Notes to the Group financial statements

for the year ended 30 June

 

	R million	2014	2013
30.	RELATED PARTY TRANSACTIONS
	Key management personnel have been defined as: Sun International Limited board of directors and Sun International Management executive team with Group oversight. The definition of key management includes the close members of family of key management personnel and any entity over which key management exercises control. Close members of family are those family members who may be expected to influence, or be influenced by that individual in their dealings with the Group. They may include the individual’s domestic partner and children, the children of the individual’s domestic partner and dependants of the individual or the individual’s domestic partner.
(i)	Key management compensation
	Non-executive directors
	Fees	5	5
	Executive directors
	Basic remuneration	11	9
	Bonuses/performance related payments	12	6
	Retirement contributions	2	2
	Other benefits	1	16
	Fair value of options expensed	10	9
		36	42
		41	47
	Other key management
	Basic remuneration	28	25
	Bonuses/performance related payments	20	18
	Retirement contributions	5	4
	Other benefits	2	3
	Fair value of options expensed	20	16
		75	66
	Details of individual directors’ emoluments and share options are set out in the remuneration report.
	Share based compensation granted   Share option scheme   All share options and grants were awarded to key management on the same terms and conditions as those offered to other employees of the Group.   Directors   No share options were granted to the executive directors of the Group during 2014 (2013: nil). The number of share options held by executive directors at the end of the year was nil (2013: 14 063).   Other key management   The number of share options held by other key management at the end of the year was 131 438 (2013: 106 907).

	Other share schemes   Movements on share grants is set out below:
		2014			2013
	R million	Executive   management	Other key   management	Average   grant price	Executive   management	Other key   management	Average   grant price
	EGP
	Opening balance	121 768	420 390	86.03	209 338	641 144	86.10
	Movement in employees	–	112 276	88.17	78 061	(78 061)	87.12
	Exercised	–	–	–	(47 670)	(67 399)	82.74
	Lapsed termination of employment	–	(57 213)	87.06	(109 852)	–	86.50
	Lapsed vesting condition not met	(18 923)	(78 285)	77.25	(20 208)	(75 294)	90.47
	Granted	369 193	592 680	102.19	12 099	–	89.46
	Closing balance	472 038	989 848	97.37	121 768	420 390	86.03
	CSP
	Opening balance	96 867	267 529	88.06	137 805	475 146	86.84
	Movement in employees	–	25 291	87.82	80 469	(80 469)	87.21
	Lapsed termination of employment	–	(47 728)	88.24	(92 377)	–	86.66
	Lapsed vesting condition not met	(25 494)	(71 965)	89.46	(29 030)	(127 148)	84.12
	Granted	(19 540)	(55 157)	89.46	–	–
	Closing balance	51 833	117 970	86.55	96 867	267 529	88.06
	DBP
	Opening balance	17 253	29 580	86.06	16 839	32 904	88.60
	Movement in employees	–	11 666	87.10	6 293	(6 293)	89.00
	Matching award	(1 463)	(8 016)	97.04	(10 018)	(14 357)	91.49
	Lapsed termination of employment	–	(2 825)	83.80	(8 595)	–	83.29
	Granted	–	–	–	12 734	17 326	85.47
	Closing balance	15 790	30 405	84.21	17 253	29 580	86.06
	RSP & BMSP
	Opening balance	267 240	174 315	93.03	288 546	303 086	90.54
	Movement in employees	–	30 015	89.25	108 125	(108 125)	84.75
	Vested	(16 273)	(33 891)	97.35	(101 126)	(20 646)	93.78
	Lapsed termination of employment	–	–	–	(138 647)	–	90.39
	Granted	49 183	126 305	95.38	110 342	–	105.65
	Closing balance	300 150	296 744	93.17	267 240	174 315	93.03

		2014	2013
(ii)	Shareholding of key management
	Percentage holding by key management
	Sun International Limited	1.8	1.5
	Afrisun KZN	0.7	0.9
	National Casino Resort Manco Holdings	5.7	8.6
	Teemane	–	0.3
		R’000	R’000
	Dividends received by key management
	Sun International Limited	1 993	1 863
	Afrisun KZN	1 303	2 056
	National Casino Resort Manco Holdings	280	814
	Teemane	–	70
		3 576	4 803

(iii)

Other commercial transactions with related parties   Interest in timeshare   Certain members of key management own timeshare at Sun City, which was acquired at market prices.   Sale of subsidiary to related party   The Company sold its investment in Sun International Travel Proprietary Limited at 30 June 2014 to a company in which Ms ZBM Bassa, who serves as a non-executive director on the SIL board, has an interest.

(iv)

Other related party relationships   Management agreements are in place between SIML and various Group companies. A management fee is charged by SIML in respect of management services rendered.   The Group's ownership of subsidiaries is set out in note 27.