet documents published in terms owns an indirect and effective 40.83% of especially in light of the Repub- accomplished businessman to of the Companies Act and JSE listing the issued shares in the (Euronext, New lican candidate Mitt Romney’s make himself available for the requirements; York, London and Luxemborg) listed hesitance to produce all his highest office in the land. ý Shareholdings were extracted as ArcelorMittal Group. ArcelorMittal recent tax returns, in South In 2011 Ramaphosa earned published in public documents and Group holds a direct 52.02% of the Africa the financial affairs of the R8.06-million, mainly from his public share registers; issued shares in the local and J S E - l i st e d possible candidates as ANC positions as non-executive chair- ý Shareholdings included those held ArcelorMittal SA.” We were unable to president are at best a side I +0)!!-)/-4/ 6 "O 5ANM=A man for Mondi and MTN. via trusts where this was deemed ascertain the veracity of this and opted issue. This does not mean money M=I =?JELA E >KIEAII >AB HA Ramaphosa owns substantial eq- ap p r op r i at e ; to remain consistent with what had does not play a central role in >AEC =FF EJA@ EEIJAH B uity stakes in six major listed ý The market price as at March 31 been confirmed as correct by the running campaigns or in companies namely Assore, Bid- DK= IAJJAAJI 2012 was used for the valuation of company in the past and published in “p e r su a d i n g ” vo t e r s . ve st , Mondi, MTN, SA B M i l l e r holdings; previous supplements. Neither M i tt a l Although nominations for the and Standard Bank. These ý It was assumed that the conditions nor ArcelorMittal have contradicted our ANC presidency only open n ext stakes are worth R3-billion. of conditional options would be met; c a l c u l at i o n s . month, the likeliest front run- He is also a member of Coca- ý Options issued under more than ý BHP Billiton Plc gains on shares: ners are the incumbent, Jacob I &--21)/ 015 +)4,5 +!$5- 6$ 015 +0-56/ +OHE 4==FD I= D=I Zuma’s family has Co l a ’s international advisory one scheme or over a period were added P e r fo r m a n c e / deferred shares, which Zuma, and his deputy, Kgalema @AEA@ JD=J DA M=JI J HAJKH J F EJE?I board. In March 2011, he struck a where this was deemed appropriate; were converted to ordinary shares and Motlanthe. been at the deal with McDonald’s to be its ý Gains on options exercised in the reflected under gains on shares, were However, there are several as the most outspoken chal- master franchisee in South year under review were included in treated as income. other potential candidates, all of lenger in the ANC presidential forefront of SA’s Africa. This means he now owns whom are extremely rich com- race. Prior to being appointed to and runs all the American burg- pared to ordinary South the cabinet as minister of human black economic er company’s 132 restaurants in WHAT YOU SHOULD KNOW Africans. settlements, Sexwale was one of South Africa. The R3-billion ex- Zuma does not have any direct the more active black en- cludes this investment as well as i n t e r e st s in business, but his trepreneurs in the country empowerment others, like Shanduka. ABOUT THE RICH LIST family has been at the forefront through the acquisition of stakes Ramaphosa is also a director of South Africa’s black economic via his Mvelaphanda Holdings scene at Lonmin, where a strike turned ý 60- 4E?D !EIJ A=IKHAI MA=JD  ý 6DA EIJ B J F A=HAHI HABA?JI empowerment (BEE) scene Group. Sexwale resigned from all into tragedy at Marikana. His O =?? H@EC J FK>E?O =L=E=>A E C=EI  ID=HAI E JDA OA=H E MDE?D following his ascension to power his directorships due to his ap- Lonmin position earned him B H=JE  9A @  J J="A EJ =? JDAO =HA ?=IDA@ H ? LAHJA@ J in 2009, leading to some calling it pointment. His stake in Mve- The ANC t r e a su r e r - general is R709 000. ? KJ H JHO J AIJE=JA =O =@@E H@E=HO ID=HAI 6DEI D=I >AA ZEE, or Zuma Economic laphanda was last recorded at chairman of several companies, Patrice Motsepe, South JE = ELAIJAJI E"A ?=ID FH FAHJO ?HEJE?EIA@ =I I A FA FA =O D=LA E mp owe r m e n t . R1.9-billion in 2010. As a cabinet including Mathews Phosa and Africa’s richest man, according =@ ELAIJAJI E KEIJA@ ? F= =??KK=JA@ JDAIA LAH = K>AH The President earns a salary minister his annual package is Associates (a law firm), Vuka to the Rich List, is worth R20-bil- EAI 6DEI A=I JD=J =O B JDA B OA=HI 9A IJ=@ >O JDA HAIA=H?D of just more than R2.6-million a R2-million after the recent in- Water Projects, Zero Pollution lion, through African Rainbow FA FA EIJA@ =HA  HA MA=JDO JD= MDE?D ?= O HABA?J JDA C=EI  year, although his actual wealth I +0)140))/ 0=JDAMI 2D I=’I crease, but this is pocket money Motors and perhaps most impor- Minerals (ARM) and Sanlam and JDAO =FFA=H 6DEI =I A=I JD=J ID HJ H  CJAH E?AJELAI =I remains a mystery. =A D=I >AA JDH M E JDA compared to the dividends tantly, EOH Holdings. he earned R11.6-million last year, JDAHA =HA =O ANJHAAO MA=JDO JDAO =HA HA? H@A@ E =K= HAF HJI Kgalema Motlanthe is also not Sexwale presumably earns from He also serves as a non-exec- mostly from his position as exec- FHAIE@AJE= H=?A EN FA FA MD HA=E K@AH JDA H=@=H =I JDA = KJ EI GK=JEBEA@ O directly involved in business, but his various holdings. utive director at Bauba Platinum utive chairman of ARM. >A?=KIA JDAEH MA=JD EI  J DA@ E MDA JDAO =HA HABA?JA@ =I C=EI  his partner, Gugu Mtshali, is a Another national executive Limited and as a non-executive Although Motsepe is unlikely EIJA@ ID=HAI ID=HAI >O JDA ? F=O businesswoman who has been in return for a promised c o m m i tt e e member of the ANC deputy chairman of Jubilee Plat- to run for the presidency, his in- $KH HA? H@I =O @EBBAH BH  JD IA E ý 9A ?= J AIJ=>EID EB FA FA =O embroiled in a scandal over a R104-million. In terms of who is active in the business inum. Phosa earned R8-million in fluence in the ANC should not be IEE=H MA=JD HAF HJI E"A . H>AI H =O  J D=LA =?GKEHA@ @A>J J multimillion-rand Iran sanctions- earnings, Motlanthe is financial- world and has been linked to the the 2011 financial year, mainly u n d e r e st i m at e d . >A?=KIA JDAHI AIJE=JA CAJ JDAEH ID=HAD @ECI — =H?E= busting deal. According to a ly the worst off of the presiden- presidential race is Mathews from the gains on in his EOH His family is intricately linked =@@EJE = I KH?AI B MA=JD AE report in the Sunday Times, tial candidates, with an annual Phosa. Phosa is a businessman shares and is 214th on the Rich to the ruling party in business Mtshali and her close associates salary of o n ly R2.3-million. with stakes in various List, with listed holdings of and marriage and he is known to gave political support for a deal Tokyo Sexwale has emerged c o mp a n i e s . R88.5-million. provide funding. Non-executive directors cream it

;)/)* ))- relinquished the deputy of the Blackstar Group, Litha Emira Property Fund chairmanship position for a Healthcare and York Timber chairman Ben van der Ross THE earnings of n o n - exe c u t ive non-executive spot only four Group, out-earning serial non- has eight directorships, with directors place them on months before the company’s executive Cyril Ramaphosa. combined fees totalling R4- another plane compared with year end. Ramaphosa sat on 10 boards million. Serial chairman David the pay packets of most South AECI and Imperial Holdings last year, which collectively Nurek made R4-million from Africans. non-executive director Schalk earned him R8-million for 46 seven boards. Take Alain Perrin as an Engelbrecht is not far behind. meetings. He has now given There are differing opinions example. The Richemont non- He collected R14.7-million last up two of the non-executive on the advantages of holding executive earned R16-million year, but almost all of it was directorships. His earnings do many directorships, with some in the 2011 financial year, from gains on his shares in not include what he earns in having coined a term for making him the highest-paid AECI. his day job at Shanduka. several seats, “ove r - b o a r d i n g ”. person not involved in the The non-executive directors Rounding off the list of the Werksmans Attorneys daily running of a c o mp a ny . of mining company Uranium top 10 highest-earning non- believes non-executive Perrin had to attend only directors with fingers in too five board meetings at the many pies could be hard- luxury goods company to Cyril Ramaphosa sat on 10 boards last pressed to prove they acted make his millions. properly if sued for losses However, according to year, which collectively earned him incurred under their Richemont’s 2011 annual ove r s i g h t . report, he waived his rights to R8-million for 46 meetings But a recent study by the any fees or compensation for US Penn State University this post. Smeal College of Business Forty-five years of service One are well taken care of: executives were Ne d b a n k argues that directors who hold are paying off for Robert Vadim Jivov and Daniel chairman Reuel Khoza and many directorships could Carpenter, who would have Nortier made R13.2-million ANC treasurer Mathews actually be beneficial to n ewly knocked Perrin off his perch and R9.8-million, respectively, Phosa, who both made around listed companies. had he served a full year as a though Nortier’s package R8-million. “Such directors offer unique non-executive director of plunged from R30-million the While Ramaphosa leads the advantages for newly public As s o r e . previous year. Between the pack of serial non-executives firms,” said the authors of the Carpenter earned a total two was Brait non-executive in terms of the number of study. “Because management package of R32-million director Antony Ball, with a board seats, Exxaro and of younger firms have l i tt l e (including an R11.3-million total package of R12.7-million Steinhoff chairman Len Konar experience navigating public performance bonus) for for attending four meetings. is not far behind with nine markets, they likely rely more attending four meetings at the Andrew Bonamour made non-executive directorships, heavily on directors for their mining company during the R9-million from his non- wh i c h have earned him R5- experience and network of 2011 financial year, but executive seats on the boards million. contacts.” / @A D=@ID="AI IMAAJA ANEJ

;)/)* ))- p a r tu r e . Last year, electronics man- FOREIGN investment into ufacturer and services SA companies sometimes company Reunert said it had has a side effect with compa- “reached mutual agreement” nies undergoing restructur- with its former boss Nick ing at the new shareholders’ Wentzel that saw him leaving behest. This has resulted in Reunert in September 2011. executives choosing to leave, Like MacDonald, Wentzel but with millions sweetening had been in the post for just their departure. 13 months. He was paid sever- The Chinese Jinchuan ance benefits of R12-million, Group and China Africa De- the highest severance pack- velopment Fund’s purchase age last year. of a 45% stake in Wesizwe He would have left with Platinum last year resulted much more if he had exer- I /$$,*;-/ /HALEA I 6$2 !-)8-4/ )E?" 9AJ2A in extensive restructuring of cised his share options. the executive team, remov- 9EI  C J = 4" EE  M=I F=E@ JDA DECDAIJ “He had until October 23 ing CEO Arthur Mashiatshi- C @A D=@ID="A IALAH=?A F=?"=CA =IJ OA=H 2011 to exercise his options di, finance director Jacques early, which he did not,” read de Wet and corporate affairs Reunert’s annual report. executive Mlibo Mgudlwa. their contracts. cruitment company’s 2011 an- “Therefore the options were They were replaced by The Absa restructuring nual report. No reasons were forfeited on that date.” Jianke Gao (CEO), Michael resulted in the consolidation given for his resignation, but The combined value of the Ma (finance director), Jacob of the retail and the business news of his departure was options was almost R18.4-mil- Mothomogolo (projects exec- banking divisions and the de- contained in the group’s re- lion. utive) and Kagisho Reid (hu- parture of retail banking ex- sults for the half year to Termination benefits in man resources executive). ecutive Gavin Opperman — March 2011. These showed a this year’s Rich List pale in Mashiatshidi, who passed with severance pay of R1.5- 16% plunge in headline earn- comparison to some recorded away in February, was of- million. ings. in past years and will do so in fered a non-executive spot Still, these are not the Scott MacDonald, CEO of comparison to next year’s list on the board but eventually highest amounts paid to Evraz Highveld Steel and too. Prakash Desai, fo r m e r left with R3.4-million in sev- executives on leaving. Vanadium, was paid almost CEO of Avusa, was recently erance pay. De Wet and Grenville Wilson, former R6-million in termination paid R40-million, including a Mgudlwa received R2.4-mil- CEO of the Kelly Group, was benefits after only 13 months massive amount for going lion and R1-million respec- paid R4.1-million “for loss of at the helm. There were also away. This will, however, only tively on the termination of office”, according to the re- no reasons given for his de- be reflected in next year’s list. Business

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HP Billiton directors led the way in profiting from * shares that accrued from various incentive schemes and options. Bosses get big bucks Despite weathering a commodity ‘ price slump better than its peers and paying its South African CEO Marius Kloppers more handsomely than his counterparts at some of the wo r l d ’s largest mining houses, Klop- ’ pers and Billiton’s petroleum CEO Michael Yeager both waived their only if they perform 2012 bonuses to assuage grumpy shareholders who watched three at- ) -  )56- tempted acquisitions fall by the 5E ?A & IKF IJ ANA?KJELAI =HA >AE C F=E@ E E A MEJD ?F= O IK??AIIAI ed part of pay.” ways i d e . Performance is being measured WITH its reputation as one of No matter, though — K l op p e r s against a variety of metrics. “Th e the countries with the most and Yeager both made good gains there is a strong trend to align vari- “Among executives there is an vote in favour for it to proceed. all the headlines,” said Bussin. company must have performed in unequal income distribution in on shares in the financial year end- able pay with performance and in awareness of growing inequality, There are fairly robust processes in Deloitte executive remuneration some way, either against targets set the world, South Africa should ed in 2011, with Kloppers off-loading future if we see big numbers partly thanks to media attention,” place in one governance forum or consultant Nick Icely said while by the board or in comparison with avoid wage compression in its R49.41-million and Yeager R92.04- bandied about, chances will be the said Bussin. another, although with smaller com- some degree of perversity and un- peers. This way, executives are not labour market. million. Billiton’s financial executive executive earned the payout. “Deciding on share-scheme pay is panies there may be more room for holy wealth creation can still be de- just cashing in on external factors This is according to Alex Alex Vanselow picked up R41.21-mil- “There is usually a mix of guar- a process. The norm is that HR and n e g o t i at i o n , ” explained Bussin. tected, and while it is true that that have increased the share price Izurieta, an economist with the lion in share gains. anteed pay and variable pay, which the finance departments benchmark “It’s not always so easy for the some remuneration committees are or, by the same token, suffering be- UN Conference on Trade and Closer to home, Massmart’s CEO includes short-term bonuses and ill-informed or not operating effec- cause of difficult market conditions D eve l op m e n t wh ich this week Grant Pattison cashed in R77.95-mil- longer-term share schemes. Compa- ‘ tively, a more responsible approach beyond their control,” said Icely. presented a trade and develop- lion’s worth of company shares, nies are moving back towards a The company must have performed in some way, to executive remuneration is being “New remuneration models are ment report in Johannesburg. while Massmart’s executive director more even mix from a situation a d op t e d . developing, based on performance, Izurieta said keeping wages Guy Hayward got R56.16-million. where the ratio of variable to guar- either against targets set by the board or in “Executives may still be cashing and they can deliver reward for per- low was self-defeating as it Another retail executive, Shoprite’s anteed pay was two to one.” ’ in from share options-type schemes formance even if the performance is reduced household income, financial director Carel Goosen, got Bussin said corporate South comparison with peers implemented some years ago, but not necessarily reflected in share which in turn reduced R17.54-million. Africa is in share-scheme redesign this is unlikely to last much longer. price growth. This helps with reten- aggregate demand and harmed This kind of variable pay — ove r mode. “There are a myriad of com- the market norm for a company of public to see and understand what Pre-2008, executives were being re- tion, while at the same time ensur- the economy. and above guaranteed salary — can binations that are the trend now: a that size. Then they bring that to was done to bring about that kind of warded on the basis of seemingly ing shareholder alignment.” “Our recommendation is to substantially alter executives’ fo r - combination of retention and perfor- the remuneration committee to ap- reward. The problem is that CEOs inevitable growths in earnings and This year’s Rich List shows that avoid it both for equity and for tunes for the year and their position mance. Each type of scheme has its prove. The remco chair, in turn, seldom trumpet what they did to share prices, but post-2008, share- most companies do not choose ei- growth and employment on the Rich List. own driver and purpose and proper takes that proposal to the board for earn it, and they’ve been offered the based rewards are increasingly hav- ther share options or performance reasons,” he said. Mark Bussin, executive chairman governance should be the right rea- approval, then it goes to the share- reward by the companies. It is these ing to be earned by performance, bonuses, and the majority of execu- Izurieta said collective of 21st Century Pay Solutions, said son behind changes happening. holder AGM, at which 75% must high-performance outliers who make rather than being seen as an expect- tives are given both. bargaining and government guidelines should prevent the wage share from falling and help SA prevent “a race to the b o tt o m ”. 50 9 - 60- -; But Jorge Maia of the Industrial Development Corporation — wh i c h partnered in the report — said the theory should not be applied to executives who earn “excessive remuneration”. Minister of Economic Development Ebrahim Patel caused a stir two years ago when he suggested a cap on pay and bonuses for senior managers and executives earning over R550 000 a year. “We need to analyse cost structures and look at what can be balanced and certainly we need to look at cutting certain elements of remuneration at executive level, but also improve productivity overall,” Maia said. The report says Africa and Latin America are the world’s most inequitable regions. Six of the 10 countries with the most unequal income distribution are in Southern Africa. “One reason [for this] is that in several natural resource-rich countries, local elites, together with international capital, have been able to appropriate most of the rents from natural resources,” the report says. It comments on SA’shigh Gini coefficient, a measure of how unequal a country is on a scale of 0 to 1, with 0 being the most equal. “The case of SA is particularly interesting, because I ) =AHE= LEAM B ,K>=E’I 2= 6K AEH=D=@ *KH ) )H=> 0JA 9A=JDO )BCD=I D=LA ID=HFO E?HA=IA@ JDA F=?A B ELAIJ AJ E FHFAHJO E JDA /KB A EH=JA! JEL=JA@ >O = EN B D=H@DA=@A@ ? AH?E= ?=?K=JEI =@ neither the end of the apartheid HA A>KKI IA?KHEJO BA=HI IF=HA@ >O = @A?EA E JDA L=KA B JDAEH ELAIJ AJI 21+674- 4-76-45 regime nor income growth appear to have resulted in any decline in SA ’s historically high levels of inequality. Income ;)/)* ))- inequality has been very high Long-term incentives miss the mark choose to be paid less in absolute and has been increasing since COMPANIES may think long-term terms as long as they are paid more the early 1990s — the Gini incentive schemes are one of the than their peers. Also, people do not coefficient on gross income best ways to prevent exe c u t ive s just work for money and will take a grew from 0.63 in 1993 to 0.70 in taking their skills elsewhere, but Guy Hayward only cashed in their remuneration in SA. of money and a 50% chance of amount of the award in future: pay cut for a more fulfilling job. 2005,” the report states. they would be wrong. chips after an average of 5.4 years However, the way the schemes receiving a larger sum, more than African executives often applied an And the key motivation of long-term It says though race-based PwC research suggests many and 4.7 years respectively. are designed is not necessarily half (61%) chose the certain sum. average discount factor of 40% to incentive schemes is recognition — inequalities d o m i n at e , aspects of these schemes may doom Some of these schemes are e f f e c t ive , according to the PwC Schemes that were easier to these awards — for every $1 (R8.2) sometimes the status of inequality within racial or them to failure, as they do not c o mp l ex . Billiton uses a study, conducted with A l ex a n d e r understand were favoured over awarded, they expected to receive participating in one outweighs the ethnic groups has increased. properly take human psychology management consulting firm to Pepper, senior fellow at the London complicated, though more lucrative, $0.39 (R3.19). Younger executives direct incentive received. “By 2008, inequality among into account. estimate the fair value of its School of Economics. schemes unless the executives were tended to discount at a higher rate. Perhaps remuneration Africans [who account for 80% Those who have made it onto the incentive awards, using simulation The study explored the trade-offs regularly involved in working out “They have more immediate committees should also consider of the population] was the Rich List after coining it on share methodology that takes various that individuals made between risk, the metrics and reporting financial needs and are more likely what psychologist Richard Wiseman highest of all the racial groups. options could only do so after a factors into account, and Massmart reward, certainty and time. It found information linked to their to value money today over money wrote in his book Rip It Up. “By This reflects spatial period of time had passed. For bases its incentives on the that executives did not necessarily incentives as part of their jobs. t o m o r r ow , ” said PwC. “Th o s e rewarding the behaviour of inequalities [particularly rural- example, BHP Billiton apportions achievement of profit growth or behave in the way that many “The design of performance pay between 55 and 59 applied a schoolchildren, smokers and drivers urban income differences] as the fair value of each share award personal performance or a incentive schemes assumed. needs to be simpler and more discount factor of 22%.” you are encouraging them to behave well as access to education, as to yearly remuneration in equal combination of the two, as well as a For African executives, who made relevant to the people whose So, the longer executives had to as if they really don’t want to read better-educated Africans have amounts for each of the years in the report prepared by independent up 7% of the survey participants, behaviour it’s meant to influence — wait, the less it was worth. books, stop smoking or buckle up. benefited disproportionately expected future period, which is remuneration consultants on the risk was not something they were executives themselves,” said PwC. Other factors remuneration “The moment the rewards are from the recent growth normally five years. recent trends and current levels of comfortable with. Given a choice Deferred awards were not committees should take into removed, the desired behaviour process,” the report says. Massmart’s Grant Pattison and short- and long-term executive between a smaller, certain amount expected to pay out the same account is that most executives will runs the risk of grinding to a halt.”

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É ‘Executives are M O ST private business owners in SA believe Just one woman executives of large listed companies are paid too paid too much’ much. According to Grant Th o r n t o n ’s 2012 International years in the global remuneration policies. Business Report, 68% of SA recession,” Hern said. Sandra Burmeister, CEO of business owners say senior “Shareholders have gone Landelahni Recruitment executives of large public through very difficult times, Group, said investors wanted companies are overpaid. and a lot of shareholders to know how their money makes the top 100 Asked whether public have lost a lot of money in wa s sp e n t . companies should disclose terms of wealth and value. “Creating a link between the remuneration policy and Yet there does not seem to be business strategy and reward individual remuneration of any corresponding or is a positive step,” she said. ’ directors, 87% of SA correlated reduction in the “If a CEO delivers solid OMEN had made respondents said yes, 10 executive remuneration. profits, develops skills and very little headway percentage points more than “In SA and abroad, public safeguards the future of the in securing director- g l o b a l ly . companies will face growing company, why should he not ships and executive Some 85% of SA scrutiny from the community, get a top package? We need management titles in the private respondents said investors and industry. These to find the right drivers. sector, according to the recent shareholders should be more businesses need to ensure Instead of the relentless Women in Leadership Census re- i nvo lve d in establishing the that their policies are known, pressure on short-term leased by the Businesswo m e n ’s remuneration policy for understood and transparent, performance and bottom-line Association (BWA). senior executives, and 96% and that reward can be profit, we need an additional “We are at a point where we said executive remuneration justified by performance.” focus on issues such as know that without any legisla- at public companies should security, welfare of tive or regulatory intervention, be closely linked to employees, skills things will not change,” Ku nya - performance targets. ‘In SA and development and the long- lala Maphisa, the president of The most recent King Code term sustainability of the BWA, said. on Corporate Governance abroad, public c o mp a ny . ” The fact that only one woman (King III) deals extensively The PwC report showed is featured in the top 100 of the with remuneration policies companies will the median pay of CEOs of Rich List this year r e i n fo r c e s and recommends, among the top 40 JSE-listed this sentiment. others, that a company’s companies increased by 8.45% Sharon Wapnick, non-execu- remuneration policy should face growing in the financial year to the tive chairman of Premium Prop- be tabled to shareholders for end of April. The median pay erties and Octodec Investments, a non-binding advisory vote scrutiny’ of executive directors, is the richest woman in South at the annual meeting. excluding CEOs and CFOs, Africa, according to the Rich In the past year, several increased by 9.9%. In the L i st . SA companies have been met The issue of shareholders same period, the total Wapnick is the daughter of I 9-)B601-56 92)3A 5D=H 9=FE?" MHJD I 5-+3,41+0-56 92)3A 9EJD = JJ= L=KA B 4 #$+$EE E EIJA@ with opposition from and institutional investors guaranteed packages for Alec Wapnick, who started City =>KJ 4!# +'EE" EI %&JD  JDA 4E?D BEIJ ELAIJAJI" )IFA 2D=H=?=HA’I K@O ,=EE ??KFEAI # IJ FIEJE shareholders on their becoming more vocal about employees increased by Property, a residential and com- remuneration policies. what they perceive to be between 6.7% and 7.2%. mercial management company, These include Investec, excessive payments to The pay gap between in 1968. where 28% of shareholders executive directors was also executives and lower-level Sharon Wapnick’s total value voted against the mentioned at the release last workers continues to be a in listed investments is about remuneration policy; month of PwC’s 2012 report sensitive issue in SA. R351.9-million, putting her in Barloworld, where 20.2% of on the remuneration trends Len Kettledas, deputy 78th position on the Rich Li st . shareholders voted against of executives. director-general of labour Judy Dlamini, a non-executive the remuneration policy or Gerald Seegers, human policy and international chairman at Aspen Pharmacare, abstained from voting; and resources director at PwC relations at the Department Sasol, where 35% of Southern Africa, said SA of Labour, said at the release shareholders opposed its companies were being forced of the 2011 Industrial Action ‘Without any remuneration policy. to reconsider what they pay Report last month: “P e op l e According to Jeanette their executives in the wake say the gap between what the legislative or Hern, partner and head of of new regulations, management is being paid corporate finance at Grant increasing shareholder and what workers on the re g u l a t o r y Thornton, there seems to be activism and other shop floor are being paid is an increase of business stakeholder concerns. so wide, and they want a owners saying executives are In the UK, there is pending narrowing of that wage gap, intervention, things paid too much. legislation that would give and therefore there are “It is because of what has shareholders a binding double-digit wage [increase] will not change’ I 4-6)1B 9-)B60A EO@= 4O=@I IEJI =J K>AH #!  JDA EIJ I 625A +OJDE= +=HH" >AIJF=E@ BA=A +- happened in the past few annual vote on companies’ demands.” is the second-richest woman Holland. Kloppers took home a wa s the third-best-paid female with a total value of R156.6-mil- total package of R88.9-million for CEO, and the 14th best-paid fe- lion in listed investments, but the 2011 financial year, while male director. Ramos took home her wealth has only landed her Holland pocketed R39.3-million, a salary of R6.7-million and no in the 151st position on the Rich including a R22-million perfor- performance bonus. While L i st . mance bonus. Ramos lagged behind her male Zyda Rylands, the first female BHP Billiton also employs the counterparts in the banking sec- executive director at retail giant highest-paid female director, tor in terms of the total package Woolworths, is not far behind Karen Wood, who is in charge of due to her not receiving a per- NING Dlamini. Her total value in in- public affairs at the mining gi- formance bonus, she earned a vestments is worth about R152- ant. She earned a salary of about higher salary than they did. million, making her the 153rd- R7-million last year and an addi- Jacko Maree, CEO of Standard richest person in the country. tional R7.6-million p e r fo r m a n c e Bank, received a salary of Coming in fourth place is Toni bonus. What gave her the edge R5.6-million and a performance Haarburger, an executive direc- and bumped her up ahead of bonus of R8.8-million. M i ke tor at Holdsport, whose invest- Carroll, was the R22.7-million Brown, CEO of Nedbank, re- ments are worth R135.4-million. she got in share gains. ceived a slightly lower salary of She is 165th on the list. Carroll is 10t h - b e st -paid CEO in R5.3-million and a performance The fifth-richest woman in the the country and the only woman bonus of R9.7-million. country is Thandi Orleyn, a non- in the top 50 best-paid CEOs. Nonkululeko Nyembezi-Heita executive director of Ceramic In- Following Carroll as the fe- of steel giant ArcelorMittal was dustries and Reunert, who holds male director with the third- the fourth-best-paid female CEO investments worth R122.6-million highest total pay cheque wa s and received a salary of R4.4-mil- and garnered the 172nd position. Martha Wikstrom. Wikstrom is lion, but took home a total pack- Anglo American CEO Cynthia an executive director at luxury age of R6.6-million, which includ- Carroll maintained her position goods company Richemont as ed her performance bonus. as the best-paid female CEO, al- the head of its fashion and ac- Rounding off the list of the top though she was only the second cessories business. She was paid five best-paid female CEOs was best-paid female director in 2011. R23.7-million during the 2011 head of the National Empower- Carroll, in her capacity as year, including a performance ment Fund Philisiwe Buthelezi, CEO of Anglo American and a bonus of R8-million. with a R6.4-million package for ON MORE THAN JUST THAT. non-executive director at Anglo The fourth-best-paid female di- the 2011 year. American Platinum, received a rector, and the second-best-paid Nicky Newton-King, the first salary of R13.6-million and a per- female CEO, was M ve l ap h a n d a ’s female CEO of the JSE, p o c ke t e d WEALTH MANAGEMENT MANAGEMENT PLAN•• ADVISORY WEALTH WEALTH WEALTH formance bonus of R11.2-million. Yolanda Cuba, who bagged about a total package of R5.3-million in IS ABOUT PASSING WEALTH TRUE Carroll was the third-h i g h e st - R11.6-million in the 2011 finan- her position as deputy CEO of paid CEO in the mining sector cial year. Cuba has since re- the bourse last year and was the after BHP Billiton’s Marius Klop- signed as CEO of M ve l ap h a n d a . 25th-best-paid female executive pers and Gold Fields CEO Nick Maria Ramos, CEO of Absa, last year. Directors pocket R2-billion

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THE BIG EARNERS HEPS Termin- Perfor-m Gains Fees/ % Salary Total Total 2011 Total 2010 Total Name & company Designation increase / benefits ation ance on levy pay increase HEPS Termin- Perfor- Gains Fees/ % decrease (R'000) benefit bonus shares (R'000) (R'000) (R'000) 2009 Total Total Total Total (R'000) (R'000) from Name & company Designation increase / Salary ation mance on levy increase 2010/2011 (R'000) (R'000) (R'000) 2010 (R'000) benefits 2011 2010 2009 decrease (R'000) benefit bonus shares pay (R'000) (R'000) (R'000) from 63 4 136 669 - 5 453 7 266 265 17 524 - - n/a 2010/2011 (R'000) (R'000) (R'000) (R'000) 2010 Jamal Ramadan 1 Michael Yeager 9 016 3 841 - 10 050 92 036 - 114 943 21 631 - 431 MTN Executive 40 4 136 669 - 5 453 7 266 - 17 524 - - n/a BHP Billiton Executive 88 9 016 3 841 - 10 050 92 036 - 114 943 21 631 - 431 64 Nazir Patel 4 719 2 545 - 7 478 2 435 - 17 177 9 903 2 357 73 2 Grant Pattison 3 738 4 693 - 3 678 77 947 - 90 056 9 172 14 152 882 MTN Financial director 40 4 719 2 545 - 7 478 2 435 - 17 177 9 903 2 357 73 Massmart CEO - 24 3 738 4 693 - 3 678 77 947 - 90 056 9 172 14 152 882 65 Philip Crous 3 414 1 077 - 12 589 - - 17 176 15 146 15 183 13 3 Marius Kloppers 15 480 6 820 - 17 213 49 407 - 88 920 77 526 54 394 15 Assore Executive 115 3 414 1 077 - 12 589 - 96 17 176 15 146 15 183 13 BHP Billiton CEO 88 15 480 6 820 - 17 213 49 407 - 88 920 77 526 54 394 15 66 Peter Staude 5 775 615 - 2 599 7 919 96 17 052 16 212 126 5 4 Guy Hayward 2 751 3 751 - 2 064 56 164 - 64 730 7 510 7 517 762 Hulamin Non-exec - 7 - - - - - 144 144 137 126 6 Massmart Executive - 24 2 751 3 751 - 2 064 56 164 - 64 730 7 510 7 517 762 Tongaat-Hulett CEO - 8 5 775 615 - 2 599 7 919 144 16 908 16 075 - 5 5 Alex Vanselow 8 000 3 634 - 8 632 41 213 - 61 478 47 066 - 31 67 Asher Bohbot 1 829 - - 1 291 13 815 - 16 935 6 477 5 581 161 BHP Billiton Former executive 88 8 000 3 634 - 8 632 41 213 - 61 478 47 066 - 31 EOH Holdings CEO 34 1 829 - - 1 291 13 815 - 16 935 6 477 5 581 161 6 Hendrik du Toit 4 923 100 - 47 560 5 124 - 57 707 - - n/a 68 Gary Saage 9 648 1 587 - 5 474 - - 16 709 - - n/a Investec Executive - 6 4 923 100 - 47 560 5 124 - 57 707 - - n/a Richemont Financial director 65 9 648 1 587 - 5 474 - - 16 709 - - n/a 7 Khumo Shuenyane 3 505 48 845 - 4 245 - - 56 595 - - n/a 69 Geoffrey White 7 250 6 508 - 2 900 - - 16 658 10 304 - 62 MTN Executive 40 3 505 48 845 - 4 245 - - 56 595 - - n/a Lonrho CEO 1 533 7 250 6 508 - 2 900 - - 16 658 10 304 - 62 8 Stephen Koseff 5 007 2 189 - 38 148 10 049 110 55 502 59 597 23 791 -7 70 Venkat Venkatakrishnan 7 792 4 167 - 4 420 - - 16 379 15 513 16 617 6 Bidvest Non-exec 8 - - - - - 110 110 89 53 24 AngloGold Ashanti Financial director 1 064 7 792 4 167 - 4 420 - - 16 379 15 513 16 617 6 Investec Bank CEO - 1 422 - - 3 348 - - 4 769 4 516 - 6 71 Roger Rees 3 750 3 929 - - 8 620 - 16 359 5 050 6 450 224 Investec CEO - 6 3 585 2 189 - 34 800 10 049 - 50 623 54 992 23 738 -8 Murray & Roberts Former financial director - 248 3 750 3 929 - - 8 620 60 16 299 5 050 6 450 223 9 Marcus Randolph 8 946 3 637 - 9 796 31 151 - 53 530 49 249 - 9 Rex Trueform Non-exec 28 ------60 - - n/a BHP Billiton Executive 88 8 946 3 637 - 9 796 31 151 - 53 530 49 249 - 9 72 Alain Perrin - - - - - 60 16 053 14 737 17 463 9 10 Bernard Kantor 4 541 665 - 34 800 9 875 40 49 920 56 694 23 883 -12 Richemont Non-exec 65 - - - - - 16 053 16 053 14 737 17 463 9 Investec MD - 6 4 541 665 - 34 800 9 875 - 49 880 56 606 23 827 -12 73 Ben Kruger 5 268 1 001 - 9 506 - 16 053 15 775 - - n/a Phumelela Non-exec 5 - - - - - 40 40 88 56 -55 Standard Bank Executive 21 5 268 1 001 - 9 506 - - 15 775 - - n/a 11 Phuthuma Nhleko 2 421 35 401 - 10 000 997 754 49 573 51 811 15 694 -4 74 Ahmad Farroukh 4 666 1 829 - 3 732 5 517 - 15 744 - - n/a Anglo American Non-exec 15 - - - - - 754 754 - - n/a MTN Executive 40 4 666 1 829 - 3 732 5 517 - 15 744 - - n/a MTN Former CEO 40 2 421 35 401 - 10 000 997 - 48 819 51 811 15 694 -6 75 Jacko Maree 5 595 1 318 - 8 786 - - 15 699 6 525 5 953 141 12 Graham Mackay 13 827 13 564 - 20 590 - - 47 981 35 547 37 179 35 Standard Bank CEO 21 5 595 1 318 - 8 786 - - 15 699 6 525 5 953 141 SABMiller CEO 18 13 827 13 564 - 20 590 - - 47 981 35 547 37 179 35 76 Mike Brown 5 256 727 - 9 700 - - 15 683 20 843 7 651 -25 13 Richard Lepeu 27 939 3 460 - 13 828 - - 45 227 27 829 31 339 63 Nedbank CEO 24 5 256 727 - 9 700 - - 15 683 20 843 7 651 -25 Richemont Executive 65 27 939 3 460 - 13 828 - - 45 227 27 829 31 339 63 77 Thys Visser (died April 2012) 11 200 2 660 - - - - 15 527 11 594 15 235 34 14 Glynn Burger 4 025 618 - 32 222 7 919 - 44 784 45 633 23 245 -2 British American Tobacco Non-exec 5 - - - - - 1 667 - - 429 n/a Investec Financial director - 6 4 025 618 - 32 222 7 919 - 44 784 45 633 23 245 -2 Distell Non-exec 2 ------218 199 184 10 15 Alberto Calderon 8 000 4 246 - 8 632 22 146 - 43 023 20 036 - 115 FirstRand Non-exec 2 - - - - - 218 475 564 112 -16 BHP Billiton Executive 88 8 000 4 246 - 8 632 22 146 - 43 023 20 036 - 115 Grindrod Non-exec - 41 - - - - - 475 32 - - n/a 16 Nicandro Durante 11 600 3 931 - 26 212 - - 41 743 26 974 27 487 55 Mediclinic Non-exec 2 - - - - - 32 292 201 257 45 British American Tobacco CEO 5 11 600 3 931 - 26 212 - - 41 743 26 974 27 487 55 Nampak Non-exec 18 - - - - - 292 - 108 130 -100 17 Pat Davies 8 060 5 568 - 10 828 15 835 - 40 291 20 568 30 226 96 Rainbow Chicken Non-exec 10 ------291 213 150 37 Sasol Former CEO 27 8 060 5 568 - 10 828 15 835 - 40 291 20 568 30 226 96 Rand Merchant Insurance Non-exec ------291 20 - - n/a 18 Karen Wood 7 036 2 421 - 7 592 22 655 - 39 704 43 069 - -8 Remgro CEO 57 11 200 2 660 - - - 20 14 093 10 191 13 939 38 BHP Billiton Executive 88 7 036 2 421 - 7 592 22 655 - 39 704 43 069 - -8 RMB Non-exec - 2 - - - - - 233 106 118 34 -10 19 Nick Holland 7 504 9 046 - 22 719 - - 39 269 14 443 11 735 172 78 Peter Nyman 1 905 470 - 650 12 298 106 15 323 6 699 8 313 129 Gold Fields CEO 114 7 504 9 046 - 22 719 - - 39 269 14 443 11 735 172 Bidvest Executive 8 1 905 470 - 650 12 298 - 15 323 6 699 8 313 129 20 Whitey Basson 32 063 4 412 - - - - 36 475 627 526 24 128 -94 79 Graham Ehm 4 251 2 973 - 2 027 6 042 - 15 293 6 604 - 132 Shoprite CEO 11 32 063 4 412 - - - - 36 475 627 526 24 128 -94 AngloGold Ashanti Executive 1 064 4 251 2 973 - 2 027 6 042 - 15 293 6 604 - 132 21 Sizwe Nxasana 6 107 1 046 - 8 190 18 427 388 34 158 12 314 9 915 177 80 Tommy McKeith 5 946 3 488 - 5 855 - - 15 288 - - n/a FirstRand CEO 2 6 107 1 046 - 8 190 18 427 - 33 770 12 314 9 915 174 Gold Fields Executive 114 5 946 3 488 - 5 855 - - 15 288 - - n/a MMI Holdings Non-exec ------388 388 - - n/a 81 Craig Venter 9 624 1 806 - 2 401 1 289 - 15 120 21 032 8 529 -28 22 Robert Carpenter 2 838 17 774 - 11 355 - 114 32 081 16 350 16 406 96 Altron Executive 15 4 812 903 - 1 201 - - 6 916 6 850 8 529 1 Assore Non-exec 115 2 838 17 774 - 11 355 - 114 32 081 16 350 16 406 96 Altech CEO - 15 4 812 903 - 1 200 1 289 - 8 204 14 182 - -42 23 Johann Rupert 15 229 15 623 - - - - 30 851 31 153 40 991 -1 82 Nick Badminton 3 543 861 - - 10 580 - 14 985 4 468 6 823 235 Richemont CEO 65 15 229 15 623 - - - - 30 851 31 153 40 991 -1 Pick n Pay Former CEO - 23 3 543 861 - - 10 580 2 14 985 4 468 6 823 235 24 Cynthia Carroll 13 572 4 559 - 11 159 - 1 056 30 346 21 897 23 152 39 83 Clive Thomson 5 723 1 266 - 7 977 - 2 14 966 12 030 9 419 24 Anglo American Platinum Chairman - 29 - - - - - 1 056 1 056 493 - 114 Barloworld CEO 172 5 723 1 266 - 7 977 - - 14 966 12 030 9 419 24 Anglo American CEO 15 13 572 4 559 - 11 159 - - 29 290 21 403 23 152 37 84 Peter Wharton-Hood 5 337 992 - 8 631 - - 14 960 - 675 n/a 25 Michael Mark 4 870 4 567 - 20 680 - - 30 117 26 074 19 216 16 Standard Bank Executive 21 5 337 992 - 8 631 - - 14 960 - - n/a Truworths International CEO 21 4 870 4 567 - 20 680 - - 30 117 26 074 19 216 16 85 Hugo Nelson 1 064 - - 13 797 - - 14 861 9 726 7 479 53 26 Julian Roberts 9 860 3 828 - 13 572 1 974 339 29 573 28 226 32 331 5 Coronation Fund Managers CEO - 100 1 064 - - 13 797 - - 14 861 9 726 7 479 53 Nedbank Non-exec 24 - - - - - 339 339 344 26 -1 86 David Brown 5 894 2 445 - 3 109 2 913 - 14 859 14 286 15 675 4 Old Mutual CEO - 4 9 860 3 828 - 13 572 1 974 - 29 234 27 882 32 305 5 Impala Platinum Former CEO 41 5 894 2 445 - 3 109 2 913 498 14 361 14 244 15 675 1 27 Mark Cutifani 12 591 6 900 - 8 345 - - 27 836 22 424 20 981 24 Simmer & Jack Mines Former non-exec 123 ------498 42 - 1094 AngloGold Ashanti CEO 1 064 12 591 6 900 - 8 345 - - 27 836 22 424 20 981 24 87 Jerome Smith 10 061 1 888 - 2 838 - 498 14 787 12 884 10 759 15 28 Lindsay Ralphs 3 838 856 - 4 400 18 742 - 27 836 26 766 7 633 4 Cipla Medpro CEO 43 10 061 1 888 - 2 838 - - 14 787 12 884 10 759 15 Bidvest Executive 8 3 838 856 - 4 400 18 742 - 27 836 26 766 7 633 4 88 Schalk Engelbrecht - - - - 14 094 - 14 700 488 353 2912 29 Ben Stevens 8 613 1 247 - 17 896 - - 27 756 22 985 21 237 21 AECI Non-exec 25 - - - - 14 094 606 14 464 334 210 4231 British American Tobacco Financial director 5 8 613 1 247 - 17 896 - - 27 756 22 985 21 237 21 Imperial Non-exec 38 - - - - - 370 236 154 143 53 30 Bruce Hemphill 8 416 1 008 - 17 378 - - 26 802 10 338 5 972 159 89 Michael Fleischer 4 231 4 391 - 5 931 - 236 14 553 - - n/a Liberty Holdings CEO 3 4 208 504 - 10 046 - - 14 758 10 338 5 972 43 Gold Fields Executive 114 4 231 4 391 - 5 931 - - 14 553 - - n/a Standard Bank Executive 21 4 208 504 - 7 332 - - 12 044 - - n/a 90 Peter Oswald 8 240 2 416 - 3 860 - - 14 516 14 344 15 751 1 31 Malcolm Wyman 8 294 8 793 - 8 700 - 706 26 493 18 940 19 345 40 Mondi Executive 49 8 240 2 416 - 3 860 - - 14 516 14 344 15 751 1 Nedbank Non-exec 24 - - - - - 706 706 448 123 58 91 Neil Brimacombe 2 693 659 - 11 058 - - 14 410 3 422 5 516 321 SABMiller Former financial director 18 8 294 8 793 - 8 700 - - 25 787 18 492 19 222 39 Tiger Brands Former executive 13 2 693 659 - 11 058 - - 14 410 3 422 5 516 321 32 Neville Koopowitz 7 135 374 - 18 905 - - 26 414 25 375 5 752 4 92 Ralph Boettger 5 906 1 777 - 6 651 - - 14 335 6 745 8 027 113 Discovery Executive 31 7 135 374 - 18 905 - - 26 414 25 375 5 752 4 Sappi CEO - 260 5 906 1 777 - 6 651 - - 14 335 6 745 8 027 113 33 John Daly 7 540 3 084 - 15 126 - - 25 750 8 127 - 217 93 David Lenigas 7 250 3 550 - 3 434 - - 14 233 8 870 - 60 British American Tobacco Executive 5 7 540 3 084 - 15 126 - - 25 750 8 127 - 217 Lonrho Executive chairman 1 533 7 250 3 550 - 3 434 - - 14 233 8 870 - 60 34 Philip Broadley 6 554 2 494 - 8 804 7 655 - 25 507 17 002 20 063 50 94 Ian Farmer 6 554 4 322 - 3 284 - - 14 159 20 545 24 242 -31 Old Mutual Financial director - 4 6 554 2 494 - 8 804 7 655 - 25 507 17 002 20 063 50 Lonmin CEO 119 6 554 4 322 - 3 284 - - 14 159 20 545 24 242 -31 35 David Kneale 5 201 4 319 - 15 152 - - 24 672 28 557 9 051 -14 95 Wilhelm van Zyl 5 218 1 629 - 7 150 - - 13 997 - 6 397 n/a Clicks CEO 18 5 201 4 319 - 15 152 - - 24 672 28 557 9 051 -14 MMI Holdings Executive - 5 218 1 629 - 7 150 - - 13 997 - 6 397 n/a 36 Alistair McArthur 3 570 1 065 - 5 058 14 529 - 24 222 12 892 8 231 88 96 Michael Wylie 802 565 - 12 615 - - 13 982 10 880 9 950 29 Mr Price Former executive chairman 51 3 570 1 065 - 5 058 14 529 - 24 222 12 892 8 231 88 Wilson Bayly Holmes-Ovcon Executive chairman - 20 802 565 - 12 615 - - 13 982 10 880 9 950 29 37 Carel Goosen 3 104 965 - 2 410 17 537 - 24 016 6 431 21 741 273 97 Machiel Reyneke 3 936 690 - 6 000 3 325 - 13 951 10 652 9 483 31 Shoprite Financial director 11 3 104 965 - 2 410 17 537 - 24 016 6 431 21 741 273 Santam Financial director - 11 1 968 345 - 3 000 1 663 - 6 976 5 326 4 741 31 38 Martha Wikstrom 11 937 3 748 - 8 022 - - 23 707 13 187 - 80 98 Jyoti Desai 4 746 771 - 6 110 2 188 - 13 815 - - n/a Richemont Executive 65 11 937 3 748 - 8 022 - - 23 707 13 187 - 80 MTN Executive 40 4 746 771 - 6 110 2 188 - 13 815 - - n/a 39 Jorge Ferreira 2 976 17 388 - 3 000 - - 23 364 - - n/a 99 Michael Jordaan 4 283 1 399 - 6 360 1 647 - 13 689 - - n/a Mvelaserve CEO 42 2 976 17 388 - 3 000 - - 23 364 - - n/a FirstRand Executive 2 4 283 1 399 - 6 360 1 647 - 13 689 - - n/a 40 Jens Montanana 8 317 1 487 - 12 963 - 22 767 19 680 12 076 16 100 Wayne Robinson 2 834 - 8 490 - 2 336 - 13 661 2 833 4 035 382 Datatec CEO 41 8 317 1 487 - 12 963 - - 22 767 19 680 12 076 16 Eastern Platinum Former executive - 500 2 834 - 8 490 - 2 336 - 13 661 2 833 4 035 382 41 Brian Joffe 9 602 1 401 - 11 737 - - 22 740 18 507 18 056 23 101 Sim Tshabalala 4 713 681 - 8 200 - - 13 594 - - n/a Bidvest CEO 8 9 602 1 401 - 11 737 - - 22 740 18 507 18 056 23 Standard Bank Executive 21 4 713 681 - 8 200 - - 13 594 - - n/a 42 Russell Loubser 2 851 13 993 - 5 740 - - 22 584 14 411 8 740 57 102 Wim de Klerk 3 527 504 - 1 944 7 614 - 13 590 7 247 6 022 88 JSE Former CEO 29 2 851 13 993 - 5 740 - - 22 584 14 411 8 740 57 Exxaro Resources Financial director 40 3 527 504 - 1 944 7 614 - 13 590 7 247 6 022 88 43 Sifiso Dabengwa 7 133 1 388 - 14 007 - - 22 528 11 922 8 291 89 103 Shameel Joosub 5 333 1 016 - 7 234 - - 13 583 11 794 22 277 15 MTN CEO 40 7 133 1 388 - 14 007 - - 22 528 11 922 8 291 89 Vodacom Executive (now CEO) 29 5 333 1 016 - 7 234 - - 13 583 11 794 22 277 15 44 Robbie Lazare 5 134 5 117 - 4 601 7 261 - 22 113 12 681 - 74 104 Ian Moir 5 119 193 - 8 250 - - 13 562 5 680 - 139 AngloGold Ashanti Executive 1 064 5 134 5 117 - 4 601 7 261 - 22 113 12 681 - 74 Woolworths CEO 31 5 119 193 - 8 250 - - 13 562 5 680 - 139 45 Jan Rupert 7 726 2 457 - 11 426 - - 21 609 10 947 11 960 97 105 Gilbert Röth 2 990 8 163 - 2 375 - - 13 528 5 118 2 400 164 Richemont Executive 65 7 726 2 457 - 11 426 - - 21 609 10 947 11 960 97 Mvelaphanda Group Former executive - 82 1 770 1 849 - 2 375 - - 5 994 5 118 2 400 17 46 Mikki Xayiya 5 146 8 810 - 6 548 - - 20 923 27 794 4 504 -25 Mvelaserve Executive 42 1 220 6 314 - - - - 7 534 - - n/a Avusa Chairman 18 - - - - - 419 313 287 225 9 106 Bernard Swanepoel 11 934 69 - - - - 13 500 801 783 1585 Mvelaphanda Group Executive chairman - 82 3 398 2 470 - 3 022 - 313 8 890 8 148 4 229 9 African Rainbow Minerals Non-exec 98 - - - - - 1 497 495 407 370 22 Mvelaphanda Resources Former non-exec - 100 ------19 232 49 -100 Sanlam Non-exec 0 - 69 - - - 495 387 394 413 -2 Mvelaserve Executive chairman 42 1 748 6 340 - 3 526 - - 11 614 - - n/a Simmer & Jack Mines Former non-exec 123 - - - - - 318 684 - - n/a Northam Platinum Non-exec - 50 ------106 127 1 -17 Village Main Reef CEO 32 11 934 - - - - 684 11 934 - - n/a 47 Paul Norman 3 647 530 - 4 740 11 435 106 20 352 - - n/a 107 Fred Mostert 5 430 4 198 - 3 870 - - 13 497 - - n/a MTN Executive 40 3 647 530 - 4 740 11 435 - 20 352 - - n/a Richemont Executive 65 5 430 4 198 - 3 870 - - 13 497 - - n/a 48 Andrew Mackenzie 8 000 2 903 - 8 696 - - 19 598 18 385 - 7 108 Ernst Venter 2 799 473 - 1 740 8 460 - 13 471 6 548 - 106 BHP Billiton Executive 88 8 000 2 903 - 8 696 - - 19 598 18 385 - 7 Exxaro Resources Executive 40 2 799 473 - 1 740 8 460 - 13 471 6 548 - 106 49 Alan Pullinger 1 743 1 761 - 13 416 2 144 - 19 064 - - n/a 109 Pieter Uys 6 728 18 - 6 445 - - 13 191 13 514 10 468 -2 FirstRand Executive 2 1 743 1 761 - 13 416 2 144 - 19 064 - - n/a Vodacom Former CEO 29 6 728 18 - 6 445 - - 13 191 13 514 10 468 -2 50 Alan Ferguson 1 414 15 240 - 2 357 - - 19 011 16 326 18 947 16 110 Gavin Soll 1 616 34 - 11 536 - - 13 186 10 565 20 631 25 Lonmin Former executive 119 1 414 15 240 - 2 357 - - 19 011 16 326 18 947 16 Clientèle MD 25 1 616 34 - 11 536 - - 13 186 10 565 20 631 25 51 Juan Kruger 3 887 5 805 - 9 234 - - 18 926 - - n/a 111 Vadim Jivov 6 294 10 - 6 870 - - 13 174 620 7 2026 Gold Fields Executive 114 3 887 5 805 - 9 234 - - 18 926 - - n/a Uranium One Non-exec - 129 6 294 10 - 6 870 - - 13 174 620 7 2026 52 Markus Jooste 11 713 1 302 - 5 114 - - 18 849 13 857 15 234 36 112 Richard Friedland 5 884 514 - 5 288 1 476 - 13 162 10 696 7 079 23 PSG Non-exec 23 - - - - - 720 96 90 101 7 Netcare CEO 21 5 884 514 - 5 288 1 476 - 13 162 10 696 7 079 23 Steinhoff CEO 2 11 713 1 302 - 5 114 - 96 18 753 13 767 15 133 36 113 Peter Turner 5 871 3 288 - 3 978 - - 13 138 - - n/a 53 Pieter Engelbrecht 2 475 621 - 1 610 13 845 624 18 551 3 852 9 414 382 Gold Fields Executive 114 5 871 3 288 - 3 978 - - 13 138 - - n/a Shoprite Executive 11 2 475 621 - 1 610 13 845 - 18 551 3 852 9 414 382 114 Neal Froneman 4 648 - - 8 489 - - 13 137 4 809 3 497 173 54 René Médori 8 538 2 946 - 6 960 - - 18 444 13 451 13 685 37 Gold One International CEO 200 4 648 - - 8 489 - - 13 137 4 809 3 497 173 Anglo American Financial director 15 8 538 2 946 - 6 960 - - 18 444 13 451 13 685 37 115 Myron Berzack 3 699 877 - 3 300 4 892 - 12 999 14 424 8 119 -10 55 Stuart Murray 7 828 551 - 8 845 - - 18 316 7 851 7 737 133 Altron Non-exec 15 - - - - - 231 196 175 167 12 Aquarius Platinum CEO 494 7 828 551 - 8 845 - 1 092 17 956 7 691 7 539 133 Amalgamated Appliance Former non-exec 53 - - - - - 196 35 - - n/a Simmer & Jack Mines Former non-exec 123 - - - - - 732 360 160 198 125 Bidvest Former executive 8 3 699 877 - 3 300 4 892 35 12 768 14 249 7 952 -10 56 Chris de Faria 4 753 475 - 5 781 7 266 360 18 275 - - n/a 116 Antony Ball 4 062 283 - 3 259 5 131 - 12 735 6 950 4 733 83 MTN Executive 40 4 753 475 - 5 781 7 266 - 18 275 - - n/a Brait Non-exec - 11 4 062 283 - 3 259 5 131 - 12 735 6 950 4 733 83 57 Tony O'Neill 11 670 2 051 - 4 530 - - 18 251 15 633 - 17 117 Brian Bruce 4 850 5 367 - - 2 408 - 12 625 4 850 9 510 160 AngloGold Ashanti Executive 1 064 11 670 2 051 - 4 530 - - 18 251 15 633 - 17 Murray & Roberts Former CEO - 248 4 850 5 367 - - 2 408 - 12 625 4 850 9 510 160 58 Nick Wentzel 3 839 573 12 000 1 800 - - 18 212 1 250 4 503 1357 118 Neville Nicolau 6 862 1 168 - 4 533 - - 12 562 10 110 8 830 24 Astral Foods Former CEO 20 ------4 503 n/a Anglo American Platinum CEO - 29 6 862 1 168 - 4 533 - - 12 562 10 110 8 830 24 Reunert Former CEO 18 3 839 573 12 000 1 800 - - 18 212 1 250 - 1357 119 Gerhard Riemann 4 242 1 416 - 6 597 - - 12 532 12 810 11 329 -2 59 Chris Cory 3 886 1 276 - 12 809 - - 18 067 15 845 15 896 14 Imperial Holdings Executive 38 4 242 1 416 - 6 597 - 277 12 532 12 810 11 329 -2 Assore CEO 115 3 886 1 276 - 12 809 - 96 18 067 15 845 15 896 14 120 Nereus Joubert 4 001 1 926 - 3 269 3 293 277 12 489 - - n/a 60 Johan Burger 5 379 1 867 - 7 470 2 610 96 17 787 15 705 8 430 13 Sasol Executive 27 4 001 1 926 - 3 269 3 293 - 12 489 - - n/a FirstRand Executive 2 5 379 1 867 - 7 470 2 610 461 17 326 15 705 8 430 10 121 Paul Saaiman 7 289 426 - 3 000 1 771 - 12 486 - - n/a MMI Holdings Non-exec ------461 - - n/a Simmer & Jack Mines Former CEO 123 2 244 170 - 3 000 1 771 - 7 186 - - n/a 61 David Hathorn 9 202 3 194 - 5 385 - 461 17 780 17 895 19 142 -1 Village Main Reef Financial director 32 5 044 256 - - - - 5 300 - - n/a Mondi CEO 49 9 202 3 194 - 5 385 - - 17 780 17 895 19 142 -1 122 Simon Crutchley 4 367 386 - 4 351 3 364 - 12 468 11 544 5 550 8 62 Sipho Nkosi 5 653 684 - 3 425 7 372 - 17 669 13 997 7 737 26 AVI CEO 36 4 367 386 - 4 351 3 364 - 12 468 11 544 5 550 8 Atlatsa Resources Former non-exec 58 - - - - - 536 271 270 253 0 123 Mark Blair 2 476 859 - 3 817 5 198 - 12 350 8 027 6 175 54 Exxaro Resources CEO 40 5 653 615 - 3 425 7 372 271 17 065 13 402 6 934 27 Mr Price Executive 51 2476 859 - 3 817 5 198 - 12 350 8 027 6 175 54 Great Basin Gold Former non-exec - 50 ------201 n/a 124 Dennis Cope 1 930 2 028 - - 8 286 - 12 245 3 288 6 616 272 Sanlam Non-exec 0 - 69 - - - - 334 325 349 3 Pick n Pay Former executive - 23 1 930 2 028 - - 8 286 - 12 245 3 288 6 616 272 Graphic: FIONA KRISCH Business

Business, 16-Sep-2012-Page 7, Cyan Business, 16-Sep-2012- Page 7, Magenta Business, 16-Sep-2012-Page 7, Yellow Business, 16-Sep-2012- Page 7, Black

B-1 JDCP Sunday Times 60- -9541+0 156 5-26-*-4 $  *KIEAII | %

Market cap Investment Market cap Investment Market cap Investment Market cap Investment THE RICHEST Mar 2012 total Mar Mar 2012 total Mar Mar 2012 total Mar Mar 2012 total Mar Name & company % holding (R-m) 2012 (R-m) Name & company % holding (R-m) 2012 (R-m) Name & company % holding (R-m) 2012 (R-m) Name & company % holding (R-m) 2012 (R-m) Market cap Investment 42 Tom Borman 592.35 93 Hymie Levin 272.15 141 Paul Theodosiou 168.25 196 Phillip Abelheim 103.83 Mar 2012 total Mar Name & company % holding (R-m) 2012 (R-m) Optimum Coal 6.19% 9 567.88 592.35 Advtech 2.34% 2 840.94 69.02 Acucap Properties 2.25% 7 223.15 164.00 Transpaco 17.39% 580.94 103.83 1 Patrice Motsepe 20 072.48 43 Jens Montanana 585.32 Famous Brands 1.04% 4 800.00 50.00 Sycom Property Fund 0.07% 6 277.25 4.25 197 Anthony Fletcher 103.07 African Rainbow Minerals 41.05% 38 826.22 15 970.58 Datatec 7.11% 8 230.50 585.32 Netcare 0.76% 20 609.31 153.13 142 Carel Goosen 165.25 ELB Group 12.68% 826.18 103.07 Sanlam 5.92% 69 678.00 4 101.90 44 Brett Levy 578.29 94 Michael Flemming 268.88 Shoprite 0.21% 78 340.56 165.25 198 Nick Vlok 102.92 2 Christo Wiese 15 226.35 Blue Label Telecoms 12.25% 4 633.88 578.29 Life Healthcare 1.03% 26 055.24 268.88 143 Ian Kantor 164.95 DigiCore 13.85% 730.62 102.92 Brait 3.21% 10 534.04 341.19 45 Peter Gain 574.70 95 Freddie Kenney 268.00 Investec 0.59% 28 080.75 164.95 199 Selwyn Kahanovitz 100.23 Invicta 34.38% 4 817.31 1 656.24 Optimum Coal 6.01% 9 567.88 574.70 Raubex 11.17% 2 398.97 268.00 144 Horst Sass 164.69 Litha Healthcare 8.92% 1 281.38 100.23 PSG Group 7.65% 9 832.13 759.50 46 Meyer Kahn 565.72 96 Dennis Polak 266.60 Bowler Metcalf 20.69% 751.64 164.69 200 Martin Moritz 99.27 Shoprite 15.76% 78 340.56 12 318.68 AfroCentric 1.87% 735.94 15.01 Foschini 0.89% 29 744.82 266.60 145 Thys Visser (died April 2012) 163.36 Comair 10.15% 733.76 99.27 Tradehold 15.54% 900.68 150.74 AfroCentric - Pref 22.75% 166.38 37.85 97 Atul Gupta 260.40 Remgro 0.26% 64 155.53 163.36 201 Jonathan Rens 97.99 3 Lakshmi Mittal 12 985.08 SABMiller 0.10% 511 000.00 512.87 Comair 4.66% 733.76 45.60 146 Doug Murray 163.06 Acucap Properties 1.35% 7 223.15 97.99 ArcelorMittal SA 52.02% 24 944.29 12 985.08 47 Panagiotis Halamandaris 563.30 Northam Platinum 1.65% 13 048.81 214.80 Foschini 0.55% 29 744.82 163.06 202 Viv Bartlett 97.66 4 Nicky Oppenheimer 8 965.25 Famous Brands 11.71% 4 800.00 563.30 98 David Samuels 260.03 147 Glynn Burger 161.64 FirstRand 0.07% 134 000.00 97.66 Anglo American 2.34% 383 000.00 8 965.25 48 Rain Zihlangu 558.07 Invicta 5.40% 4 817.31 260.03 Investec 0.38% 13 017.11 48.74 203 Rod Humphris 97.06 5 Royal Bafokeng Consortium 8 166.69 Exxaro Resources 0.80% 70 212.00 558.07 99 Johan van Zyl 258.38 Investec plc 0.40% 28 080.75 112.90 Omnia 1.52% 6 405.55 97.06 Astrapak 16.93% 932.41 160.11 49 Claas Daun 537.63 Sanlam 0.37% 69 678.00 258.36 148 Marius Kloppers 161.20 204 Sello Moloko 96.67 Impala Platinum 0.01% 95 451.99 12.55 KAP International 41.43% 1 252.20 527.62 Santam -% 19 214.77 0.02 BHP Billiton 0.03% 499 000.00 161.20 Acucap Properties 1.33% 7 223.15 96.67 Merafe Resources 28.88% 2 119.24 720.16 Steinhoff 0.02% 48 666.79 10.01 100 Jebb McIntosh 255.07 149 Mikki Xayiya 160.89 205 Hassen Adams 94.48 Metair 24.85% 3 691.27 909.87 50 Mark Levy 526.44 Combined Motor Holdings 23.57% 1 125.27 255.07 Mvelaphanda Group 1.85% 1 973.50 31.37 Grand Parade 6.69% 1 199.67 94.48 Royal Bafokeng Platinum 56.72% 9 989.95 5 712.84 Blue Label Telecoms 11.15% 4 633.88 526.44 101 Neil Jowell 253.21 Mvelaserve 2.18% 1 627.96 36.95 206 Mike Wylie 93.73 Zurich Insurance 25.10% 2 594.23 651.15 51 Kevin James 516.56 Trencor 3.18% 8 019.41 253.21 Northam Platinum 0.71% 13 048.81 92.57 Wilson Bayly Holmes-Ovcon 1.09% 8 580.00 93.73 6 Des Sacco 8 025.06 Country Bird 51.13% 996.20 516.56 102 André du Plessis 251.81 150 David Lewis 157.32 207 Jan du Preez 92.66 Assore 23.85% 33 708.11 8 025.06 52 Mlungisi Kwini 513.76 Capitec Bank 1.24% 20 352.85 251.81 Resilient Property 1.44% 10 814.67 157.32 Petmin 5.35% 1 788.42 92.66 7 Laurie Dippenaar 7 209.59 Optimum Coal 5.37% 9 567.88 513.76 103 Steve Pacak 251.30 151 Judy Dlamini 156.60 208 Johan Le Roux 92.23 FirstRand 2.28% 134 000.00 3 084.02 53 Simon Susman 509.84 Naspers 0.14% 177 000.00 251.30 Aspen Pharmacare 0.30% 51 779.13 156.60 Curro Holdings 4.77% 1 934.57 92.23 MMI 0.10% 26 635.58 25.79 Woolworths 1.27% 40 223.47 509.84 104 Thys du Toit 249.14 152 Peter Malungani 154.58 209 Ton Vosloo 91.80 Rand Merchant Insurance 5.75% 25 568.70 1 452.00 54 Eliphus Monkoe 505.40 PSG Group 2.51% 9 832.13 248.89 Investec 1.19% 13 017.11 154.58 Naspers 0.05% 177 000.00 91.80 RMB Holdings 6.05% 44 143.96 2 647.77 Optimum Coal 5.28% 9 567.88 505.40 ZCI 0.06% 399.21 0.24 153 Zyda Rylands 151.95 210 Teunis Scharrighuisen 91.28 8 John Whittaker 6 909.26 55 Theofanis Halamandaris 500.00 105 Mark Willcox 248.62 Woolworths 0.38% 40 223.47 151.95 Argent Industrial 11.83% 746.84 91.28 Capital Shopping Centres 20.08% 34 747.88 6 909.26 Famous Brands 10.40% 4 800.00 500.00 Northam Platinum 1.91% 13 048.81 248.62 154 Nigel Townshend 149.39 211 Allan Groll 91.17 9 Stephen Saad 6 431.95 56 Giuseppe Zannoni 481.76 106 Cecil Jowell 244.02 Basil Read 7.54% 1 950.02 149.39 Mazor Group 2.13% 202.91 5.17 Aspen Pharmacare 12.37% 51 779.13 6 431.95 Ceramic Industries 21.98% 2 191.63 481.76 Trencor 3.06% 8 019.41 244.02 155 Derek Thomas 149.05 Trematon 24.59% 290.29 86.00 10 Rembrandt Trust (Rupert family) 6 142.60 57 Gordon Schachat 480.00 107 Bernard Kantor 243.65 Transpaco 24.96% 580.94 149.05 212 Grant Mackenzie 91.09 Remgro - B 100.00% 6 155.20 6 142.60 African Bank Investments 1.49% 32 054.42 480.00 Investec 1.38% 13 017.11 178.65 156 Stephanus Grobler 148.84 BSI Steel 12.65% 575.88 91.09 11 Ackerman Family Trust 4 943.88 58 Alan Burke 472.83 Investec plc 0.01% 28 080.75 2.28 Steinhoff 0.30% 48 666.79 148.84 213 Alan Gooderson, 88.87 Pick n Pay Holdings 49.35% 9 965.01 4 943.88 ARB Holdings 50.30% 963.50 472.83 Phumelela 7.40% 809.57 62.72 157 Barry Stuhler 147.52 Gooderson Leisure 71.10% 85.00 88.87 12 Bruno Steinhoff 4 695.47 59 Steven Gottschalk 470.92 108 Peter Moyo 242.74 Capital Property Fund 1.02% 14 703.92 147.52 214 Mathews Phosa 88.45 Steinhoff 9.48% 48 666.79 4 695.47 Value Group 47.42% 993.14 470.92 Liberty -% 25 901.31 0.25 158 Christian van Schalkwyk 147.47 Bauba Platinum 5.76% 234.22 14.20 13 GT Ferreira 3 994.86 60 Edwin de la Harpe Hertzog 470.59 Pinnacle Technology 10.18% 2 426.90 242.20 Capitec Bank 0.72% 20 352.85 147.47 Value Group 7.48% 993.14 74.25 Rand Merchant Insurance 5.47% 25 568.70 1 381.00 Distell Group 0.02% 15 212.85 2.72 Vodacom -% 161 000.00 0.29 159 Ivan Clark 146.77 215 Frank Thompson 87.96 Remgro 0.15% 64 155.53 95.58 Mediclinic 0.64% 24 461.83 158.83 109 Chris Seabrooke 242.23 Chemical Specialities 3.57% 674.89 38.27 Advtech 2.99% 2 840.94 87.96 RMB Holdings 5.75% 44 143.96 2 518.29 Remgro 0.48% 64 155.53 309.05 Brait 0.12% 10 534.04 12.60 Grindrod 1.00% 9 040.65 89.55 216 Dave King 87.76 14 Koos Bekker 3 700.96 61 Mzolisi Diliza 467.34 Datatec 0.37% 8 230.50 30.80 Grindrod - Cum Pref 2.78% 680.06 18.95 Micromega 21.61% 359.38 87.76 Naspers 2.09% 177 000.00 3 699.97 Growthpoint Properties 1.34% 34 861.62 467.34 Metrofile 4.93% 1 203.39 61.20 160 Jochen Zeitz 146.22 217 Antony Ball 87.47 South Ocean 0.31% 312.76 0.98 62 Graham Mackay 464.59 Sabvest 68.63% 158.26 106.83 Wilderness 21.10% 693.00 146.22 Brait 0.82% 10 534.04 87.47 15 Cyril Ramaphosa 3 079.54 SABMiller 0.09% 511 000.00 464.59 Sabvest - N 10.63% 289.80 30.80 161 Gavin Tollman 145.01 218 Reuel Khoza 87.47 Assore 3.62% 33 708.11 1 218.15 63 Riaan Stassen 449.90 110 John Robertson 239.76 Wilderness 20.92% 693.00 145.01 Nampak 0.54% 16 148.52 86.94 Bidvest 0.21% 58 910.35 124.39 Capitec Bank 2.20% 20 352.85 448.03 Discovery 0.81% 29 812.61 239.76 162 Dillie Malherbe 143.10 Nedbank -% 83 218.52 0.52 Mondi -% 26 478.06 0.51 Capitec Bank - Pref 0.73% 255.34 1.87 111 Joe Madungandaba 238.62 Remgro 0.22% 64 155.53 143.10 219 Savannah Maziya 86.97 MTN 0.50% 254 000.00 1 264.61 64 Mustaq Brey 447.84 AfroCentric 27.33% 735.94 219.45 163 Keith Scott 136.29 Wilson Bayly Holmes-Ovcon 1.01% 8 580.00 86.97 SABMiller -% 511 000.00 1.23 Brimstone 10.25% 514.53 52.72 Jasco 13.09% 165.43 19.16 Village Main Reef 7.56% 1 758.07 136.29 220 James Ngobeni 86.97 Standard Bank 0.27% 177 000.00 470.66 Brimstone - N 6.12% 2 333.87 146.81 112 Gary Bell 228.59 164 Roger Hogarth 136.16 Wilson Bayly Holmes-Ovcon 1.01% 8 580.00 86.97 16 Michiel le Roux 2 946.16 Life Healthcare 0.81% 26 055.24 211.56 Bell Equipment 9.26% 2 421.43 228.59 Life Healthcare 0.52% 26 055.24 136.16 221 Greg Lotis 86.64 Capitec Bank 14.47% 20 352.85 2 945.41 Nedbank -% 83 218.52 0.35 113 Carl Fischer 227.48 165 Toni Haarburger 135.36 Metmar 12.42% 604.35 86.64 Zeder Investments 0.03% 2 543.03 0.75 Oceana 0.65% 5 610.06 36.41 Capitec Bank 1.12% 20 352.85 227.48 Holdsport 7.65% 1 786.42 135.36 222 Piet Boshoff 86.34 17 Giovanni Ravazzotti 2 909.61 65 Maldwyn Zimmerman 434.68 114 Kevin Hodgson 223.28 166 Hugo Nelson 134.98 Metmar 12.38% 604.35 86.34 Ceramic Industries 34.03% 2 191.63 745.91 Combined Motor Holdings 40.17% 1 125.27 434.68 Holdsport 12.62% 1 786.42 223.28 Coronation Fund Managers 1.48% 8 972.35 134.98 223 Nick Hanekom 86.30 Italtile 34.90% 5 890.00 2 163.70 66 Alec Wapnick (died Aug 2012) 428.80 115 Harish Mehta 221.22 167 Mark Stevens 125.91 Fortress Income Fund - B 1.61% 1 629.03 27.60 18 Adrian Gore 2 688.49 Octodec Investments 12.86% 1 491.27 195.18 Redefine Properties 1.02% 21 467.57 219.94 Fortress Income Fund 2.06% 3 743.91 76.61 Resilient Property 0.54% 10 814.67 58.70 Discovery 9.08% 29 812.61 2 688.49 Premium Properties 9.93% 2 332.78 233.62 Spar 0.01% 19 950.44 1.28 Fortress Income Fund - B 2.88% 1 629.03 49.31 224 Tumelo Motsisi 85.61 19 Jannie Mouton 2 513.51 67 Richard Gordon 428.42 116 Asher Bohbot 220.87 168 Moss Ngoasheng 125.25 Atlatsa Resources 14.14% 667.94 85.61 PSG Group 23.61% 9 832.13 2 345.27 Capital Shopping Centres 1.25% 34 747.88 428.42 EOH Holdings 6.72% 3 255.75 220.87 Kelly Group 30.77% 351.00 123.09 225 Henry White 85.50 Steinhoff 0.34% 48 666.79 168.00 68 Lazarus Zim 419.60 117 Danie van der Merwe 210.69 Sephaku 0.42% 429.48 2.16 Optimum Coal 0.89% 9 567.88 85.50 Zeder Investments 0.01% 2 543.03 0.24 Northam Platinum 3.19% 13 048.81 414.26 Steinhoff 0.43% 48 666.79 210.69 169 Phoevos Pouroulis 125.07 226 Jeff Zidel 85.19 20 Paul Harris 2 499.84 Sanlam 0.01% 69 678.00 5.34 118 Gino Stefanutti 210.07 Keaton Energy 22.09% 537.94 125.07 Fortress Income Fund 0.18% 3 743.91 6.75 FirstRand 0.78% 134 000.00 1 058.52 69 Herschel Mayers 416.37 Stefanutti Stocks 9.31% 2 247.56 210.07 170 Nicolaas Tromp 124.96 Fortress Income Fund - B 0.96% 1 629.03 16.53 MMI Holdings 0.04% 26 635.58 9.74 Discovery 1.41% 29 812.61 416.37 119 Terry Moolman 209.50 Nictus 58.46% 214.31 124.96 New Europe Property Inv 1.63% 3 823.05 61.91 Rand Merchant Insurance 1.98% 25 568.70 499.05 70 Sisa Ngebulana 409.78 Caxton & CTP 2.84% 7 289.43 209.50 171 Hendrik Ferreira 124.46 227 Neville Crosse 84.77 Remgro 0.04% 64 155.53 22.49 Rebosis Property Fund 18.65% 2 186.46 409.78 120 Piet Mouton 208.01 Steinhoff 0.25% 48 666.79 124.46 Omnia 1.33% 6 405.55 84.77 RMB Holdings 2.08% 44 143.96 910.04 71 Gary Morolo 405.76 Capitec Bank 0.01% 20 352.85 2.26 172 Thandi Orleyn 122.56 228 Nithiananthan Nalliah 83.67 21 Gus Attridge 2 180.44 Datacentrix 39.54% 985.28 405.76 PSG 2.07% 9 832.13 205.75 Ceramic Industries 0.63% 2 191.63 13.78 African Bank Investments 0.26% 32 054.42 83.67 Aspen Pharmacare 4.19% 51 779.13 2 180.44 72 Perikles Halamandaris 393.85 121 Herman Mashaba 205.56 Reunert 0.78% 13 975.39 108.78 229 Jan Scannell 81.69 22 Sipho Nkosi 1 957.10 Famous Brands 8.19% 4 800.00 393.85 Growthpoint Properties 0.53% 34 861.62 184.80 173 Stanley Chilvers 121.24 Distell 0.54% 15 212.85 81.69 Exxaro Resources 2.78% 70 212.00 1 951.77 73 Quinton van Rooyen 392.55 Stefanutti Stocks 0.92% 2 247.56 20.76 Cargo Carriers 67.35% 182.00 121.24 230 Manie Roode 80.82 Sanlam 0.01% 69 678.00 5.33 Trustco Group 55.51% 806.14 392.55 122 Shub Family Trust 203.47 174 Richard Friedland 120.30 Clover 3.01% 2 631.15 80.82 23 Johann Rupert 1 589.70 74 Roland Sassoon 373.78 African & Overseas - N 13.75% 164.73 22.31 Netcare 0.59% 20 609.31 120.30 231 Takalani Tshivhase 80.65 Reinet Investments 2.47% 27 333.81 676.37 Sasfin 38.57% 977.12 373.78 Rex Trueform - 6% Cum Pref 0.59% 0.18 - 175 Gavin Soll 119.15 Pinnacle Technology 3.38% 2 426.90 80.36 Remgro 1.43% 64 155.53 913.33 75 Louis van der Watt 369.37 Rex Trueform - N 63.84% 283.77 181.16 Clientéle 3.32% 3 734.89 119.15 Rolfes 0.07% 367.81 0.29 24 Michael Lewis 1 589.28 Hyprop 2.62% 13 979.01 369.37 123 Iqbal Survé 202.48 176 Andrew Bonamour 118.55 232 David Ellwood 80.34 Foschini Group 5.33% 29 744.82 1 589.28 76 Jeffrey Wapnick 360.78 Sekunjalo Investments 41.38% 278.92 202.48 Blackstar Group 9.16% 804.47 75.22 Metmar 11.52% 604.35 80.34 25 Bill Venter 1 574.72 Octodec Investments 10.81% 1 491.27 164.08 124 Andries de Lange 202.07 Litha Healthcare 3.85% 1 281.38 43.32 233 Jacko Maree 78.73 Altron 56.14% 2 536.06 1 423.79 Premium Properties 8.36% 2 332.78 196.71 Capital Property Fund 0.53% 14 703.92 76.16 177 Ronnie Stein 118.25 Standard Bank 0.04% 177 000.00 77.70 Altron - Partprf 2.58% 5 794.95 149.55 77 Sean Melnick 359.38 Resilient Property 1.15% 10 814.67 125.91 Foschini 0.40% 29 744.82 118.25 Standard Bank - Pref 0.02% 5 298.75 1.03 Altech 0.02% 5 676.27 1.38 Peregrine 14.32% 2 509.42 359.38 125 Gerrie Fourie 199.95 178 Johann Vorster 117.87 234 Peter Swatton 77.38 26 Barry Swartzberg 1 455.83 78 Sharon Wapnick 351.94 Capitec Bank 0.98% 20 352.85 199.95 Clover 4.39% 2 631.15 117.87 Italtile 1.25% 5 890.00 77.38 Discovery 4.92% 29 812.61 1 455.83 Octodec Investments 10.97% 1 491.27 166.56 126 Sifiso Dabengwa 198.93 179 Jerome Smith 117.75 235 Kabs Makaba 75.75 27 Whitey Basson 1 385.08 Premium Properties 7.88% 2 332.78 185.38 MTN 0.08% 254 000.00 198.93 Cipla Medpro 3.71% 2 996.58 117.75 Mediclinic 0.31% 24 461.83 75.75 Shoprite 1.77% 78 340.56 1 385.08 79 Michael Mark 347.49 127 Tami Sokutu 196.19 180 Francois du Toit 116.45 236 Hatla Ntene 75.32 28 Des de Beer 1 154.29 Truworths 0.93% 37 219.67 347.49 African Bank Investments 0.61% 32 054.42 196.19 Afrimat 13.55% 802.27 116.45 Calgro M3 11.85% 596.10 75.32 Capital Property Fund 0.75% 14 703.92 108.56 80 Robin Frew 340.22 128 Malcolm Wyman 194.80 181 Ryan Otto 113.45 237 Barry Lok 75.29 New Europe Property 6.03% 3 823.05 228.43 MiX Telematics 25.88% 1 150.10 340.22 Nedbank -% 83 218.52 0.06 Ellies 9.34% 1 062.27 113.45 William Tell 60.23% 65.00 75.29 Resilient Property 7.47% 10 814.67 817.30 81 William Battershill 337.43 SABMiller 0.04% 511 000.00 194.74 182 Grant Pattison 112.83 238 Valli Moosa 74.51 29 Louis Norval 1 129.65 BSI Steel 46.87% 575.88 337.43 129 Ragavan Moonsamy 193.33 Massmart 0.32% 34 979.91 112.83 Anglo American Platinum -% 144 000.00 1.34 Hyprop Investments 8.01% 13 979.01 1 129.65 82 Robert Gumede 334.41 Growthpoint Properties 0.55% 34 861.62 193.33 183 Raymond Cadiz 109.93 Sanlam 0.01% 69 678.00 5.33 30 Vincent Mntambo 1 094.92 Gijima Group 34.53% 484.18 334.41 130 Norman Thomson 193.06 Cadiz 14.48% 642.80 109.93 Sappi 0.12% 15 254.15 17.56 Exxaro Resources 1.56% 70 212.00 1 094.92 83 Elliot Salkow 332.33 Woolworths 0.48% 40 223.47 193.06 184 Willie Meyburgh 109.58 Sun International 0.54% 9 276.44 50.29 31 Markus Jooste 990.27 Ellies Holdings 27.37% 1 062.27 332.33 131 Fred Robertson 191.69 Stefanutti Stocks 4.86% 2 247.56 109.58 239 Ian Moir 74.10 Phumelela 1.81% 809.57 15.36 84 Koos Raubenheimer 325.00 Brimstone 12.04% 514.53 61.96 185 Nonhlanhla Mjoli-Mncube 109.52 Woolworths 0.18% 40 223.47 74.10 Steinhoff 1.97% 48 666.79 974.91 Raubex Group 13.55% 2 398.97 325.00 Brimstone - N Shares 5.38% 2 333.87 129.07 Capitec Bank 0.11% 20 352.85 22.55 240 Ben Malherbe 73.89 32 Pat Goss 931.97 85 Stephen Koseff 317.70 Remgro -% 64 155.53 0.67 Wilson Bayly Holmes-Ovcon 1.01% 8 580.00 86.97 Calgro M3 11.63% 596.10 73.89 FirstRand 0.28% 134 000.00 376.13 Bidvest -% 58 910.35 - 132 Jaap du Toit 187.57 186 Alan Pollard 109.05 241 Christopher Marlow 73.80 Rand Merchant Insurance 0.78% 25 568.70 196.86 Investec Bank - Pref 0.03% 1 517.73 0.39 PSG 1.89% 9 832.13 187.57 Discovery 0.37% 29 812.61 109.05 Acucap Properties 1.01% 7 223.15 73.80 RMB Holdings 0.82% 44 143.96 358.98 Investec 0.66% 13 017.11 85.04 133 Marc Wainer 186.30 187 Adam Fleming 108.78 242 Jan Mouton 71.47 33 Marcel Golding 733.88 Investec - Pref 0.01% 2 682.72 0.28 Hyprop Investments 0.21% 13 979.01 29.48 Witwatersrand Cons Gold 7.69% 1 396.86 108.78 PSG Group 0.72% 9 832.13 71.47 HCI 6.81% 10 771.14 733.88 Investec plc 0.81% 28 080.75 227.44 Redefine Properties International 0.55% 2 214.07 11.24 188 Johan Burger 108.70 243 Alwyn Martin 70.32 34 Graeme Gordon 730.80 Investec plc - Pref 0.67% 678.65 4.55 Redefine Properties 0.68% 21 467.57 145.58 FirstRand 0.06% 134 000.00 85.97 Mediclinic -% 24 461.83 0.12 Capital & Counties Properties 4.45% 16 161.23 730.80 86 Jakes Gerwel 310.77 134 Lawrie Brozin 183.47 MMI Holdings 0.08% 26 635.58 22.73 Petmin 4.06% 1 788.42 70.20 35 Willie Marais 728.55 Brimstone 4.16% 514.53 21.38 Brimstone 4.37% 514.53 22.50 189 Anna Mokgokong 107.39 244 Wouter Hanekom 70.01 Omnia 11.40% 6 405.55 728.55 Brimstone - N 5.33% 2 333.87 127.86 Brimstone - N 5.07% 2 333.87 121.66 AfroCentric 12.35% 735.94 99.17 Pioneer Food 0.53% 13 057.76 70.01 36 Mike Teke 723.03 Life Healthcare 0.62% 26 055.24 161.53 Life Healthcare 0.15% 26 055.24 39.31 Jasco 5.61% 165.43 8.21 245 Mike Flax 68.18 Optimum Coal 7.56% 9 567.88 723.03 87 Patrick Goldrick 306.31 135 Lionel Jacobs 183.04 190 Frikkie Nel 106.38 Redefine Properties 0.32% 21 467.57 68.18 37 Leon Kirkinis 660.00 Cashbuild 9.65% 3 173.92 306.31 Bidvest 0.31% 58 910.35 183.04 Steinhoff 0.21% 48 666.79 106.38 246 John Copelyn 67.59 African Bank Investments 2.05% 32 054.42 660.00 88 John Halamandres 303.30 136 Neville Bester 182.51 191 Bernard Berelowitz 106.09 HCI 0.42% 10 771.14 45.03 38 Brian Joffe 636.64 Famous Brands 6.31% 4 800.00 303.30 OneLogix 39.36% 389.46 182.51 Consolidated Infrastructure 7.63% 1 401.68 106.09 Seardel Investment 3.46% 757.92 22.05 AfroCentric 1.35% 735.94 10.80 89 Chris Otto 283.51 137 Peter Cooper 178.30 192 Johann Kriek 105.39 Seardel Investment - N 0.74% 76.55 0.51 AfroCentric - Pref 15.32% 166.38 25.48 Capevin Investments -% 4 242.00 0.10 Discovery 0.02% 29 812.61 5.50 Resilient Property 0.96% 10 814.67 105.39 247 Mike Brown 67.45 Bidvest 1.02% 58 910.35 600.35 Capitec Bank 0.51% 20 352.85 104.05 Rand Merchant Insurance 0.24% 25 568.70 61.20 193 Hugh Herman 105.02 Nedbank 0.08% 83 218.52 67.45 39 Saki Macozoma 634.09 PSG Group 1.80% 9 832.13 179.12 RMB Holdings 0.26% 44 143.96 111.60 Growthpoint Properties 0.01% 34 861.62 2.02 248 Leon Venter 67.10 Standard Bank 0.36% 177 000.00 633.98 Zeder 0.01% 2 543.03 0.24 138 Martin Slabbert 177.15 Investec Bank - Pref 0.01% 1 517.73 0.11 Capitec Bank 0.33% 20 352.85 67.10 Standard Bank - Pref -% 5 298.75 0.11 90 Paul Botha 283.08 New Europe Property 4.67% 3 823.05 177.15 Investec 0.28% 13 017.11 35.74 249 Nick Badminton 66.43 40 Leonard Sowazi 624.04 Astrapak 29.93% 932.41 283.08 139 Pierre Joubert 175.91 Investec plc 0.23% 28 080.75 64.39 Pick n Pay Holdings 0.17% 9 965.01 16.73 Exxaro Resources 0.86% 70 212.00 601.60 91 Arnold Goldstone 282.86 Crookes Brothers 30.22% 582.10 175.91 Pick n Pay Holdings 0.03% 9 965.01 2.76 Pick n Pay Stores 0.24% 20 897.28 49.70 Litha Healthcare 2.00% 1 281.38 22.44 Invicta 5.87% 4 817.31 282.86 140 Manny de Canha 171.71 194 Mutle Mogase 104.48 250 Kobie Botha 66.30 41 Lance Sherrell 612.81 92 Arnold Fourie 279.39 Imperial 0.53% 32 525.67 171.71 African Bank Investments 0.32% 32 054.42 104.48 Wilson Bayly Holmes-Ovcon 0.77% 8 580.00 66.30 Invicta 12.72% 4 817.31 612.81 Pinnacle Technology 7.75% 2 426.90 184.42 195 Boetie van Zyl 103.94 Rolfes 22.91% 367.81 94.97 Naspers 0.06% 177 000.00 103.94 Graphic: FIONA KRISCH Business

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B-1 JDCP | *KIEAII6EAI 5-26-*-4 $  60- -9541+0 156 Sunday Times

-:2 51  . + 74 =)EC >EC They could  AO EI = E JDA IJ=HI buy another 2)641+- JIAFA JDA HE?DAIJ = E 5) EI = )GK=HEKI 6DAHA =HA FA FA = C JDA J F   JDA 4E?D !EIJ > H K@AH JDEI $ @E=? IEC )GK=HE=I =HA =II ?E=JA@ MEJD CAAH IEJO JDAO ID=HA JDAEH MA=JD =@ CAJ JDAHI J @ JDA I=A Ga u t ra i n 6DAO =HA E L=J HI =@ ? A KF MEJD CHA=J E@A=I 6DAHA =HA  5? HFE I = C JDA  HE?DAIJ 5? HFE I =HA F MAHBK =@ E)A J >A E ? JH  É 5JAAHI ?D=EH= ?K@ >KO " EE >KHCAHI 6DAO =HA C @ FA FA J CAJ E MDA = >KIEAII AA@I = JH=IB H=JE  !=KHEA ,EFFA==H  +AN+ ATRICE Motsepe could A?KJELA ?D=EH= B .EHIJ 4=@ EI JDA MA=JDEAIJ foot the entire bill for the 5? HFE  JDA EIJ first phase of the Gau- Gore, the CEO of Discovery Hold- Sun, the media group’s biggest 6=KHA=I =@ +=FHE? HI ID=HA . EJ JDEH@ F=?A 2 MEJD EA DA=LO DEJJAHI teng Freeway Improve- ings and number 18 on the Rich seller, at R2.90 each. ment Project (GFIP). List, could cover the cost of the Meyer Kahn, who stepped 6=KHA=I MD E?K@A ?D=EH= B +=FEJA? 0 @+ If the richest South African — National Health Insurance’s pilot down as chairman of SABMiller ECI E?DEA A 4 KN HAO   AO J BAA I=BA =@ according to the 2012 Sunday projects almost three times. earlier this year, is worth IA?KHA 6DAO D=LA = )=?) B H =)EC  AO CH M Times Rich List — were to cash Some of the richest of the Rich R565.72-million and ranks 46th on .KIJ =I JDAO D=LA CHAA BECAHI E JDA C=H@A in all his investments in African List can even outdo their own the Rich List. He could buy more 6DA J F+H=)A@ +=FHE? H EI =I = >=)AH — 2=K Rainbow Minerals and Sanlam it companies on certain deals. The than 81 million bottles of Castle 0=HHEI B HAH +-0 B .EHIJ4=@ +=FHE? HI =HA would come to R20.07-billion, wealth of Aspen Pharmacare’s beer. ) M J >A CHA=J HC=EIAHI C @ =J IJH=JACEIEC enough to pay the debt incurred CEO, Stephen Saad, number nine Graham Mackay, SABMiller’s =HA =>EJE KI =@ E)A J =)A JDECI D=FFA to upgrade 185km of Gauteng’s on the Rich List, and deputy CEO new executive chairman, will not 6DA 8EHC IJ=H IEC @AIAHLAI = AJE   J >A+ highways — without costing tax- Gus Attridge, number 21, adds up go thirsty as his wealth of ?=KIA JDAHA =HA AECDJ = C JDA  HE?DAIJ >KJ payers or the government an to R8.61-billion. R464.59-million could buy him >A?=KIA K>AHI JM  JDHAA =@ IEN +DHEIJ 9EAIA extra cent. This is almost four times the 67 million bottles of Castle. !=)IDE EJJ= =@ ,AI @ 5=??  =HA 8EHC I If Motsepe and the next 34 peo- R2.2-billion that Aspen’s sub- Panagiotis Halamandaris is the 8EHC I E)A J >A B IAHLE?A =@ E)A J CAJ JDA . > ple on the Rich List all cashed in sidiary, Aspen Global, recently nonexecutive chairman of @ A their investments, they could cov- paid for GlaxoSmithKline’s phar- Famous Brands, which owns 8EHC I =HA =I FH EAJ E JDA EIJ B J F A=H+ er SA’s R153-billion budget maceutical range in Australia. Steers. He is worth R563.3-million AHI MEJD B KH = C JDA J F  A=HAHI E?K@EC deficit. Or, if Motsepe and and is 47th on the Rich List. His *02 *EEJ  +-0 =HEKI 4 FFAHI Shoprite chairman Christo Wiese, wealth could buy him more than 6DAHA =HA  HA /AEEI = C JDA J F  A=H+ the second-richest South African, Some of the richest 14 million King Steer Burgers. AHI JD= =O JDAH IEC B  MA@ >O 8EHC I =@ E put their riches together, they Country Bird executive direc- . EJ JDEH@ )GK=HEKI =@ 6=KHKI could pay for another Gautrain people can even outdo tor Kevin James is 51st on the 9DA EJ ? AI J =IIAIIEC JDA J F A=HAHI >O project of around R30-billion and Rich List. With his wealth of JDAEH +DEAIA IECI MDE?D =HA @AJAHEA@ >O JDA have enough money left to cover their own companies R516.56-million he could buy OA=H B >EHJD @ CI =HA E JDA =. HEJO B  MA@ >O 75% of the July trade deficit of 11.5 million fresh whole chickens JECAHI =@ JDA I=)AI =@ H IJAHI R6.7-billion. on certain deals in a supermarket at about R45 6D IA > H E JDA ;A=H B JDA , C ALAH IDEH) The minister of human settle- each. JDAEH @KJEAI =M=OI @ JDAEH B=EH ID=HA =@ EIJA J ments and possible presidential Johann Rupert’s wealth of HA=I  =HJD= 9E)IJH  ANA?KJELA @EHA?J H B hopeful Tokyo Sexwale no longer The Ackerman Family Trust is R1.59-billion, which puts him 4E?DA J M=I > H E JDA ;A=H B JDA , C ap p e a r s on the Rich List after 11th on the Rich List thanks to its 23rd on the Rich List, could buy 9DA =IIAIIEC JDA HE?DAIJ >O JDAEH +DEAIA IECI moving his investments into 49.35% stake in Pick n Pay. It is 353 Ferrari F50s similar to the JDA ;A=H B JDA 4=J A=@I JDA F=?) MEJD = C blind trusts when he joined the worth R4.94-billion, which is more one his son crashed in 2008. It JDA J F  HE?DAIJ cabinet in 2009. than four times the R1.2-billion was just as well that the car was 2 = H =  H  =  E J O ?  I=OI FA FA > H E JDA ;A=H However, another possible Pick n Pay got when it sold not written off as only 349 of B JDA 4=J =HA IK??AIIBK BK B E=CE=JE  =@ presidential candidate is busi- Franklins Supermarkets in Aus- these cars were built. D=LA C @ A HEAI nessman Cyril Ramaphosa, who tralia last year. Steinhoff boss and racehorse *=)AH /6 .AHHAEH= F=HJ B JDA >=)EC JHE =J is worth R3.08-billion in invest- Aside from the big things the owner Markus Jooste is 31st on .EHIJ4=@ M=I > H E JDA ;A=H B JDA 4=J ments. This would be enough to rich can buy, they can buy vast the Rich List with investments 6DA ;A=H B JDA 4 IJAH D=I E JDA J F  build about 57 000 RDP houses, numbers of the small things in worth R990.27-million. Bearing in 6D IA > H E JDA ;A=H B JDA 4 IJAH  LA J >A JDA B ?KI B =JJAJE  ID M I?=J HAC=H@ B H JDA which could be worth several their own companies. mind that the highest price paid I )  @A FHAF=HAI >=?)IJ=CA =DA=@ B JDA +=H EA +D=HAI ID M  JDA BEHIJ @=O B ! @  times that in votes. Naspers CEO Koos Bekker, for a racehorse in SA was R4-mil- BAAECI B JDAHI =@ =HA BJA IKI?AFJE>A J B=J+ Aside from housing, healthcare who is worth R3.7-billion and is lion for D ev i n e ’s Jet, Jo o st e .=IDE  9AA) 5FHEC75KAH  ! =J JDA + KHJO=H@ 5D M 5F=?A E ! @  JAHO 0 MALAH JDAO @ D=LA =@EH=>A GK=EJEAI J  is another pressing social issue 14th on the Rich List, could buy could, in theory, buy 247 such 21+674- /-66; 1)/-5 IK?D =I >AEC LECE=J @A?EIELA IJH=ECDJB HM=H@ =@ in SA. The wealth of Adrian 1.27 billion copies of the Daily horses. =??KH=JA 6DAO =HA AN?AAJ MEJD  AO

play, with SARS improving collaboration with the master’s THE more money you have, the SARS sets its sights on super-rich tax dodgers office to check up on the more complicated your asset administration of trusts and structures and tax returns. compile more complete information Faced with ever-mounting tax But the problem for the rich is use of trusts has often contravened intends to shine a light deeper into asset base,” the document said. Altogether 67% of audits of on trustees and beneficiaries. implications, some people striking that the many assets and types of the law. Now SARS is trying to the affairs of the super-wealthy. “To date, 467 potential wealthy trusts show “serious under- The receiver also intends to it rich yield to the temptation of taxes involved can add up to stop their exploitation. In its compliance programme individuals have been identified reporting”. trace flows of funds around the tax avoidance — and sometimes stupendous sums. Finance Minister Pravin document, SARS said that it had where there are discrepancies Among the problems listed by world and to broaden audit and manage to dodge the taxman. SARS spokesman Adrian Lackay Gordhan announced a compliance about 2 300 wealthy individuals on between their asset base and SARS are artificial losses and investigations, including the much- But the SA Revenue Service said: “SARS is not in a position to plan of action in April to tackle a register of taxpayers contributing declared income, and they can deductions, salary restructuring, publicised lifestyle and related (SARS) and its international make a public statement on segments of the tax base with l ow an average of R1.7-million each to expect much closer scrutiny from assets and income diverted entities questionnaire. counterparts are trying to close individuals who have or may still compliance levels. Seven problem SA R S . through associated entities and To provide a credible threat of loopholes and trace hidden stashes appear on the Rich List as all segments were identified. We a l t hy ‘Under-declaration of “Wealthy individuals are also incorrect declaration of revenue detection of non-compliance, SARS of cash. taxpayers are legally entitled to “South Africans and their generally linked to a number of profit as capital in nature. said it needed information from Technically, the super-rich file taxpayer confidentiality. associated trusts” topped the list. income is an area trusts and companies, some of Among initiatives listed in the financial institutions, credit their tax returns just like “In general terms, wealthy SARS promised to provide which are used as vehicles to compliance programme, SARS bureaus and data from sales of everybody else. They also do not individuals normally have multiple opportunities for voluntary of concern’ channel and hide their assets and intends to use information from residential and holiday homes, pay a higher income tax sources of income and therefore a disclosure and pre-filing meetings income. other jurisdictions around the aircraft, vehicles and boats to be percentage than the 40% marginal more complex tax status than for non-compliant individuals to “Most of the wealthy South world, particularly to root out scrutinised to catch out those who tax rate of any employee who ordinary salaried individuals. come clean, with severe penalties the state’s coffers every year. Africans we have reviewed are offshore accounts in tax havens. may not even be registered for tax earns a little over R51 000 a month. Generally, individuals in the for failing to do so. “Our preliminary sampling linked to more than 10 associated These will be given priority but who clearly have money to Other tax rates, like the 15% fo r taxpayer segment in question are But no threats will be taken exercise has shown that under- companies on average and 87% of attention using international throw around. dividends tax for income earned provisional taxpayers.” seriously if dodgers do not believe declaration of income is an area of these associated companies and cooperation agreements. SARS has said it will deal from shares, are also the same as There are legal ways to reduce they will be found out, so SARS concern, where an individual’s 59% of trusts have outstanding Use of other third-party harshly with individuals who everyone else’s. tax burdens, such as trusts, but the has outlined several ways it income is not consistent with their r e tu r n s . ” information will also come into decide not to comply. UK tycoon Whittaker

070912 debuts on the list

Since 1980 UK BUSINESSMAN Jo h n Whittaker made his debut on Who Owns Whom is an independent research organisation the 2012 Sunday Times Rich List after Capital Shopping producing high quality, original research on the African Centres (CSC), which is listed business and economic environment. on the JSE and London Stock Exchange (LSE), acquired the Trafford Centre in 2011 from Who Own Whom’s specialist databases include: the Peel Group — in the largest property acquisition in Á African Sector British history. Á SA Sector Trafford Centre is the largest shopping centre in the Á Corporate Structures UK by overall size and the second largest by retail size. It Á TakeOver Talk took about 12 years to open its Á Directory of Directors doors from when it was first conceptualised by Whittaker. The acquisition of the centre gave Whittaker, who founded the Peel Group in 1971, a 20.1% stake in CSC, which has a 35% South African shareholder base. The stake contributed R6.9-billion to Whittaker’s riches on the JSE making him the eighth richest, b e twe e n FirstRand chairman L au r i e Dippenaar and Stephen Saad, founder and CEO of pharmaceutical company Asp e n . However, Whittaker’s wealth far exceeds his holdings on the JSE. The Isle of Man resident is said to be worth R36.5- billion, making him the 29th- richest person in Britain and Ireland. Others also worked their Ä way up the lucrative ladder of Tel: (+27 11) 513 1450 success. Graeme Gordon, son Ä of the founder of Liberty Tel: (+27 41) 394 0600 International Donald, notably increased his shareholding in LSE- and JSE-listed Capital & www.whoownswhom.co.za Counties to move into the 33rd

Global supplier of defence and aerospace solutions position from being number 304 last year. Business

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PARASTATAL REMUNERATION

Total Total Perform- Fees and Termina- Total % Name & company Designation Salary ance levy pay tion increase 2010 (R'000) benefits bonus (R'000) benefit 2011 from (R'000) (R'000) (R'000) (R'000) (R'000) 2010 1 Chris Wells 10 681.00 4 030.00 1 174.00 11 671.00 - - 16 875.00 57.99 State companies Transnet Former CEO 10 681.00 4 030.00 1 174.00 11 671.00 - - 16 875.00 57.99 2 Siyabonga Gama 4 060.00 8 745.00 1 384.00 2 510.00 - - 12 639.00 211.31 Transnet Executive 4 060.00 8 745.00 1 384.00 2 510.00 - - 12 639.00 211.31 3 Pradeep Maharaj 8 264.00 3 309.00 258.00 6 317.00 - - 9 884.00 19.6 Transnet Former executive 8 264.00 3 309.00 258.00 6 317.00 - - 9 884.00 19.6 4 Karl Socikwa 6 931.00 2 884.00 883.00 6 107.00 - - 9 874.00 42.46 Transnet Executive 6 931.00 2 884.00 883.00 6 107.00 - - 9 874.00 42.46 5 Tau Morwe 7 904.00 3 185.00 822.00 5 388.00 - - 9 395.00 18.86 splash out on bosses Executive 3 185.00 822.00 5 388.00 - - Transnet 7 904.00 9 395.00 18.86 6 Richard Vallihu 7 577.00 3 062.00 282.00 5 894.00 - - 9 238.00 21.92 Transnet Executive 7 577.00 3 062.00 282.00 5 894.00 - - 9 238.00 21.92 É ports, paid its 11 directors 7 Jan Blake 1 925.00 891.00 - 125.00 - 8 115.00 9 131.00 374.34 R19.33-million in the 2011 fi- SAA Former executive 1 925.00 891.00 - 125.00 - 8 115.00 374.34 RANSNET spent more nancial year. This included 9 131.00 4 279.00 3 330.00 828.00 4 637.00 - - 105.54 on remuneration for its R2.76-million for au d i t o r - g e n e r - 8 Geoffrey Qhena 8 795.00 directors in the 2011 that of Transnet, at R53.05-mil- contributed to his total remu- Mokoetle, who resigned after a al Terence Nombembe. IDC CEO 4 279.00 3 330.00 828.00 4 637.00 - - 8 795.00 105.54 Khomotso Phihlela 7 108.00 2 968.00 352.00 5 103.00 - - 8 423.00 18.5 financial year than lion, but it grew 32% over two neration of R6.54-million. year in the job. Of that ye a r , Eskom has raised the ire of 9 most listed companies did. years while the state-owned The SABC, which has been Mokoetle was suspended for the public this year amid re- Transnet Executive 7 108.00 2 968.00 352.00 5 103.00 - - 8 423.00 18.5 The R123.63-million the carrier’s revenue declined by going through CEOs at a blind- four months. ports that it will ask the Na- 10 Anoj Singh 4 775.00 1 939.00 1 757.00 4 495.00 - - 8 191.00 71.54 state-owned group paid to its 14% over the same period. ing pace in recent years, paid The SABC’s revenue was up tional Energy Regulator of SA Transnet Executive 4 775.00 1 939.00 1 757.00 4 495.00 - - 8 191.00 71.54 36 directors makes Transnet SAA also has the dubious R48.21-million to its directors from the previous financial for five more years of double- 11 Alfred Pitse 4 991.00 2 748.40 730.50 4 697.20 - - 8 176.10 63.82 the 12th-best-paying company honour of having had the sev- in the 2011 financial year. year, but the auditor-general digit increases in electricity Foskor CEO 4 991.00 2 748.40 730.50 4 697.20 - - 8 176.10 63.82 in SA, when compared with enth-best-paid parastatal direc- This included R5.82-million handed it a qualified audit. prices. This was after some of 12 Charl Möller 6 121.00 2 552.00 300.00 4 873.00 - - 7 725.00 26.2 listed companies. tor in 2011, despite the airline’s paid to former CEO Solly The SA Post Office also went E s ko m ’s executive team re- Transnet Executive 6 121.00 2 552.00 300.00 4 873.00 - - 7 725.00 26.2 The amount paid to CEO asking for a reported through several crises in re- ceived hearty performance 13 Mark Gregg-Macdonald 5 489.00 2 335.00 663.00 3 753.00 - - 6 751.00 22.99 Transnet directors grew by al- R6-billion from government for cent years but this did not stop bonuses in 2011. Transnet Executive 5 489.00 2 335.00 663.00 3 753.00 - - 6 751.00 22.99 most 60% from the 2009 finan- “r e c ap i t a l i s at i o n ”. the institution from paying its E s ko m ’s 18 directors were ‘The SABC, which 14 Reuben September 9 906.80 2 583.90 4 008.20 - - - 6 592.10 -33.46 cial year to the 2011 financial SA A ’s former general man- directors R21.68-million in the paid R36.23-million in the 2011 Telkom Former CEO 9 906.80 2 583.90 4 008.20 - - - -33.46 ’ 6 592.10 year. Transnet s revenue in- ager of mergers and acquisi- has been through 2011 financial year. financial year. This was 22% Virginia Dunjwa 5 238.00 2 396.00 221.00 3 961.00 - - 6 578.00 25.58 creased by only 13% over the tions, Jan Blake, was paid This was 30% less than in more than in 2009, though the 15 Transnet Executive 5 238.00 2 396.00 221.00 3 961.00 - - 6 578.00 25.58 two years. Transnet had 36 di- R9.13-million, which included a 2009, though the number of number of directors decreased CEOs at a Kaushik Patel 4 192.00 2 271.00 1 121.00 800.00 - 2 346.00 55.96 rectors at the end of its 2011 termination benefit of R8.12-mil- directors at the Post Office by five between 2009 and 2011. 16 6 538.00 SAA Former executive 4 192.00 2 271.00 1 121.00 800.00 - 2 346.00 55.96 financial year — which is more lion after he resigned halfway declined from 35 in 2009 to 25 6 538.00 than the 34 ministers in the through the 2011 financial year, blinding pace, in 2011. 17 Monhla Hlahla 8 456.00 4 346.00 - 1 233.00 542 - 6 121.00 -27.61 large cabinet President Jacob in 2010. SAA’s former chief fi- Despite the leadership woes, +&""A J & JDEI ACSA Former CEO 8 393.00 4 346.00 - 1 233.00 - - 5 579.00 -33.53 Zuma has been criticised for. nancial officer, Kaushik Patel, paid R48.21m to the Post Office received un- AJJAHI(>KIE AIIIJE"AI0?&01= IDC Chairman 63.00 - - - 542 - 542.00 760.32 The directors’ r e m u n e r at i o n also left the airline with a smile qualified audit reports in 2010 18 Gert Gouws 3 897.00 2 209.00 880.00 2 841.00 - - 5 930.00 52.17 bill for SA Airways (SAA) as he received a termination d i re c t o rs ’ and 2011. The auditor-general M M M0J E " A I  E L A 0 ? & 0 1 = IDC Executive 3 897.00 2 209.00 880.00 2 841.00 - - 5 930.00 52.17 might have been less than half benefit of R2.35-million, which of SA, which compiles the re- 19 Talib Sadik 5 626.00 3 184.00 788.00 1 857.00 - - 5 829.00 3.61 Denel Former CEO 5 626.00 3 184.00 788.00 1 857.00 - - 5 829.00 3.61 20 Solly Mokoetle 868.00 5 244.00 569.00 2.00 - - 5 815.00 569.93 SABC Former CEO 699.00 5 244.00 569.00 2.00 - - 5 815.00 731.9 SA Post Office Former non-exec 169.00 ------100 21 Brian Dames 5 690.00 3 399.00 1 033.00 1 309.00 - - 5 741.00 0.9 2=H=IJ=J= ?DEABI CAJ HE?DAH Eskom CEO 5 690.00 3 399.00 1 033.00 1 309.00 - - 5 741.00 0.9 22 Sibusiso Sibisi 5 499.00 2 720.00 452.00 1 678.00 715 - 5 565.00 1.2 CSIR CEO 4 784.00 2 720.00 452.00 1 678.00 - - 4 850.00 1.38 Denel Former chairman 715.00 - - - 715 - 715.00 - 23 Philiswe Buthelezi 4 009.00 2 318.60 1 531.40 1 502.70 - - 5 352.70 33.52 National Empowerment Fund CEO 4 009.00 2 318.60 1 531.40 1 502.70 - - 33.52 DIRECTORS of parastatals 5 352.70 are not to be outsmarted by 24 James Ndlovu 4 104.00 3 158.00 - 2 013.00 - - 5 171.00 26 their counterparts at JSE- Trans-Caledon Tunnel Authority CEO 4 104.00 3 158.00 - 2 013.00 - - 5 171.00 26 listed companies. There were 25 Paul O'Flaherty 1 124.00 3 512.00 67.00 1 407.00 40 - 5 026.00 347.15 25 who took home more than Eskom Financial director 1 124.00 3 512.00 67.00 1 407.00 40 - 5 026.00 347.15 R5-million in the 2011 finan- 26 Peter Nelson 7 814.70 1 316.40 2 495.80 - - 1 031.80 4 844.00 -38.01 cial year. Telkom Former executiver 7 814.70 1 316.40 2 495.80 - - 1 031.80 4 844.00 -38.01 In the 2009 financial year, 27 Erica Johnson 4 615.00 3 060.00 681.00 1 097.00 - - 4 838.00 4.83 only 12 parastatal directors Eskom Executive 4 615.00 3 060.00 681.00 1 097.00 - - 4 838.00 4.83 pocketed more than R5-mil- 28 Priscillah Mabelane 3 269.00 2 526.00 939.00 1 357.00 - - 4 822.00 47.51 lion. ACSA Former executive 3 269.00 2 526.00 939.00 1 357.00 - - 4 822.00 47.51 Rich List research does not 29 Johan Horn 2 934.50 2 094.60 85.80 2 639.90 - - 4 820.30 64.26 cover every parastatal and Foskor Executive 2 934.50 2 094.60 85.80 2 639.90 - - 4 820.30 64.26 there could be many more 30 Phumelele Ntombela-Nzimande 1 727.20 3 756.00 537.90 460.00 6 - 4 759.90 175.58 people earning more than HSRC Chairman 20.20 - 49.90 - - - 49.90 147.03 R5-million. I -;-, +DHEI 9AI I 9-)60; 5EO=>& C= /="= I ),-, /A&BBHAO 3DA = I .750 4AK>A 5AFJA">AH MDDA* Former non-exec 3.00 - - - 6 - 6.00 100 The rewards were in the SABC Former executive 1 704.00 3 756.00 488.00 460.00 - - 176.06 form of bonuses, with 19 out 4 704.00 7 500.00 3 264.00 187.00 1 305.00 - - -36.59 of the 20 best-paid parastatal 31 Moira Moses 4 756.00 directors receiving perfor- b e twe e n R8.19-million and saw his total earnings grow R3.33-million, R828 000 in The former Denel CEO Transnet Executive 7 500.00 3 264.00 187.00 1 305.00 - - 4 756.00 -36.59 mance bonuses, travel al- R16.88-million. by 211.31% to R12.64-million. benefits and a bonus of R4.64- Talib Sadik’s total earnings 32 Gill Marcus 1 738.00 4 665.00 - - - - 4 665.00 168.41 lowances and pay cheques to Former Transnet CEO This was made up of R8.75- million. increased by 3.61% to R5.83- Reserve Bank Executive 1 738.00 4 665.00 - - - - 4 665.00 168.41 the tune of millions from Chris Wells was paid a total million in salary earnings, Reuben September, the for- million after receiving a 33 Similo Sibisi 2 494.80 1 646.60 339.90 2 587.50 - - 4 574.00 83.34 state coffers — with the mon- of R16.88-million, comprising benefits of R1.38-million and mer CEO of listed telecom- salary of R3.18-million, bene- Foskor Executive 2 494.80 1 646.60 339.90 2 587.50 - - 4 574.00 83.34 ey sometimes being paid in of a R4.03-million salary, a performance bonus of m u n i c at i o n company Telkom, fits worth R788 000 and a per- 34 Gideon Skhosana 2 987.2- 1 758.50 350.20 2 452.70 - - 4 561.70 52.71 order to get rid of poorly per- R1.17-million in benefits and R2.51-million. of which the government formance bonus of R1.86-mil- Foskor Executive 2 987.20 1 758.50 350.20 2 452.70 - - 4 561.70 52.71 forming individuals. a performance bonus of The CEO of development fi- ow n s the majority stake, took lion. 35 Theuns Koekemoer 2 739.20 1 632.60 379.90 2 492.50 - - 4 504.90 64.46 Transnet had eight direc- R11.67-million — represent- nancier Industrial Develop- home R6.59-million made up Eskom CEO Brian Dames Foskor Executive 2 739.20 1 632.50 379.00 2 492.50 - - 4 504.90 64.46 tors among the 10 highest- ing a 57.9% increase on the ment Corporation Geoffrey of a R2.58-million salary and got R5.7-million in total earn- Fikile Mhlontlo 4 298.00 2 577.00 403.00 1 488.00 - - 4 468.00 3.96 ’ 36 paid parastatal directors in previous year. Qhena s package jumped by R4.01-million in benefits. ings, made up of R3.4-million Denel Financial director 4 298.00 2 577.00 403.00 1 488.00 - - 4 468.00 3.96 ’ the 2011 financial year. The Transnet s freight rail divi- 105.4% to R8.80-million. This This was 33.5% less than in salary, R1-million in benefits * MDDA - Media Development & Diversity Agency Graphic: FIONA KRISCH eight directors’ earnings are sion CEO Siyabonga Gama was made up of a salary of 2010. and a performance bonus. KEEPING IT IN THE FAMILY

CHINESE proverb pro- claims that “wealth does not pass three generations” — the first generation makes it, the second lives off it and the third squanders it. However, there are exceptions to the rule. Some wealthy children get stuck into business, their family’s or their own, and they top up the pot and more. And sometimes their children do too. Local business royalty, the Oppenheimers, are the best-known example of this. Sir Ernest (1880- 1957) kicked off the big earnings when he founded Anglo American Corporation of South Africa in 1917, and in 1927 took control of Cecil Rhodes’s De Beers empire. His son Harry came on board as managing director of the corporation in 1945 just as diamond prices started falling through the floor. As well as shutting down mines and hoarding millions of carats of diamonds to buoy prices, De Beers also created its own market, selling the idea that “A diamond is forever” and making the stones eminently covetable, es- pecially by young women. I ,1),5 E?*O FFA DAE"AH I 7:74; /,5 ,&D= 4KFAHJ I 4-6)1 4=O"& @ )?*AH"= I 60- *-4- *7..-66 ,= EA &KJ& Harry was chairman of Anglo 21+674- 4*-46 650)*))) 21+674- -5) )-:),-4 21+674- 0-66; )6) American Corporation for 25 years and chairman of De Beers Consoli- dated Mines for 27 years until he re- Jonathan is out to make his own ing in New York for five years. He L’Ormarins and La Motte wine es- of great wealth so far but retailing four small stores in Cape Town semblance ends with the local fam- tired from these positions in 1982 fortune, focusing on agriculture and returned to SA in 1977 at the age of tates and having a stake in Rupert goes back several generations in called Pick n Pay. Despite being ily. When Jannie Mouton was fired and 1984 respectively. It was under fast-moving consumer goods in 29 and founded Rand Merchant & Rothschild Vignerons, the wine- the family. Raymond Ackerman’s able to raise just R100 000 of the in 1995 from Senekal, Mouton & his watch that De Beers expanded Africa. He is using E Oppenheimer Bank and, in the same year, the making partnership between the grandfather Meyer Ackerman came R620 000 purchase price, he came up Kitshoff, a company he had helped massively and Anglo American be- & Son Group, the family’s invest- Small Business Development Corpo- Rupert and Rothschild families. to SA from Lithuania at the end of with the difference after canvassing found 13 years earlier, he went on came a major multinational corpo- ment holdings arm, as the engine ration, which has since created Hanneli Rupert-Koegelenberg, the 19th century. His ostrich-feather colleagues in Johannesburg and to start financial services group ration with fingers in various pies, fo r his ventures more than 600 000 jobs. Jo h a n n ’s sister, is one of South business did not shoot the lights Cape Town. PSG. “The Boere Buffett” is now including mining, agriculture, The Rupert family is another in Together the Ruperts proved un- Africa’s leading mezzo-sopranos out, but when he died his wife Es- By the time Raymond handed widely regarded as one of the most forestry and finance. which the wealth looks like it will stoppable and after various mergers over chairmanship to his son shrewd investors in the world. Harry’s son Nicky had been in- outlast the three-generation rule. and demergers they had extended Gareth in 2010, Pick n Pay had 700 PSG owns 37% of Capitec Bank, volved with Anglo American for 40 The original wealth creator was An- the empire into everything from Under Harry Oppenheimer’s watch stores in the country and more out- its most successful start-up to date. years by the time he resigned from ton Rupert, who in 1941 started hospitals — through Mediclinic — side. While a brief foray into Aus- The company has made 39 invest- the board as a non-executive direc- making cigarettes in his garage to telecommunications — through both De Beers and Anglo American tralia proved unsuccessful, Africa is ments, and more than half of the tor in April last year. He took over with a £10 investment. He then Vodacom. In 2000 Rembrandt was looking good, with 94 stores now op- value is made up by Capitec. Jannie as chair of the Diamond Trading bought an insolvent tobacco compa- collapsed into two listed companies, expanded massively e r at i n g outside SA. is also, through PSG, a major in- Company — a subsidiary of De ny, Voorbrand, which he renamed Remgro and VenFin. Remgro repre- While it has never been com- vestor in the Curro chain of inde- Beers — in 1985, and assumed the Rembrandt Ltd in 1948 and, with sented Rembrandt’s interests in to- pletely smooth sailing for the retail- pendent schools. chair of De Beers in 1998. In Novem- the government’s support, grew it bacco, financial services, mining and is involved in the family’s wine ther opened a grocery store in er, things have been particularly In 2010, Jannie made his then 32- ber last year he announced his de- into one of the largest business con- and industry, while VenFin housed op e r at i o n s . Plumstead, Cape Town — coinciden- rocky in recent years. year-old son Piet CEO of PSG. In cision to sell his family’s 40% stake glomerates in the country. the telecommunication and technol- Jo h a n n ’s daughter — also named tally on the same site that Ray- Pick n Pay’s decline was rarely April this year the net value of in De Beers to Anglo American for In 1984 his son Johann joined ogy interests. Hanneli — owns and runs Mer- mond’s first Pick n Pay would be blamed on the company being fam- PSG’s shares was up from R46.80 to R41.82-billion. Anglo American al- Rembrandt and, in 1988, the two Anton Rupert died in 2006 and chants on Long in Cape Town, a years later. In the 1930s, Raymond’s ily run. While the Ackermans have R56, an uplift of 19.5% based on the ready owned 45% of De Beers. spun off the company’s internation- passed the torch to Johann, who is shop that stocks African-designed father Gus started Ackermans with always been in executive positions, underlying values of the invest- Although Nicky’s son, Jonathan, al assets from the Rembrandt now the CEO of Richemont and and -made high-end goods. This Sam Kirsch and Leon Segal. the successive outsider CEOs have ments. served on the board of De Beers, Group and founded Swiss luxury chairman of Remgro. year she launched Okapi, a range of After Raymond was fired from been largely responsible for steer- Ja n n i e ’s older son Jan runs PSG Anglo did not want him as chair- goods company Richemont. The Rupert family is also heavily leather handbags she designed. the Greatermans board in 1966 — ing the retailer. Asset Management and the award- man. With profit margins in dia- After studying at Stellenbosch involved in the South African wine The Ackerman family of Pick n the company that ultimately bought Mouton might mean sheep in winning PSG Tanzanite Flexible monds lower than they used to be, University, Johann worked in bank- and liquor industry, owning the Pay has managed two generations and listed Ackermans — he bought French, but that is where the re- Fund. Business

Business, 16-Sep-2012-Page 10, Cyan Business, 16-Sep-2012- Page 10, Magenta Business, 16-Sep-2012-Page 10, Yellow Business, 16-Sep-2012- Page 10, Black

B-1 JDCP | *KIEAII6EAI 5-26-*-4 $  60- -9541+0 156 Sunday Times Rich chase the thrill of winning

5 A B JDA MA=JDEAIJ 5 KJD he once had winners on three but you can get a game there continents on one day. nowadays if you stay at an af- Markus Jooste, CEO of furni- filiated hotel nearby. )BHE?=I KIJ  LA JDAEH IF HJ ture manufacturer and retailer Rupert’s deep interest in Steinhoff International, is a sport has also seen him estab- well-known patron of South lish the Sports Science Insti- African horse racing. In April tute at the University of Cape 61) 9-)81, er ArcelorMittal. In 2007, he he had 11 winners in one week, Town and the Laureus Sport took 20% of the Barclays Pre- one less than he had in Octo- for Good Foundation, an organ- LL work and no play mier League club Queen’s Park ber last year. Jooste owns and isation that supports more makes even the poor- Rangers after his good friends breeds racehorses — he also than 104 projects worldwide est of us a bit dull. But Bernie Ecclestone, the Formula has a significant interest in helping underprivileged people ) — — — when your pockets are 1 bigwig, and Flavio Briatore, Klawervlei Stud and is on especially children e n j oy deep and full, the goalposts of the Italian billionaire playboy the board of Phumelela, which a better life through sport. sport and recreation are and F1 racing bad boy, had operates racing and tote bet- While running is one of the moved — generally to whatev- bought the club to save it from ting in seven of SA’s nine more egalitarian sports out er location you would most like financial trouble. p r ov i n c e s . there, there are a few Rich List them to be in. Mittal also has a deep sense It seems there are few busi- members who take it extreme- One sport South Africa’s of national pride as far as nessmen, successful or aspir- ly seriously. One of these is richest like a lot is soccer, even sport goes. He founded The ing, who do not play golf as of- Adrian Gore, CEO of Discov- if they are aiming for ow n e r - ery, who would probably en- ship rather than fitness. Run- Winning is courage his customers to fol- ning about kicking a ball is not Horse racing is a low in his footsteps as long part of the strategy for Laksh- something they could rule out a heart at- mi Mittal or Patrice Motsepe, favourite for tack along the way. Gore, who who are numbers one and Motsepe is is famously fit, has run three on the Rich List. the wealthy marathons in Johannesburg, Patrice Motsepe, executive New York, London and Berlin. chairman of African Rainbow passionate about He says it makes him feel “on Minerals, is president of foot- Mittal Champions Trust to top of the world” and clears ball club Mamelodi Sundowns, sponsor and help train Indian ten as possible. his mind. in which he bought a 51% stake Olympic hopefuls in 2005, and It is said that it offers a While there are many peo- in 2003. The following year he he has pumped in a further chance to dominate an op p o - ple who use a bicycle to get to bought the remaining shares $10-million towards the next nent before concluding a bene- work and back, serious cycling and became the sole owner Olympics in Rio. This has con- ficial business deal with him. is not for the faint of pocket. A and shareholder. Winning is vinced several other sponsors Some of the richest who play really good bike can cost more something Motsepe is passion- like the Sahara Group and the golf are Laurie Dippennaar, co- than a small car, and that is ate about and he flexes signif- Jaypee Group to come on founder of Rand Merchant before you have bought all the icant financial muscle to get board as well. Bank, Whitey Basson, CEO of extra bits and pieces that go the best available players. Horse racing is a favourite of I ’ Shoprite, and Johann Rupert of with it. And the rich who do Lakshmi Mittal is also pas- wealthy South Africans who do Richemont and Remgro. cyc l e love it. One Rich List cy- 21+674- /) 1)/-5 sionate about soccer. Mittal is not have the time or inclina- Rupert was so taken with cling fan is Stephen Saad, As- currently the sixth-richest per- tion to ride their own animals, the game that he developed pen’s CEO. Saad recently son in the world with personal as the British royalty are wont well known for their love of grande dame of racing, and her Cape Town, has produced some as well as the Cape Derby, is the country’s most exclusive joined Health Minister Aaron wealth of about $31.1-billion. to do. horse racing. daughter, Mary Slack, are reg- of the country’s top horses. passionate about racing and is golf course Leopard Creek, Motsoaledi in the Aspen Trans He appears on the Sunday I nve st e c ’s Bernard Kantor, The Oppenheimers have long ulars in the winner’s circle at Kantor, managing director of a major stakeholder in Klaw- which opened in 1996 with Karoo 240km mountain bike Times Rich List because of his Steinhoff’s Markus Jooste and been involved in the game. feature race meetings. Slack’s Investec, which sponsors the ervlei Stud. Kantor’s own membership by invitation only. challenge to raise funds for shareholding in local steelmak- the Oppenheimer family are Bridget Oppenheimer, the Wilgerbosdrift Stud, north of UK Derby and Oaks at Epsom charges are no slouches and The place is still very exc l u s ive paediatric healthcare in SA. SA’s very best addesses 60- 15 )60; -.1.1 The V&A Waterfront is In terms of towns, Sandton, another popular area where which includes Sandhurst‚ “SO MUCH better by the sea” wealthy investors have bought S a n d ow n ‚ Morningside‚ H yd e is a phrase taken seriously by apartments and where Dogon Park and Melrose, has the the some of SA’s super rich. Group has sold penthouses highest multi-millionaire )- )56- With a house currently ranging between R30-million population density in the ý going for a record R300-million and R40-million. country‚ with one in every 20 THE popular and in Cape Town, it is obvious Those who do not want to residences being owned by a controversial tumblr blog that sellers expect someone to tie themselves down to multi-millionaire. Rich Kids of Instagram gives be able to afford homes with ownership opt to spend R30 000 Many of Johannesburg’s ordinary people a glimpse that kind of price tag. to R50 000 a day renting a wealthy opt for addresses into how the offspring of the Estate agents say some house in the region. One of the where they are comfortable rich and famous spend their wealthy buyers are impulsive most expensive options is a that their investment will be days — deciding whether to ’ in their purchases because R90 000 a day house, which is secure. Suburbs like Westcliff, drive around in the Ferrari or ’ they can simply afford to buy a largely rented out over the Saxonwold and Houghton offer the Lamborghini and h ow “trophy property”. festive season. more than good addresses. many thousands of dollars The average price for an The most resilient type of They offer historical value and they will spend on alcohol, “e n t r y - l eve l ” house in an area property in the current tight heritage, coupled with the yachts and enticing cuisine such a Nettleton Road, in knowledge that the suburbs prepared by a private chef. Clifton, Cape Town, is about The rich can simply are secure and mature. The blog has been R20-million. Many such houses Bryanston East has criticised by many for its are bought simply to be afford to buy a attracted many of obnoxious displays of excess levelled so the new owner can Jo h a n n e s b u r g ’s wealthy, by young, reckless people build his or her own dream trophy property particularly in areas offering who did nothing to earn the house from scratch. views of Johannesburg. money that they blow. But, as Denise Dogon of Dogon on impulse Streets like Mount Street, one kid proudly said on the Group Properties says she is Eccleston Crescent and blog, “get on our level”. currently selling a house in Culross Road offer spectacular Getting on the level of the Clifton for R45-million. financial environment has eastern views and are ve r y r i c h e st means getting the best Apartments on Clifton beach been the “lock-up and go” sought-after. of everything, from homes to sell for up to R100 000 a square residence, such as those in Th e Areas to the north of cars to schools, as well as metre. Michaelangelo and Melrose Johannesburg, such as some luxurious extras like About 20% of the people Arch in Gauteng. Fourways, Cedar Lakes and private jets and fabulous I featured in the Sunday Times Also in Johannesburg, Dainfern, although newer, va c at i o n s . Rich List are Dogon Group Houghton, where SA’s former offer buyers the peace of mind Here are just a few ways in clients, according to Dogon. presidents such Thabo Mbeki and security of estate living. which South Africans can Kwa Z u l u - Nat a l Midlands that R80 000 to R100 000 just for ý ) 1 ) She said popular addresses are and Nelson Mandela have People purchase properties in “keep up with the Motsepes”. has produced notable alumni, tu i t i o n . ) - De Wet Road and Ocean View homes, remains popular. these estates for the security ý House: including author John van der ý Wine farm: Drive in Bantry Bay. The mega-rich still to choose benefits of 24-hour guards and A mansion in an affluent Riet, who chronicled his There is probably nothing There has also been a to reside in suburbs such as perimeter monitoring. suburb like Sandhurst in school years in the Spud posher than having wine significant increase in demand Sandhurst, Saxonwold, Inanda Jonathan Davies of Pam Johannesburg, consisting of series, is Michaelhouse, which stocked in your cellar that has for houses in the R6.5-million and surrounding areas, with Golding Properties said these nine en-suite bedrooms, a costs about R157 240 a year come from your own wine to R9.5-million range in the safety high on their list of northern areas have also been wine cellar, a tennis court, for tuition and boarding. farm. If you were looking to first half of this year in posh requirements. seen as recession-proof as, in dance facilities, a home For girls, Diocesan School diversify your income, a wine areas such as Bishopscourt, According to new research many instances, owners in theatre, a sauna, a steam for Girls in Grahamstown farm could be a great Upper Claremont and by consultancy We a l t h I n s i g h t , these suburbs are often not room, a guest wing and six costs about R134 587 a year. i nve st m e n t . Ke n i lwo r t h . Sandhurst has the biggest affected by financial downturns garages, will cost you about Day scholars, particularly Wine farms on the market Upper Claremont recorded concentration of rich people in and instability. R91-million rand. in Johannesburg, are spoilt at present include one on the 12 houses sold in the first half SA. It is home to more than 30 They generally have the A property of this type, for choice, with b oys ’ schools Eerste River in Stellenbosch. of this year with asking prices multi-millionaires‚ more than resources to weather financial which has been described by such as St Johns, co-ed It is going for R65-million. ranging from R8-million to any other single suburb in the storms and this helps to one realtor as the “m o st schools such as Crawford An Italian wine farm, also R10-million. country. maintain property values. sought-after mansion in College and girls’ schools up for grabs in Stellenbosch, Africa”, is currently going for such as Roedean. Parents can is on offer at ab o u t about R100-million in this expect to pay from about R62-million. trendy, exclusive suburb. In Cape Town, expect to shell out about R60-million for .=  ? O a luxurious six-bedroom, four- MDAAI B H bathroom home in Bantry Bay, overlooking the Atlantic K?"O BAM Ocean. In Durban, one can sp e n d WHILE South about R25-million for a Africans endure 10-bedroom, 10-bathroom the fourth year of house in Durban North. hard times since ý School: the beginning of An expensive private school the global education, designed to give financial crisis, 640 I one’s children the best odds managed to buy of succeeding in life, would be Porsches in the the norm. first half of this 1 2415 opening additional bases in The most expensive private ye a r . When time countries like Angola and schools are generally This is 17.4% MANY of SA’s h i g h - f lye r s Ta n z a n i a , ” said Poggi. boarding schools, in line with more than last n e g o t i at e business deals on “Business aviation plays an the cliché that rich parents all ye a r . Jaguar sales chartered flights to “out of is money, important role in aiding send their children away so nearly doubled to the way” destinations in economic growth and foreign they are not a disturbance. 513 (99.6% up). Africa and overseas, says hire a plane investment in Africa.” If your child is a boy, he And Lexus sold ExecuJet Aviation Group’s The company has a fleet of would be able to attend one of 669 units, 13.2% up MD Ettore Poggi. about 50 aircraft to service the best private schools in on last year. An eight-seater flight from Africa’s economies have been the African continent. South Africa: Hilton Co l l e g e , But not all Johannesburg to the growing faster than those Its most recent acquisition in the KwaZulu-Natal luxury carmakers Democratic Republic of Congo almost anywhere else. was a Falcon 900EX. Midlands. The boarding had it so good. has a price tag of about At least a dozen African ExecuJet has about 10 daily school has produced some of Audi joined R300 000. economies have grown faster flights from its Lanseria base SA ’s best sportsmen, Mercedes-Benz in “Time is money for than 6% a year for six or more and five from its base in Cape including former Springbok the naughty company executives,” said ye a r s . Tow n . rugby captains Bobby corner with sales Poggi. The continent is home to Although the company’s Skinstad and Gary dipping 3.5% to Chartered flights have the billionaires such as Patrice headquarters is in Zurich, it Teichmann, as well as 8 095. — B re n d a n benefit of taking executives Motsepe and Nigerian cement generates 30% of its business businessmen such as Bruce Peacock directly to their destinations, king Aliko Dangote. in South Africa. Campbell, former CEO of which is often impossible with This makes a strong Poggi said the company has Alexander Forbes, and commercial flights, especially business case for companies managed to grow at between Sandile Zungu, an I to some African destinations. like ExecuJet to expand into 5% and 10% a year despite the entrepreneur and secretary- Poggi said resource Africa. That is why the global recession weighing general of the Black Business ý companies are among company decided to open a down on volumes. This has Co u n c i l . Exe c u Je t ’s main clients with base in Nigeria’s business been due to its expansion For a child to attend the é new mining projects p op p i n g centre, Lagos, in addition to d r ive . school it is about R188 400 a ’ up across the continent. its two bases in SA. Exe c u Je t is poised to enter year for tuition and boarding. é From Ghana in the west to “If Lagos proves successful, the Chinese market in the Another expensive Mozambique in the south, we will definitely look at next three months. boarding school in the