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1、INVESTECEMPLOYEEBENEFITSDirectorspocketfatpaypacketsBy:Basson,Deon.FinanceWeek,Butpolicyholders'deficitsnotyetmadeupDiscussesthefinancialstatementsofInvestecEmployeeBenefits(IEB)intheSouthAfrica.Totalprofitfor2003and2004;Comparisonofthetotalemolumentsearnedbytheexecutivedirectors;C
2、onflictofinterestbetweenshareholdersandpolicyholdersTwoexecutivedirectorsofinvestecEmployeeBenefits(IEB)-CiaranWhelanandAdemdaAnumashahun–purportedlyearneddirectors'emolumentstotallingR18minthefinancialyeartoMarch2004.IEBwasformerlyknownasFedsureLifeandwasawhollyownedsubsidiaryofth
3、ethenlistedFedsure.In2001,thisassurerwastakenoverbyInvestecinacontroversialtransactionthatledtoconsiderabledifferenceofopinionbetweenthetwocampsThissnippetofinformationiscontainedinthelatestIEBfinancialstatementssubmittedtotheFinancialServicesBoard.IEBisanunlistedsubsidiaryofInvest
4、ecandisthereforenotsubjecttotheJSESecuritiesExchange'slistingrequirementsintermsofwhichdirectors'remunerationmustbedisclosedonanindividualbasis.ThoughIEB'sfinancialstatementsfortheyeartoMarch2004indicatebetterreturnsforpolicyholders,thecompany'sstillalongwayfrommakingupitshistorica
5、lbacklog.Investec,astheonlyshareholderinIEB,isfaringconsiderablybetter.TheincomestatementshowstotalemolumentsforexecutivedirectorsofR18m-withWhelanandAnumashahunstatedinthedirectors'reportastheonlyexecutivedirectors.Ifthatinformationiscorrect,theneachearnsanaverageofR9m/year.IEBisa
6、classiccaseofaconflictofinterestbetweenshareholdersandpolicyholders.Thecauseoftheproblemwasinfactthetakeover,withInvestecpayingtoomuchforIEB.TheacquisitionpricewasR4,5bn,ofwhichR250mwaspaidincashandtheremainderbyissuing19,2mInvestecshares.Comparethatwiththeremunerationearnedbytheex
7、ecutivedirectorsofOldMutualpic'swhollyownedunlistedsubsidiaryOldMutualLife(SA).Thethreeexecutivedirectors-RoddySparks,PeterdeBeyerandMPMoyo-togetherearnedatotalofR9,2minthefinancialyeartoDecember2003.Sparks'sremunerationwasaboutR3,5m,DeBeyer'sR3,4mandMoyo'sR3,3mAfterthatInvestecwas
8、facedwiththeunpleasantreal
