• Home

  • Documents

  • Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List...
10
Business, 16-Sep-2012-Page 1, Cyan Business, 16-Sep-2012- Page 1, Magenta Business, 16-Sep-2012-Page 1, Yellow Business, 16-Sep-2012- Page 1, Black Business Sunday Times B-1 JDCP Rich still in pound seats ’ ’ ’ ’ ’ ’ ’ ’ ’ HE wealth of South Africa’s 20 richest peo- ple, worth R134-billion altogether, rose a mere 8% over the past year as the sluggish global economy weighed heavily on steel and mining share prices. Patrice Motsepe, heading the Rich List for the second year running, steel magnate Laksh- mi Mittal, ranking third, and mining heir Nicky Oppen- heimer in fourth place were the big losers in the top 20. The exception in the top four was second-ranked retail mogul Christo Wiese, who got a lot richer. Motsepe, worth R20.07-bil- lion, had to contend with his fortune shrinking 13%. Mittal’s R13-billion stake in ArcelorMit- tal was 38% lower than last year. Oppenheimer’s 2.3% stake in Anglo American, worth R9- billion, was 19% lower. Despite their investments on the JSE taking a hammering, these three were still worth more than a third of the com- bined wealth of the top 20. Each of the top 20 is worth more than R2-billion. The top 30 are all worth more than R1- billion, based on disclosed in- vestments in JSE-listed compa- nies at the end of March. ments worth R208-million. A handful of billionaires — the Ruperts, Oppenheimers and manganese heir Des Sac- co, who has a stake in Assore — inherited family empires. For others, notably Motsepe and Cyril Ramaphosa, black economic empowerment legis- lation opened a few doors. The Royal Bafokeng Consor- tium, with stakes in companies like Vodacom and Rand Mer- chant Bank Holdings, ranked fifth, with assets valued at nearly R8.2-billion, built on the foundations of its platinum- rich land in the North West. While fortunes of some bil- lionaires dwindled over the past year, many more of them have reason to pop some vin- tage Dom Perignon. Media magnate Koos Bekker, CEO of Naspers, saw his fortune jump 117% to R3.7- billion, placing him in 14th position. Laurie Dippenaar, GT Ferreira and Paul Harris, who founded FirstRand bank- ing group, all ranked in the top 20, and saw their invest- ments grow 39%, 58% and 41% respectively. Dippenaar leads the trio with investments of R7.2-billion, mainly in FirstRand-related entities. Wiese, who holds stakes in Shoprite, Brait, PSG, Invicta Holdings and Tradehold, enjoyed 42% growth in his list- ed investments to R15-billion. The taxman should be pleased. Wiese, who was found carrying £674 920 in cash at London City Airport in 2009, al- legedly faces an outstanding tax bill from the South African Revenue Service of R2-billion. Ninth-ranked Stephen Saad’s fortune from Aspen Pharma- care grew 51% to R6.4-billion. His colleague Gus Attridge ranked 21st and is worth near- ly R2.2-billion. The duo started Aspen in 1997, building a multi- billion-dollar business in just 15 years. Ramaphosa also had a prof- itable year — his worth jumped 39% to R3.1-billion. This includes his investments in Assore, Bidvest, Mondi, MTN, SABMiller and Standard Bank, which totalled R3.1-bil- lion, but excludes the value of unlisted investments held through Shanduka, such as McDonald’s and a coal-mining partnership with international trading house Glencore. Exxaro ’s Sipho Nkosi, worth nearly R2-billion, was ranked 22nd, and his colleague Zweli Mntambo, worth R1.1-billion, is ranked 30th. Saki Macozoma ranks 39th with investments worth R634- million. Lazarus Zim is 68th with investments worth R419.6- million in Sanlam and Northam Platinum. Robert Gumede ranks 82nd with his Gijima stake worth R334.4-million. Human Settlements Minister Tokyo Sexwale is not included in this year’s ranking as his listed investments were moved to blind trusts when he was appointed to the cabinet in 2009. His worth was put at R1.95-billion on the 2010 Rich List, which would have placed him 23rd on this year’s list. The only new entrant to this year ’s top 20 is UK business- man John Whittaker, whose 20% stake in Capital Shopping Centres Group (CSC), formerly known as Liberty Internation- al, is worth R6.9-billion. Whit- taker gained the stake in CSC after selling The Trafford Cen- tre, one of the UK’s biggest shopping malls, to CSC in 2011. Whittaker replaced electron- ics entrepreneur Bill Venter, who ranked 25th this year with a stake worth R1.57-billion. They are all probably a lot richer as the valuations do not include unlisted investments, property or cash They are all probably a lot richer as valuations do not include unlisted investments, property or cash. Oppenheimer, who sold the family ’s 40% stake in De Beers to Anglo late last year, is esti- mated by Forbes to be worth $6.8-billion (R57.7-billion), mak- ing him the 139th-richest per- son in the world and the rich- est South African. Forbes puts Motsepe’s wealth at $2.7-billion, ranking him fourth in South Africa behind Oppenheimer, Johann Rupert and family, whose wealth is estimated at $3.1-bil- lion, and Wiese, who is worth an estimated $3.1-billion. India-born Mittal, who lives in London, has a global steel empire worth an estimated $20.7-billion, ranking him 21st on Forbes’s list of billionaires. The Sunday Times Rich List shows most of South Africa’s richest people are self-made men. Sixteen of the top 20 are entrepreneurs who built their empires after spotting a gap in the market. Jannie Mouton, known as the “Boere Buffett” after US investment guru Warren Buf- fett, started financial services group PSG after he was fired from his stockbroking job at the age of 48. Mouton is now worth R2.5- billion, putting him in 19th position. His son Piet features in 120th place with invest- Wage slaves in a different league TOP MONEY-SPINNERS R20-billion ... Patrice Motsepe R13-billion Lakshmi Mittal R15-billion Christo Wiese TOP EARNERS R115-million Michael Yeager R90-million Grant Pattison R89-million Marius Kloppers GOVERNMENT ’s inability to contain and resolve unrest in the mining industry is “extremely concerning” to investors and will cause untold damage to the economy if action is not taken urgently, a range of stakeholders said this week. On Friday, there was no prospect of resolving a strike at Lonmin, now in its sixth week. Anglo American Platinum, Xstrata and Aquarius Platinum have suspended operations in the Rustenburg area, while Gold Fields was negotiating with workers to resolve an illegal strike at KDC West near Carletonville. Impala Platinum, which faced a six-week illegal strike at the start of the year, sending mining production plummeting by 16.8%, said its mines were operating normally. The spreading labour unrest may be “extremely damaging to our economy ”, Finance Minister Pravin Gordhan said at a briefing on Friday. Peter Leon, partner at Webber Wentzel, said the situation is “extremely negative for investor sentiment, coming on top of the unresolved nationalisation debate as well as the regulatory, infrastructure and cost issues bedevilling the industry”. Konrad Reuss, country managing director for ratings agency Standard and Poor’s, said it will be “critical” to see government’s policy response with regard to public finances, labour regulations and mining-industry regulations. The agency, along with Moody’s and Fitch, has downgraded South Africa’s outlook over the past 10 months because of political and socio-economic risk. This means there is a one in three chance that the rating may be downgraded, Reuss said. Increasing regulatory intervention in the mining industry, as threatened by Mineral Resource Minister Susan Shabangu in a scathing attack on mining companies in the Financial Times, and renewed talk about nationalisation will increase the risk of a downgrade, Reuss said. Speaking at the opening of Royal Bafokeng Platinum and Angloplats’ new R12-billion Styldrift mine near Sun City on Friday, RBPlat CEO Steve Phiri said the project “creates hope while the country is on fire”. “We are in crisis. Not just on the mines, this is a national crisis,” Phiri said. “Certain ministers have been quick to pass the buck onto mining companies with the recent unrest. There have been service- delivery protests all across the country, not just where you find the mines. This is a national issue. ” SA has already been struggling to attract investment in the mining sector. During the previous commodities boom, between 2001 and 2008, China, Chile, Peru, Brazil, Australia, Colombia, India, Russia and even Venezuela managed to enjoy growth in the value added by mining in real terms. SA achieved a contraction of 1% over the period. The mining industry employs about a million people and contributes about 8% to GDP. Large diversified miners like BHP Billiton and Rio Tinto have decreased their exposure to SA in recent years, while the country’s gold miners are exploring and building gold mines in countries ranging from Papua New Guinea to Kyrgyzstan. AngloGold Ashanti has publicly stated that it is considering splitting its business to give investors the option to only invest in its non-SA operations. Harmony, which still mines most of its gold in South Africa, said it has just spent more than a week meeting investors in the UK and US, “and they are getting concerned about the viability of their investments in SA”. Lou van Vuuren, CEO of Great Basin Gold, which suspended operations at its Burnstone mine in Mpumalanga this week, said miners need foreign investment as local capital markets do not have the “depth” to fund requirements. Other market watchers say there should be a distinction between labour-intensive platinum and gold mines, which investors are shying away from, and areas like coal and iron ore, where fewer workers are needed and unions tend to be less militant, and which are seen as more attractive. Spreading labour unrest ‘may damage economy’

Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Embed Size (px)

Citation preview

Page 1: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Business, 16-Sep-2012-Page 1, Cyan Business, 16-Sep-2012- Page 1, MagentaBusiness, 16-Sep-2012-Page 1, Yellow Business, 16-Sep-2012- Page 1, Black

Business

� | �������������� ��������� � � � �������� ���� Sunday TimesB-1 JDCP

Rich still in pound seats

����� �������

���� ������’�� �� �� �� ��������������� ����� ���� ���� � ������ � ��� �� ��� ������� �� �������� ������ �� ���� �������’������� ��� ��� ������ ��� ���� ������ �����

!��� ��� ������� ����������� �� ���� �"� #$� ����� �� %���� &���� �� �������� "�������� '()� *��� ��+� ���� �""��� ���� ����� ��������� �##, -������� �� ���.$##� �� �� �� �� �

/��� ����� �� �’�� '()�* ����� 0�""����� � �� �� ��������� ������ "����� ������ �� ������ �� �� �11 -.������

!�� ���� ���� ���� �� ������ ����� � ��� ���� ����������� �� ��� "��� � +� ���� ��2���� �� ��� � ��� �� �-.��������� � "����� ��� ���� � ���� �#$������� �� � � ��� �� 2���� ���� �-������ 0�""���� � �� " ��� �#3 ,1������� �� � � ���� ��������� "����� ��� ���� �� �#4 .������� �� ���� ���� �,- ,������� ���� �� �� � ��

)������ ��� ������� ������� �� �� ������ &���5 ����� ��� ��6�#� ,�1����������������� 7��� ���� ���� �������������� ��� � ���� ������� ������ �� � �� '()� * ����� � ���"�� � �� ���� ����� �������38 38������� ��� ���� �� �� ��� � ���� ���� ���� ����� ���"����� � ��

�� .$#$�� ��� 0�""���� ������� ��� ������� �� �� � ������� �� �� �� %���&���� ’�� �"� #$ � ����

�������� ����������� �� ���7��� � �� ����� ���� "����� �������

/����� �� ���� � 7’� ���������������� ����� �������� �� ���� �"#$ � ���� � �������� &����* ������ '()� �����7� ��/��� �� �� ���� �� �� �� ���������’�� ������������� � ��� ����� ��� ��������� � "������ ��� ���� �� �,4 3������ �� � ���� � �� �� �� �34 4������

�������� '()� %��"��0������ ��� � �� ����������� ������� �� ����� ���" ��� ��������� � 7� � �� ���� ����� "�������� �� ���� ������� �7���� � "����� ��� ���� ��81 #3������� ������ .$## �� ���� �� �� ������ ��� ��� �� �33 3������ � ��������� *9� ��� ��� 0 �� �� �� �� �� ������� :��������� ����� ��� � ���������� �� ���� �� � �8$������

�������� � ���������� .$#.�� ���� �� �� ����� "��� � ��� ����� ���������� ������� �����"� � ������ �� ���� ���������� �� �������� �������������� ������ ��� ���� .$#.� ����� �� �� �

�� ���� .$##� �� �� �� �� ������ ������� "���� �����"������ �� ;..�������� ����������� �� ���� ;#6��������� .$#.

���� 0�""���� �� +� ���� ��� ����� ����� ����� �����.$#.� ������ �� ��"�� ����� � ;8 8������� ���������� <%� �� ��� � �� �� =�����

&���� �� � ��7��� ����� �������’�� � ��� ���� 0����’�

��"�� ��� ��� 14>� ����� ���"����� ��""��� �� ������� ��� � ������ ��� ������ ���� .$#.�� �� �� �� � � 0������ 0 �� �� ������ ���� �� �������"����� ��� ������ � ���.$#.� �� �� �� �� �

%�"����� '()� =����� � ����� ��� � �� ���� ����� " �� ���� .$#$� ������ �������� ����������� � � ��� ��������� �� ��� ��� �� ������ � ��� �� �� ��8.������ � ������� ��� � ���� ���� .$���������� � ���� .$##

/��� ��� �"� ��� �� * ���� ��� � ��� ��� �� %���&���� ’�� �"� #$ � ����� ����� ������ ������ ���� � * ��� ��� '():� �� � ����� � � ���� �� ������ "�� ���� ������:��� � �� ��� ����� � /����" �7 ���� ����� � ���� ����� ���"����� � ��

/��� ����� ����� ���� �������� �� �� ���� �� � #4$"�"��� "�7����� �� ������� ��#$������� � ��� � ��� �� � *��� �� � ,.$� "�"��� � ������� �� � �3������

9��"���� ���� ������������ #-� �� ���� �"� .$� ����� ��������� ������ "������ ��� ����� � )��� ����� ��� ���� �"� #$$� � �������� �� �������� � "����� �����

&������� � �� ���� ������ 7������ " �� ������� ���������� � ��� � �� ����� ������� �������� ������� �� ��������� ������ �� ������ � � ����

���� �����

�HE wealth of SouthAfrica’s 20 richest peo-ple, worth R134-billionaltogether, rose a mere

8% over the past year as thesluggish global economyweighed heavily on steel andmining share prices.

Patrice Motsepe, heading theRich List for the second yearrunning, steel magnate Laksh-mi Mittal, ranking third, andmining heir Nicky Oppen-heimer in fourth place werethe big losers in the top 20.

The exception in the top fourwas second-ranked retailmogul Christo Wiese, who gota lot richer.

Motsepe, worth R20.07-bil-lion, had to contend with hisfortune shrinking 13%. Mittal’sR13-billion stake in ArcelorMit-tal was 38% lower than lastyear. Oppenheimer’s 2.3% stakein Anglo American, worth R9-billion, was 19% lower.

Despite their investments onthe JSE taking a hammering,these three were still worthmore than a third of the com-bined wealth of the top 20.

Each of the top 20 is worthmore than R2-billion. The top30 are all worth more than R1-billion, based on disclosed in-vestments in JSE-listed compa-nies at the end of March.

ments worth R208-million.A handful of billionaires —

the Ruperts, Oppenheimersand manganese heir Des Sac-co, who has a stake in Assore— inherited family empires.

For others, notably Motsepeand Cyril Ramaphosa, blackeconomic empowerment legis-lation opened a few doors.

The Royal Bafokeng Consor-tium, with stakes in c o mp a n i e slike Vodacom and Rand Mer-chant Bank Holdings, rankedfifth, with assets valued atnearly R8.2-billion, built on thefoundations of its p l at i n u m -rich land in the North West.

While fortunes of some bil-lionaires dwindled over thepast year, many more of themhave reason to pop some vin-tage Dom Perignon.

Media magnate KoosBekker, CEO of Naspers, sawhis fortune jump 117% to R3.7-billion, placing him in 14thposition.

Laurie Dippenaar, GTFerreira and Paul Harris,who founded FirstRand bank-ing group, all ranked in thetop 20, and saw their invest-ments grow 39%, 58% and 41%respectively. Dippenaar leadsthe trio with investments ofR7.2-billion, mainly in

FirstRand-related entities.Wiese, who holds stakes in

Shoprite, Brait, PSG, InvictaHoldings and Tradehold,enjoyed 42% growth in his list-ed investments to R15-billion.

The taxman should bepleased. Wiese, who was foundcarrying £674 920 in cash atLondon City Airport in 2009, al-legedly faces an outstandingtax bill from the South AfricanRevenue Service of R2-billion.

Ninth-ranked Stephen Saad’sfortune from Aspen Pharma-care grew 51% to R6.4-billion.His colleague Gus Attridgeranked 21st and is worth near-ly R2.2-billion. The duo startedAspen in 1997, building a multi-billion-dollar business in just15 years.

Ramaphosa also had a prof-itable year — his worthjumped 39% to R3.1-billion.This includes his investmentsin Assore, Bidvest, Mondi,MTN, SABMiller and StandardBank, which totalled R3.1-bil-lion, but excludes the value ofunlisted investments heldthrough Shanduka, such asMcDonald’s and a coal-miningpartnership with internationaltrading house Glencore.

Ex x a r o ’s Sipho Nkosi, worthnearly R2-billion, was ranked

22nd, and his colleague ZweliMntambo, worth R1.1-billion, isranked 30th.

Saki Macozoma ranks 39thwith investments worth R634-million. Lazarus Zim is 68thwith investments worth R419.6-million in Sanlam andNortham Platinum.

Robert Gumede ranks 82ndwith his Gijima stake worthR334.4-million.

Human Settlements M i n i st e rTokyo Sexwale is not includedin this year’s ranking as hislisted investments were movedto blind trusts when he wasappointed to the cabinet in2009. His worth was put atR1.95-billion on the 2010 RichList, which would have placedhim 23rd on this year’s list.

The only new entrant to thisye a r ’s top 20 is UK business-man John Whittaker, whose20% stake in Capital ShoppingCentres Group (CSC), formerlyknown as Liberty Internation-al, is worth R6.9-billion. Whit-taker gained the stake in CSCafter selling The Trafford Cen-tre, one of the UK’s biggestshopping malls, to CSC in 2011.

Whittaker replaced electron-ics entrepreneur Bill Venter,who ranked 25th this year witha stake worth R1.57-billion.

��� � ������ ����� ����� ������ ��� ������� �� ������

They are all

probably a lot richer

as the valuations do

not include unlisted

investments,

property or cash

They are all probably a lotricher as valuations do notinclude unlisted investments,property or cash.

Oppenheimer, who sold thef a m i ly ’s 40% stake in De Beersto Anglo late last year, is esti-mated by Forbes to be worth$6.8-billion (R57.7-billion), mak-ing him the 139th-richest per-son in the world and the rich-est South African.

Forbes puts Motsepe’swealth at $2.7-billion, rankinghim fourth in South Africabehind Oppenheimer, JohannRupert and family, whosewealth is estimated at $3.1-bil-lion, and Wiese, who is worthan estimated $3.1-billion.

India-born Mittal, who livesin London, has a global steelempire worth an estimated$20.7-billion, ranking him 21ston Forbes’s list of billionaires.

The Sunday Times Rich Listshows most of South Africa’srichest people are self-mademen. Sixteen of the top 20 areentrepreneurs who built theirempires after spotting a gap inthe market.

Jannie Mouton, known asthe “Boere Buffett” after USinvestment guru Warren Buf-fett, started financial servicesgroup PSG after he was firedfrom his stockbroking job atthe age of 48.

Mouton is now worth R2.5-billion, putting him in 19thposition. His son Piet featuresin 120th place with invest-

Wage slaves in adifferent league

TOP MONEY-SPINNERS

R20-billion ... Patrice MotsepeR13 -billionLakshmi Mittal

R15 -billionChristo Wiese

TOP EARNERS

R115 -millionMichael Yeager

R90 -millionGrant Pattison

R89-millionMarius Kloppers

����� �������

��� ���� �����

G OV E R N M E NT ’s inability tocontain and resolve unrest in themining industry is “ext r e m e lyconcerning” to investors and willcause untold damage to theeconomy if action is not takenurgently, a range of stakeholderssaid this week.

On Friday, there was no prospectof resolving a strike at Lonmin,now in its sixth week. AngloAmerican Platinum, Xstrata andAquarius Platinum have suspendedoperations in the Rustenburg area,while Gold Fields was n e g o t i at i n gwith workers to resolve an illegalstrike at KDC West nearCarletonville. Impala Platinum,

which faced a six-week illegalstrike at the start of the year,sending mining productionplummeting by 16.8%, said itsmines were operating normally.

The spreading labour unrest maybe “extremely damaging to oure c o n o my ”, Finance Minister PravinGordhan said at a briefing onF r i d ay .

Peter Leon, partner at WebberWentzel, said the situation is“extremely negative for investorsentiment, coming on top of theunresolved nationalisation debateas well as the regulatory,infrastructure and cost issues

bedevilling the industry”.Konrad Reuss, country managing

director for ratings agencyStandard and Poor’s, said it will be“critical” to see government’spolicy response with regard topublic finances, labour regulationsand mining-industry regulations.

The agency, along with Moody’sand Fitch, has downgraded SouthAfrica’s outlook over the past 10months because of political andsocio-economic risk. This meansthere is a one in three chance t h atthe rating may be downgraded,Reuss said.

Increasing regulatory

intervention in the miningindustry, as threatened byMineral Resource Minister SusanShabangu in a scathing attack onmining companies in the FinancialTimes, and renewed talk aboutnationalisation will increase therisk of a downgrade, Reuss said.

Speaking at the opening of RoyalBafokeng Platinum and Angloplats’new R12-billion Styldrift mine nearSun City on Friday, RBPlat CEOSteve Phiri said the project “c r e at e shope while the country is on fire”.

“We are in crisis. Not just on themines, this is a national crisis,”Phiri said. “Certain ministers have

been quick to pass the buck ontomining companies with the recentunrest. There have been service-delivery protests all across thecountry, not just where you findthe mines. This is a nationali s su e . ”

SA has already been strugglingto attract investment in the miningsector. During the previouscommodities boom, between 2001and 2008, China, Chile, Peru, Brazil,Australia, Colombia, India, Russiaand even Venezuela managed toenjoy growth in the value added bymining in real terms. SA achieveda contraction of 1% over the period.

The mining industry employsabout a million people andcontributes about 8% to GDP.

Large diversified miners likeBHP Billiton and Rio Tinto havedecreased their exposure to SA inrecent years, while the country’sgold miners are exploring andbuilding gold mines in countriesranging from Papua New Guinea toKyrgyzstan. AngloGold Ashantihas publicly stated that it isconsidering splitting its business togive investors the option to onlyinvest in its non-SA operations.

Harmony, which still mines mostof its gold in South Africa, said it

has just spent more than a weekmeeting investors in the UK andUS, “and they are gettingconcerned about the viability oftheir investments in SA”.

Lou van Vuuren, CEO of GreatBasin Gold, which suspendedoperations at its Burnstone minein Mpumalanga this week, saidminers need foreign investment aslocal capital markets do not havethe “depth” to fund requirements.

Other market watchers saythere should be a distinctionbetween labour-intensive platinumand gold mines, which investorsare shying away from, and areaslike coal and iron ore, where fewerworkers are needed and unionstend to be less militant, and whichare seen as more attractive.

Spreading labour unrest ‘may damage economy’

Page 2: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

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

Business

� |�������������� ��������� � � � ���� ���� Sunday Times

Travel receipts hit record levels,but jobs keep evaporating

Washington plan buoysthe world’s bourses

�HE Federal Reserve’snew plan to spark theUS economy lit a fireunder risk assets on

Friday, sending global stocks toa 13-month high and driving thedollar to a more than four-month low against the euro.

The Fed said on Thursday itwould pump $40-billion into theeconomy every month until theUS jobs market showed sus-tained improvement.

The action enhanced analready upbeat mood in finan-cial markets since the EuropeanCentral Bank announced plansto cut the borrowing costs ofstruggling eurozone members.

On Wall Street, cyclicals andfinancials led the way higher.An index of US housing shares,aided by the Fed’s plan to buymortgage-backed securities,

B-1 JDCP

��� ������� �� ���� ��� �

�OLD hit a six-monthhigh on Friday, ex-tending gains afterthe US Federal Re-

serve unleashed a long-awaitedstimulus programme.

Bullion’s rise was compara-tively modest after it jumped 2%on Thursday and a total of 10%over the past month, largely inanticipation of the easing moveby the US central bank.

Silver, platinum and palladi-um, widely used in industrialapplications, also climbed totheir highest in about sixmonths, as the appetite forriskier assets rose.

Spot gold added 0.3% to$1 774/oz after climbing to an in-traday peak of $1 777.51/oz, itshighest since February 29.

The gold rally so far has beenfuelled largely by institutional

Gold reaches six-monthhigh on stimulus move

���� ����� ����������� ��� �� ��

JOHANNESBURG — Value Group AGM;Naspers trades ex-dividendNEW DELHI — Reserve Bank of India an-nounces mid-quarter monetary policy reviewLISBON — Bank of Portugal publishes bulletin

������ ��� �� ��

JOHANNESBURG — ArcelorMittal hostsinvestor dayPRETORIA — Statistics South Africa releasessecond-quarter employment statisticsSYDNEY — Reserve Bank of Australia publish-es minutes of September 4 meeting

������� ��� �� ��

JOHANNESBURG — Cashbuild annual resultsPRETORIA — Statistics South Africa releasesAugust CPI data and July retail sales dataTOKYO — Bank of Japan interest rate decisionLONDON — Bank of England publishes min-utes of September 6 monetary policy meetingCANBERRA — Structural Change and the Riseof Asia conference hosted by the InternationalMonetary Fund and Reserve Bank of AustraliaPARIS — French government presents legisla-tion to parliament to authorise ratification ofEuropean Union budget responsibility pact

�������� ��� �� ��

CAPE TOWN — Bureau of Economic Researchreleases inflation expectations surveyPRETORIA — Reserve Bank announcesdecision on interest ratesWASHINGTON — Federal Reserve releasesquarterly flow of funds accounts of the US

������� ��� �� ��

ZURICH — Swiss National Bank publishesbulletin on business cycle trends

������������ ���������������������

����� ����� ��� �� �����IN “How China bleeds SA dry” (September9), Chris Barron blames China’sundervaluation of its currency, as well asexport incentives, for the plethora ofcheap Chinese imports into South Africa.

Having spent a lot of time in Chinesefactories (as well as Korean, Japanese,Taiwanese and Malaysian), I can tell youthe biggest competitive factor is our poorproductivity. The Asian tigers h aveworkforces light years ahead of SA interms of productivity. Sadly, our labourersspend too much time marching, rallyingand trashing to be competitive.

As to our “strong currency”, history hasproved that protectionist trade policieswill damage quality, are h i g h lyinflationary and will wipe out what is leftof our struggling industries, whiledestroying more jobs than they c r e at e .

While our labour is unproductive, wewill keep looking for state protection forlocal industry, which is merely pouring oilon troubled waters. — D Wolpert, Rivonia

����� ���� ��� ��� ��JEREMY Thomas in Bull’s Eye,(September 9) may as well call theNational Development Plan the NationalWish List. Without a commitment toeducation, little of the plan can beimplemented. — Peter Darley

��������� ��������� ��� ������THE latest development in the frackings ag a remains shrouded in mystery. It isone thing to lift the moratorium, but willthe public be allowed to know what thefindings of the mysterious task team are?— Mike Ferrar, Middelburg

������ ����� ���� ��� �����SINCE most mineworkers are f i n a n c i a l lyilliterate, the Farlam commission shouldinvestigate the high level of unsecureddebt which, in many instances, has led togarnishee orders against the salaries ofworkers, leaving them with little money totake home. A garnishee order is an orderin terms of which a court orders thatdeductions are made from salaries onbehalf of creditors. — Meyer de Waal

������ � ��� � ���� ��THE article “Transnet appeals overpension payout” (September 2) refers.

Some 22 years after my wife left PACT(Performing Arts Council of Transvaal), asubstantial amount of money was paidinto her account after an extensive searchfor her whereabouts.

What are the parallels with theTransnet payout? Two court cases haveproved the state entity’s fund still holdsmoney belonging to some of its members.Why does it not do the right thing: admitit was wrong, make an effort to find all thepeople to whom it owes money, and payover the money to its rightful owners? —Barry J Lessing, ex-deputy MD ofTransnet, Somerset West

��� � � �

� DURING the second quarter of2012, travel receipts rose by R5-bil-lion to R83.5 billion — an all-timerecord that far exceeds the level oftravel receipts recorded duringthe Fifa World Cup in the secondquarter of 2010. Over the pastyear, SA travel receipts are upR10.6-billion or 14% year on year.

The net result was that the sur-plus on the travel account in-creased by R8.225-billion to R53.45-billion, the highest ever. “Th i shelped to cushion the deteriora-tion of the current account,” saidStanlib economist Kevin Lings.

� The country’s biggest pharma-ceutical group‚ Aspen Pharma-care, reported normalised dilutedheadline earnings a share rose22% in the year to the end of June.

� Sasol posted a 25% rise in yearlyheadline earnings a share, b o o st e dby a 17% rise in the average crudeoil price and an 11% softer averagerand/dollar exchange rate.

� Building materials retailerCashbuild said it expected its ad-justed headline earnings a sharein the year ended June to be be-tween 20% and 30% higher.

� South Africa’s platinum groupmetal production rose 11.7% inJuly, said Statistics SA.

� Kagiso Media reported thatannual earnings a share rose211.8% to 474.5 cents a share.

� Sasfin Banking Group lifted itstotal assets by 25% and annualprofit before tax by 30%.

� Manufacturing output grew 5.8%year on year in July after risingby 0.9% in June, said Statistics SA.

� Technology and business ser-vices group EOH reported a 30.4%hike in diluted headline earnings ashare for the year ended July.

� Shares in Rand Merchant Insur-ance Holdings rose more than 3%as the company lifted full-yearprofit by 48%. Investment holdingcompany RMB Holdings reporteda 3% rise in diluted headline earn-ings a share for the year to Ju n e .

� Brands group AVI reported a28.2% rise in headline earnings ashare for the year ended June.

� South Africa’s second-biggest

bank, FirstRand, posted a 26% risein full-year earnings, helped by apush to increase retail customersthat boosted income from lending.

� Offshore accounts last weekbought a net R5.2-billion worth oflocal bonds and R279-million inshares, data from the JSE s h owe d .

� Clover Industries reported dilut-ed headline earnings a share of108.7c for the year ended Junefrom 106.2c a year ago.

� SOUTH Africa faces a realprospect of a jobs recession, saidrecruitment group Adcorp as em-ployment numbers fell for thethird month. “Most of the joblosses during August were in theformal sector, which shed 14 382jobs,” Adcorp said in a statement.

� South Africa’s current accountrecorded its largest shortfall inover three years in the secondquarter of 2012, to 6.4% of GDP,as exports fell because of sub-

dued external demand, while in-creased government spending onwages pushed up gross domesticex p e n d i tu r e .

� Comair reported a 76.1% dropin diluted headline earnings ashare for the year ended June, af-fected by the sustained high fuelprice and weak global economy.

� Poultry producer Country Birdposted a 61% drop in its annualdiluted headline earnings ashare, hit by high levels of im-ports‚ significant increases in rawmaterial input costs and the nine-week strike at Supreme Poultry’sBotshabelo plant.

� The financial situation of the“technically insolvent” Road Acci-dent Fund deteriorated further inthe year to end-March, with itsestimated net deficit plunging toR46.4-billion from the previousye a r ’s R29.9-billion.

� Investment holding companyMvelaphanda Group reported anafter-tax loss of R223.9-million forthe year to e n d - Ju n e ‚ c o mp a r e dwith a R104.7-million loss the

previous year.

� Investment bank and assetmanager Investec said it expectsflat first-half earnings, followingdeclining investment and tradingincome. Investec has been theworst hit of major South Africanbanks by the global economicmeltdown, given its exposure toEurope and Australia.

� Building confidence dipped inthe third quarter of the year, saidFirst National Bank and the Bu-reau for Economic Research. Th eFNB/BER building confidence in-dex registered 26 index points forthe third quarter, compared with27 in the previous quarter.

“The current level of the indexsuggests more than seven out of10 respondents in different sec-tors of the building industry rateprevailing business conditions asu n s at i s f a c t o r y , ” FNB said.

� BHP Billiton said it would ceaseproduction at its Gregory open-cutcoal mine in the state of Queens-land from October 10 owing toweak coal prices, high costs and astrong Australian dollar.

BAT

SABMILLER

BHP BILLITON

ANGLO

MTN

42257

36280

27306

27700

15990

1.63%

0.23%

9.03%

7.58%

3.15%

PRICE

% over 1 week

CHANGE

HEAVYWEIGHTS

Graphic: FIONA KRISCH Source: I-NET BRIDGE

ASPEN PHARMACARE

Graphic: RUBY-GAY Source: I-NET BRIDGE

Share price (cents)

MAMFJ JDNOS SAJ

8000

9750

11500

13250

15000

JSE TOP 40

Graphic: RUBY-GAY Source: I-NET BRIDGE

Index

MAMFJ JDNOS SAJ

25500

27250

29000

30750

32500

RAND/DOLLAR EXCHANGER/$

Graphic: FIONA KRISCH Source: I-NET BRIDGE

7.400

7.700

8.000

8.300

8.600

SAJJMAMFJDNO

��� !�� "#!$ �%� �&�� '(� )��*�*�����+���+���(

rose 2.8%. In bond markets,yields on 10-year Italian govern-ment bonds fell below 5% for thefirst time since late March asthe Fed’s news enhanced therecently improved sentimenttowards riskier assets.

The Dow Jones was up 65points, or 0.5%, at 13 605. TheS&P 500 was up nine points, or0.6%, at 1 469. The Nasdaq wa sup 33 points, or 1.06%, at 3 189.

European equities surged,with the pan-European FTSEu-rofirst 300 index rising 1.6% to1 118 points. The MSCI index ofglobal stocks jumped 1.7% to 340points, near the highest levelsince August last year.

The dollar index measuredagainst a basket of currenciesfell to its lowest level in overfour months at 78.714 after theFe d ’s move. — R e u t e rs

�OUTH African stocksbooked a fresh recordhigh close on Friday asaggressive stimulus by

the US Federal Reserve boostedmining shares and outweighedworries over strikes in the plat-inum and gold sectors.

Copper, gold and oil hit multi-month highs after the Fed’smove to stimulate the world’stop economy spurred expecta-tions for increased globaldemand for raw materials.

“The Fed’s decision c r e at e dpositive momentum throughoutthe market. That’s good foreconomies around the world,”said Bruno van Eck, a trader atThebe Securities.

The All Share index booked arecord close, rising 1.85% to36 550. It earlier hit the highestlevel in its 17-year history at36 585. The Top 40 index alsobooked a record close at 32 329,up 2.14%, after earlier touchinga life record of 32 382.

Gainers were led by diversi-

fied miner African RainbowMinerals, up 8.63% at R173.80,followed by Anglo Americanand Harmony Gold, up 7.78%and 5.96%, respectively.

Aquarius Platinum ended up17.66% despite news that itwould suspend operations at itsKroondal platinum mine untilSeptember 16 as a precaution-ary measure.

Losers were led by F i r st R a n d ,down 3.65% at R25.62, andShoprite, which fell 3.44% toR158.60, followed by several oth-er banking and retail stocks.

“There is a cyclical switch outof the retailers, out of the bank-ing stocks and into the miningst o c k s , ” said van Eck. (SeeBull’s Eye, page 24)

Trade volume was high, withmore than 310 million shareschanging hands, above lastye a r ’s daily average of 255 mil-lion shares. Advancers outnum-bered decliners 206 to 93.

Altogether 65 stocks wereunchanged. — R e u t e rs

and hedge fund buying, but thekey to keeping momentum go-ing in the gold price will be arevival of physical buying fromIndia and China, said TomKendall, an analyst at CreditSuisse in London.

Spot platinum jumped morethan 2% to a six-month high of$1 713/oz, before paring gains to$1 705.74/oz, as concerns aboutsupply deepened due to labourunrest in top producer SouthAfrica’s mining sector.

Spot palladium was at$697.60/oz after its 11th straightsession of gains, its longest win-ning streak since at least 1984.

Silver rose to a six-monthhigh of $34.92/oz, before easingto $34.27, down 0.7%. It washeaded for a 2.5% weekly rise,extending its winning streak toa fourth week. — R e u t e rs

� � � ����� ��� � � � ��� ���

����� ��� � ��� �� �����������������������������

����������������������������������

*!���#� �,� ,!)�

����� ��� � ��� “��!�� "��� ����� #� � �� $!� �� �"��#”%� ��� ���� ����� ������� �"��&������ &������"�� ���� #� ��� ��� '�(�#� �"�� )���� (##���� ��� � ����� � � �*$�� ������� ��� ���� ���� #� ���� ��"��*""��� �������� � ����������� # ���� ���� �� $ �!����� �"� *��� �*������ "��%� "�� ������ � ��� ��� �#� �"�� ��*�������� ���!��*���� ��� &������"�� #� � ���� ��$�� �������� ������� ��� �"�� � � �

QUOTE OF THE WEEK

If the fiscal cliff isn't addressed, I don't think our tools are strong enough to offset the effects of a major fiscal shock.Federal Reserve chairman Ben Bernanke, warning about automatic year-end spending cuts and tax hikes

© GRAPHIC NEWSSources: MacRumors, Apple, Apple supply chains

iOS 6 HIGHLIGHTSApple’s latest operatingsystem for mobile devices

Siri: Open apps and postcomments to social networksusing voice commands

Facebook: Integrated intobuilt-in apps like Calendar,Maps, Camera and PhotosPassbook: Stores copies ofboarding passes, movietickets, retail coupons etc

FaceTime: Video chat nowworks over phone networksas well as Wi-Fi connections

Safari: iCloud Tabs keepstrack of open web pageson multiple devices

Maps: Google Maps replacedby Apple’s own mapping appthat is vector-based for greater

detail and includes audio sat-nav

iPhone 4S

(shown to scale)

iPhone 4 replacesiPhone 3GS inproduct line-up

123.8mm

58.6mm

102m

m (4”)

– 6

40 x

1136 p

ixels

Display: Increased from 960 pixelsdeep to 1,136 pixels – screen nowaccommodates extra row of app icons.Compared to landscape 3:2 aspect ratioof iPhone 4S, iPhone 5 has ratio ofalmost 16:9 – ideal for watching movies

Camera: Relocated from leftof ear piece to just above it

Dock connector:30-pin connectorreplaced with80% smaller“Lightning” plug –will also be usedon iPods and iPads

Headphone jack:Moved from top ofiPhone to bottom,next to dockconnector

Earphones:Redesigned“EarPods”

A6 chip: 22%smaller, CPU andgraphics processorsperform twice asfast as before whilebeing more energyefficient

7.6mm

Unibody case: All-in-one aluminiumshell with rear glass panels top andbottom for Wi-Fi, GPS and Bluetoothreception. Taller design allows

internalcomponentsto be spacedout more, makingiPhone 5 thinner

� �+���,+�-� �� ���� � "����� ��� � �"�� #� ��� !����� �#� �"�� &� ��� �� ��#%� � ���� ��� . ����� # ��� �"�� +���/�#� ��*� ���� �#�� ����� ��� �"�� )������� *� �������� ��������� ����������

Page 3: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Business, 16-Sep-2012-Page 3, Cyan Business, 16-Sep-2012- Page 3, MagentaBusiness, 16-Sep-2012-Page 3, Yellow Business, 16-Sep-2012- Page 3, Black

Business

����Sunday Times �������� � � ����� �������������� | �B-1 JDCP

���� ���� ����

RICH List research was compiled byWho Owns Whom (Pty) Ltd.

While directors’ holdings for the RichList reflect wealth at March 31 2012, theearnings table reflects what was earnedin companies’ 2011 financial year asreported in annual reports releasedover the course of this year.

ý �� � ���� �� � ���� �

���������� ��

An initial extraction of theremuneration and options, headlineearnings, and director and familyholdings was made by Who Owns Whomresearch staff. The information wasreviewed from the published documentsby Who Owns Whom management andcompared with the extraction. Theinformation was again researched fromthe published documents and comparedwith the management result by the WhoOwns Whom executive directors. Whilegreat care has been taken to ensureaccuracy, the possibility of error doesex i st .

ý ��� � ���� �� ����������

ý The calendar years 2010 and 2011were researched from hard copy andinternet documents published in termsof the Companies Act and JSE listingrequirements;

ý Shareholdings were extracted aspublished in public documents andpublic share registers;

ý Shareholdings included those heldvia trusts where this was deemedap p r op r i at e ;

ý The market price as at March 312012 was used for the valuation ofholdings;

ý It was assumed that the conditionsof conditional options would be met;

ý Options issued under more thanone scheme or over a period were addedwhere this was deemed appropriate;

ý Gains on options exercised in theyear under review were included in

r e m u n e r at i o n ;ý Earnings and directors’ fees paid to

other unlisted companies wereexc l u d e d ;

ý Severance packages and retentionbonuses were included in remuneration;and

ý Conversion rates to the rand wereas follows; USD: 7.32 (7.3 in 2010); GBP:11.6 (11.2); euro: 10 (9.7); NZD: 5.71 (5.2);AUD: 7.47 (6.6); CAD: 7.32 (7.1); Nigeriannaira: 0.05 (0.0478); Botswana pula: 1.06(1.05); Namibian dollar: 1 (1)

ý ��� � ��������� �

�� ���������

ý Patrice Motsepe:Motsepe’s holding in African Rainbow

Minerals is via African RainbowMinerals Exploration Investments (Pty)Ltd, but the shareholding of this privatecompany is not disclosed.

ý Lakshmi Mittal:We received notification from a

reader that M i tt a l ’s worth has beenoverstated. According to the reader,“Mr. Mittal & family (through his familytrust) has an indirect and effective21.24% stake, worth R8.7-billion inArcelorMittal SA and his family trustowns an indirect and effective 40.83% ofthe issued shares in the (Euronext, NewYork, London and Luxemborg) listedArcelorMittal Group. ArcelorMittalGroup holds a direct 52.02% of theissued shares in the local and J S E - l i st e dArcelorMittal SA.” We were unable toascertain the veracity of this and optedto remain consistent with what hadbeen confirmed as correct by thecompany in the past and published inprevious supplements. Neither M i tt a lnor ArcelorMittal have contradicted ourc a l c u l at i o n s .

ý BHP Billiton Plc gains on shares:P e r fo r m a n c e / deferred shares, which

were converted to ordinary shares andreflected under gains on shares, weretreated as income.

��� ��� �� � ���� ������� ���

ý ���� ���� �� �� � ������ �������� ���� �� �� ���� ��� ��� �� �� ��� ��������� ��� � ����� �� �������� ���� ��� �� ����� ����� � �� ��������������� �� ���� ������ � �� � �� ������ ��� ����� ���� � �������� �� ���� ��� � ��� ��� ��� ���� ���������� � �� ���� ������� ��� � ���� ������ �� �������� ���������� ����� ��� �������� ��� ��� �� ����� �� ��� ���� ��� �� ������� �������� ���� ��� ��������� �� � ���� ��� ���� ��� ��� ��� ���ý ��� � ��� �� ������ ��� ������ � ��� � �� �� � ��� �������� ���� ��� ����� �� ����������� — ������

���

WHAT YOU SHOULD KNOW

ABOUT THE RICH LISTý ���� ���� !��� �� ������ �� ��� ����� �������� � ��������� � �� ���� ������ ���� ��� �� �� "�� ��� ������ �� ��� � ���� �� ��� ������ �� ���������� ��"�� � ���� ������ ��� ���������� ��� �������� ��� ������� ����� �� ��� � � � ��� �� �������� ������ ��� ���� �� ���� � ����� ��� ��� ����� ��� �� ��� � ����� ��� � ��� �#������� �� ��������� ��� ��� ��� ������ ��� � � ���� ���� ����� �� ��� ��� �� ����� �������� �� ����$��� ������� � �� ������� ���� ���� ������� �� �� ��� ������� ��"�� %�������� ���� ����� ���� � ����� �� ������� �� �� ���

������� �����

�HEY might claim to bein the trenches fightingalongside the masses,but for the most part

politics in South Africa is a richman’s game.

As the ANC prepares for itsbattle royale in Mangaung inDecember, the deep pockets ofthe candidates could s h ap e theoutcome.

Whereas the financial positionof candidates in the Americanelection is a big talking point,especially in light of the Repub-lican candidate Mitt Romney’shesitance to produce all hisrecent tax returns, in SouthAfrica the financial affairs of thepossible candidates as ANCpresident are at best a sideissue. This does not mean moneydoes not play a central role inrunning campaigns or in“p e r su a d i n g ” vo t e r s .

Although nominations for theANC presidency only open n extmonth, the likeliest front run-ners are the incumbent, JacobZuma, and his deputy, KgalemaMotlanthe.

However, there are severalother potential candidates, all ofwhom are extremely rich com-pared to ordinary SouthAfricans.

Zuma does not have any directi n t e r e st s in business, but hisfamily has been at the forefrontof South Africa’s black economicempowerment (BEE) scenefollowing his ascension to powerin 2009, leading to some calling itZEE, or Zuma EconomicE mp owe r m e n t .

The President earns a salaryof just more than R2.6-million ayear, although his actual wealthremains a mystery.

Kgalema Motlanthe is also notdirectly involved in business, buthis partner, Gugu Mtshali, is abusinesswoman who has beenembroiled in a scandal over amultimillion-rand Iran sanctions-busting deal. According to areport in the Sunday Times,Mtshali and her close associatesgave political support for a deal

in return for a promisedR104-million. In terms ofearnings, Motlanthe is financial-ly the worst off of the presiden-tial candidates, with an annualsalary of o n ly R2.3-million.

Tokyo Sexwale has emerged

as the most outspoken chal-lenger in the ANC presidentialrace. Prior to being appointed tothe cabinet as minister of humansettlements, Sexwale was one ofthe more active black en-trepreneurs in the countrythrough the acquisition of stakesvia his Mvelaphanda HoldingsGroup. Sexwale resigned from allhis directorships due to his ap-pointment. His stake in Mve-laphanda was last recorded atR1.9-billion in 2010. As a cabinetminister his annual package isR2-million after the recent in-crease, but this is pocket moneycompared to the dividendsSexwale presumably earns fromhis various holdings.

Another national executivec o m m i tt e e member of the ANCwho is active in the businessworld and has been linked to thepresidential race is MathewsPhosa. Phosa is a businessmanwith stakes in variousc o mp a n i e s .

The ANC t r e a su r e r - general ischairman of several companies,including Mathews Phosa andAssociates (a law firm), VukaWater Projects, Zero PollutionMotors and perhaps most impor-tantly, EOH Holdings.

He also serves as a non-exec-utive director at Bauba PlatinumLimited and as a non-executivedeputy chairman of Jubilee Plat-inum. Phosa earned R8-million inthe 2011 financial year, mainlyfrom the gains on in his EOHshares and is 214th on the RichList, with listed holdings ofR88.5-million.

Another potential candidate isCyril Ramaphosa. He has playedhis cards close to his chest, buthis role in the expulsion of JuliusMalema from the ANC in his ca-pacity as the head of the disci-plinary committee has propelledhim back into the political lime-light. His name has subsequentlybeen touted as a potential run-ning mate to Zuma as a deputypresident. Ramaphosa has de-nied any such ambitions.

If he were to throw his hat inthe Mangaung ring, Ramaphosawould arguably be the mostaccomplished businessman tomake himself available for thehighest office in the land.

In 2011 Ramaphosa earnedR8.06-million, mainly from hispositions as non-executive chair-man for Mondi and MTN.Ramaphosa owns substantial eq-uity stakes in six major listedcompanies namely Assore, Bid-ve st , Mondi, MTN, SA B M i l l e rand Standard Bank. Thesestakes are worth R3-billion.

He is also a member of Coca-Co l a ’s international advisoryboard. In March 2011, he struck adeal with McDonald’s to be itsmaster franchisee in SouthAfrica. This means he now ownsand runs all the American burg-er company’s 132 restaurants inSouth Africa. The R3-billion ex-cludes this investment as well asothers, like Shanduka.

Ramaphosa is also a directorat Lonmin, where a strike turnedinto tragedy at Marikana. HisLonmin position earned himR709 000.

Patrice Motsepe, SouthAfrica’s richest man, accordingto the Rich List, is worth R20-bil-lion, through African RainbowMinerals (ARM) and Sanlam andhe earned R11.6-million last year,mostly from his position as exec-utive chairman of ARM.

Although Motsepe is unlikelyto run for the presidency, his in-fluence in the ANC should not beu n d e r e st i m at e d .

His family is intricately linkedto the ruling party in businessand marriage and he is known toprovide funding.

Only the seriouslywealthy need apply

���� ��� ��� ���������� �� ����� ��� ������� ��� ����� ������ �����

� &��'()*� �(+� ,- .+� ,!$+�� �$� �(+� ,��+�/� ,����� � ��� � � �������� � � ��� � ��� � ������ � ������

� ,�-!!�)*� /� �"�� +�#� ��� �� ����� ��� ��������� ����������� ������� �������� ���� �� ��������

� ,�-( 0-)/� 0 ����� '�� ’�� ��� � �� ����� ����� ��� ����������� �� � ��� ��#

Zuma’s family has

been at the

forefront of SA’s

black economic

empowerment

scene

Non-executive directors cream it

��� �� ��

FOREIGN investment intoSA companies sometimeshas a side effect with compa-nies undergoing restructur-ing at the new shareholders’behest. This has resulted inexecutives choosing to leave,but with millions sweeteningtheir departure.

The Chinese JinchuanGroup and China Africa De-velopment Fund’s purchaseof a 45% stake in WesizwePlatinum last year resultedin extensive restructuring ofthe executive team, remov-ing CEO Arthur Mashiatshi-di, finance director Jacquesde Wet and corporate affairsexecutive Mlibo Mgudlwa.

They were replaced byJianke Gao (CEO), MichaelMa (finance director), JacobMothomogolo (projects exec-utive) and Kagisho Reid (hu-man resources executive).

Mashiatshidi, who passedaway in February, was of-fered a non-executive spoton the board but eventuallyleft with R3.4-million in sev-erance pay. De Wet andMgudlwa received R2.4-mil-lion and R1-million respec-tively on the termination of

their contracts.The Absa restructuring

resulted in the consolidationof the retail and the businessbanking divisions and the de-parture of retail banking ex-ecutive Gavin Opperman —with severance pay of R1.5-million.

Still, these are not thehighest amounts paid toexecutives on leaving.

Grenville Wilson, formerCEO of the Kelly Group, waspaid R4.1-million “for loss ofoffice”, according to the re-

cruitment company’s 2011 an-nual report. No reasons weregiven for his resignation, butnews of his departure wascontained in the group’s re-sults for the half year toMarch 2011. These showed a16% plunge in headline earn-ings.

Scott MacDonald, CEO ofEvraz Highveld Steel andVanadium, was paid almostR6-million in terminationbenefits after only 13 monthsat the helm. There were alsono reasons given for his de-

p a r tu r e .Last year, electronics man-

ufacturer and servicescompany Reunert said it had“reached mutual agreement”with its former boss NickWentzel that saw him leavingReunert in September 2011.

Like MacDonald, Wentzelhad been in the post for just13 months. He was paid sever-ance benefits of R12-million,the highest severance pack-age last year.

He would have left withmuch more if he had exer-cised his share options.

“He had until October 232011 to exercise his optionsearly, which he did not,” readReunert’s annual report.“Therefore the options wereforfeited on that date.”

The combined value of theoptions was almost R18.4-mil-lion.

Termination benefits inthis year’s Rich List pale incomparison to some recordedin past years and will do so incomparison to next year’s listtoo. Prakash Desai, fo r m e rCEO of Avusa, was recentlypaid R40-million, including amassive amount for goingaway. This will, however, onlybe reflected in next year’s list.

��� �� ��

THE earnings of n o n - exe c u t ivedirectors place them onanother plane compared withthe pay packets of most SouthAfricans.

Take Alain Perrin as anexample. The Richemont non-executive earned R16-millionin the 2011 financial year,making him the highest-paidperson not involved in thedaily running of a c o mp a ny .

Perrin had to attend onlyfive board meetings at theluxury goods company tomake his millions.

However, according toRichemont’s 2011 annualreport, he waived his rights toany fees or compensation forthis post.

Forty-five years of serviceare paying off for RobertCarpenter, who would haveknocked Perrin off his perchhad he served a full year as anon-executive director ofAs s o r e .

Carpenter earned a totalpackage of R32-million(including an R11.3-millionperformance bonus) forattending four meetings at themining company during the2011 financial year, but

relinquished the deputychairmanship position for anon-executive spot only fourmonths before the company’syear end.

AECI and Imperial Holdingsnon-executive director SchalkEngelbrecht is not far behind.He collected R14.7-million lastyear, but almost all of it wasfrom gains on his shares inAECI.

The non-executive directorsof mining company Uranium

of the Blackstar Group, LithaHealthcare and York TimberGroup, out-earning serial non-executive Cyril Ramaphosa.

Ramaphosa sat on 10 boardslast year, which collectivelyearned him R8-million for 46meetings. He has now givenup two of the non-executivedirectorships. His earnings donot include what he earns inhis day job at Shanduka.

Rounding off the list of thetop 10 highest-earning non-

Emira Property Fundchairman Ben van der Rosshas eight directorships, withcombined fees totalling R4-million. Serial chairman DavidNurek made R4-million fromseven boards.

There are differing opinionson the advantages of holdingmany directorships, with somehaving coined a term forseveral seats, “ove r - b o a r d i n g ”.

Werksmans Attorneysbelieves non-executivedirectors with fingers in toomany pies could be hard-pressed to prove they actedproperly if sued for lossesincurred under theirove r s i g h t .

But a recent study by theUS Penn State UniversitySmeal College of Businessargues that directors who holdmany directorships couldactually be beneficial to n ewlylisted companies.

“Such directors offer uniqueadvantages for newly publicfirms,” said the authors of thestudy. “Because managementof younger firms have l i tt l eexperience navigating publicmarkets, they likely rely moreheavily on directors for theirexperience and network ofcontacts.”

Cyril Ramaphosa sat on 10 boards last

year, which collectively earned him

R8-million for 46 meetings

One are well taken care of:Vadim Jivov and DanielNortier made R13.2-millionand R9.8-million, respectively,though Nortier’s packageplunged from R30-million theprevious year. Between thetwo was Brait non-executivedirector Antony Ball, with atotal package of R12.7-millionfor attending four meetings.

Andrew Bonamour madeR9-million from his non-executive seats on the boards

executives were Ne d b a n kchairman Reuel Khoza andANC treasurer MathewsPhosa, who both made aroundR8-million.

While Ramaphosa leads thepack of serial non-executivesin terms of the number ofboard seats, Exxaro andSteinhoff chairman Len Konaris not far behind with ninenon-executive directorships,wh i c h have earned him R5-million.

*����� � ���� "��� ������� �#�

� �$'� !�-1� /� )��"� ���2��� �� � ��� ��� ����������� ���� � �" ��� � �� �� �

� *$$.34�/� *�������������� �� � 5�6������������� � ���� "�

Page 4: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Business, 16-Sep-2012-Page 4, Cyan Business, 16-Sep-2012- Page 4, MagentaBusiness, 16-Sep-2012-Page 4, Yellow Business, 16-Sep-2012- Page 4, Black

Business

� | �������������� ��������� � � � ���� Sunday TimesB-1 JDCP

������� �����

������ ��� � ��� ��� ���� ���� � � ������� �������� � ���� ����� ��� ������ ��� ������� ��� �������� �� �������� � ���� ���������� ���� � � ���� �� ��������������� ��� �� ����

����� �� ���� ������ ��� ������ ���� � ��� �������� ����������������!� �� � ��� ����

������!� �������� ��� ����� ����� �"������ � � ���!� �"��� ��� ������ �������

��������� ��� ���� # "�� ��� � "� ����"� �� �������� !� ���� ��������� ��� ���������� ��� ���� �����"� ��� $%&&� �� �� �� �� �� ��� �� � � ����!� ����� � ���� �� � � "� �'(%&� %%%� � "� !� �������� �"���� �� �� ��� ������ � ��

���� ����� � ���� �� � � "� �')%*� %%%�� ���� ����������� "���� ��� ��� �� �� �� � ��� �������� � � ��!� ��������� �� � � "� � �� '$+* %�%�%�

���� ���� �� � � "� ��� � ������� � ���� �� ������"� � � ����� �� �� ��� � � ���� �� ��� �� ��� � �� ��� �, ��� ����"� ���-� �������

��������� ��� � � � ��

.� ��� �� ��!� � ���� � �"�� �� �����!� ���� ������ "���� ���� ��� �� �� ������ ��������� ��� ����� �� ����� ������ �����!� � �"��!� �������� ��� �� ��� �� � � ����� ������ ���� �� � �"��� ��� ����� ���� � ����� � ����� ���� �� ����� ����� /����� ������ �"� � ���0� �'1*%� %%%–'&�$���������

���� ��������������� � ���������� ��� �� ������� ���� ��� ����������� ����� � � ���� �'2*%� %�%�%��'�&���$������������������

���� ������������� � ���������� ��� �� ������ ��� ����� ������ ����� ����� ��� �� ����� ������ �� '2*% %�%�%��'�&���&����������� 3���������� ������ ������������� � ����������� ��� ���� � ��!���� ����� � � ���� ������� ��� '4*% %%%� ��'1*%� %%%�� 5 � ������������� ���� �� ��,�� ������� ����� ����� � � ����� ����� �� '4%%� %%%�'&�$���������

���� �� ���� ���� ��������� ��� ������� �6�3�������� ���� ����!����� �� ��������� �����"� ����� ��� ������� ����!� � ���"� 5 ���� �� ��� 7�#� 7������������� � ������ ����� ������ � � �� �� ������ ����������� ��� ��� �� ��� ������������� � ��� ���������� ��� ���� ���� ������� �� ����� ������

���� ��������� ��� �,��������� �� $%&&� � �5��� ��� 8� ��� �� 7�#7�������!� ���� � ���� ��������� '&&(�1������������������ ���� ����������!� �������� ��� ���� ��� �� ���� 8� ��!����� �,�������� �� 7�#7�������’�� ��������� ���������! ������ �� 5��� ��� �� �� ��������� ��� �� ��������� �� ���� � ������ �����"� 9 ��� # ������� �5 ��� �!� ���� � �� � �� � ��� �� �� '1%���������

����� ����

WITH its reputation as one ofthe countries with the mostunequal income distribution inthe world, South Africa shouldavoid wage compression in itslabour market.

This is according to AlexIzurieta, an economist with theUN Conference on Trade andD eve l op m e n t wh ich this weekpresented a trade and develop-ment report in Johannesburg.

Izurieta said keeping wageslow was self-defeating as itreduced household income,which in turn reducedaggregate demand and harmedthe economy.

“Our recommendation is toavoid it both for equity and forgrowth and employmentreasons,” he said.

Izurieta said collectivebargaining and governmentguidelines should prevent thewage share from falling andhelp SA prevent “a race to theb o tt o m ”.

But Jorge Maia of theIndustrial DevelopmentCorporation — wh i c hpartnered in the report — saidthe theory should not beapplied to executives who earn“excessive remuneration”.

Minister of EconomicDevelopment Ebrahim Patelcaused a stir two years agowhen he suggested a cap onpay and bonuses for seniormanagers and executivesearning over R550 000 a year.

“We need to analyse coststructures and look at what canbe balanced and certainly weneed to look at cutting certainelements of remuneration atexecutive level, but also improveproductivity overall,” Maia said.

The report says Africa andLatin America are the world’smost inequitable regions. Six ofthe 10 countries with the mostunequal income distributionare in Southern Africa.

“One reason [for this] is thatin several natural resource-richcountries, local elites, togetherwith international capital, havebeen able to appropriate mostof the rents from naturalresources,” the report says.

It comments on SA’s highGini coefficient, a measure ofhow unequal a country is on ascale of 0 to 1, with 0 being themost equal.

“The case of SA isparticularly interesting, becauseneither the end of the apartheidregime nor income growthappear to have resulted in anydecline in SA ’s historically highlevels of inequality. Incomeinequality has been very highand has been increasing sincethe early 1990s — the Ginicoefficient on gross incomegrew from 0.63 in 1993 to 0.70 in2005,” the report states.

It says though race-basedinequalities d o m i n at e ,inequality within racial orethnic groups has increased.

“By 2008, inequality amongAfricans [who account for 80%of the population] was thehighest of all the racial groups.This reflects spatialinequalities [particularly rural-urban income differences] aswell as access to education, asbetter-educated Africans havebenefited disproportionatelyfrom the recent growthprocess,” the report says.

Bosses get big bucksonly if they perform

������ ������

�HP Billiton directors led theway in profiting fromshares that accrued fromvarious incentive schemes

and options.Despite weathering a commodity

price slump better than its peersand paying its South African CEOMarius Kloppers more handsomelythan his counterparts at some of thewo r l d ’s largest mining houses, Klop-pers and Billiton’s petroleum CEOMichael Yeager both waived their2012 bonuses to assuage grumpyshareholders who watched three at-tempted acquisitions fall by theways i d e .

No matter, though — K l op p e r sand Yeager both made good gainson shares in the financial year end-ed in 2011, with Kloppers off-loadingR49.41-million and Yeager R92.04-million. Billiton’s financial executiveAlex Vanselow picked up R41.21-mil-lion in share gains.

Closer to home, Massmart’s CEOGrant Pattison cashed in R77.95-mil-lion’s worth of company shares,while Massmart’s executive directorGuy Hayward got R56.16-million.Another retail executive, Shoprite’sfinancial director Carel Goosen, gotR17.54-million.

This kind of variable pay — ove rand above guaranteed salary — cansubstantially alter executives’ fo r -tunes for the year and their positionon the Rich List.

Mark Bussin, executive chairmanof 21st Century Pay Solutions, said

there is a strong trend to align vari-able pay with performance and infuture if we see big numbersbandied about, chances will be theexecutive earned the payout.

“There is usually a mix of guar-anteed pay and variable pay, whichincludes short-term bonuses andlonger-term share schemes. Compa-nies are moving back towards amore even mix from a situationwhere the ratio of variable to guar-anteed pay was two to one.”

Bussin said corporate SouthAfrica is in share-scheme redesignmode. “There are a myriad of com-binations that are the trend now: acombination of retention and perfor-mance. Each type of scheme has itsown driver and purpose and propergovernance should be the right rea-son behind changes happening.

“Among executives there is anawareness of growing inequality,partly thanks to media attention,”said Bussin.

“Deciding on share-scheme pay isa process. The norm is that HR andthe finance departments benchmark

vote in favour for it to proceed.There are fairly robust processes inplace in one governance forum oranother, although with smaller com-panies there may be more room forn e g o t i at i o n , ” explained Bussin.

“It’s not always so easy for the

all the headlines,” said Bussin.Deloitte executive remuneration

consultant Nick Icely said whilesome degree of perversity and un-holy wealth creation can still be de-tected, and while it is true thatsome remuneration committees areill-informed or not operating effec-tively, a more responsible approachto executive remuneration is beinga d op t e d .

“Executives may still be cashingin from share options-type schemesimplemented some years ago, butthis is unlikely to last much longer.Pre-2008, executives were being re-warded on the basis of seeminglyinevitable growths in earnings andshare prices, but post-2008, share-based rewards are increasingly hav-ing to be earned by performance,rather than being seen as an expect-

ed part of pay.”Performance is being measured

against a variety of metrics. “Th ecompany must have performed insome way, either against targets setby the board or in comparison withpeers. This way, executives are notjust cashing in on external factorsthat have increased the share priceor, by the same token, suffering be-cause of difficult market conditionsbeyond their control,” said Icely.

“New remuneration models aredeveloping, based on performance,and they can deliver reward for per-formance even if the performance isnot necessarily reflected in shareprice growth. This helps with reten-tion, while at the same time ensur-ing shareholder alignment.”

This year’s Rich List shows thatmost companies do not choose ei-ther share options or performancebonuses, and the majority of execu-tives are given both.

���� � �� ������� ����� ����������� ���� ����� ����� �� ���� ����� ������� ���������

B-1 JDCP

��� ���� ����

‘The company must have performed in some way,

either against targets set by the board or in

comparison with peers’

the market norm for a company ofthat size. Then they bring that tothe remuneration committee to ap-prove. The remco chair, in turn,takes that proposal to the board forapproval, then it goes to the share-holder AGM, at which 75% must

public to see and understand whatwas done to bring about that kind ofreward. The problem is that CEOsseldom trumpet what they did toearn it, and they’ve been offered thereward by the companies. It is thesehigh-performance outliers who make

���� ������ �� ���� ‘����� ��� �� ����������’

��� �� ��

COMPANIES may think long-termincentive schemes are one of thebest ways to prevent exe c u t ive staking their skills elsewhere, butthey would be wrong.

PwC research suggests manyaspects of these schemes may doomthem to failure, as they do notproperly take human psychologyinto account.

Those who have made it onto theRich List after coining it on shareoptions could only do so after aperiod of time had passed. Forexample, BHP Billiton apportionsthe fair value of each share awardto yearly remuneration in equalamounts for each of the years in theexpected future period, which isnormally five years.

Massmart’s Grant Pattison and

Guy Hayward only cashed in theirchips after an average of 5.4 yearsand 4.7 years respectively.

Some of these schemes arec o mp l ex . Billiton uses amanagement consulting firm toestimate the fair value of itsincentive awards, using simulationmethodology that takes variousfactors into account, and Massmartbases its incentives on theachievement of profit growth orpersonal performance or acombination of the two, as well as areport prepared by independentremuneration consultants on therecent trends and current levels ofshort- and long-term executive

remuneration in SA.However, the way the schemes

are designed is not necessarilye f f e c t ive , according to the PwCstudy, conducted with A l ex a n d e rPepper, senior fellow at the LondonSchool of Economics.

The study explored the trade-offsthat individuals made between risk,reward, certainty and time. It foundthat executives did not necessarilybehave in the way that manyincentive schemes assumed.

For African executives, who madeup 7% of the survey participants,risk was not something they werecomfortable with. Given a choicebetween a smaller, certain amount

of money and a 50% chance ofreceiving a larger sum, more thanhalf (61%) chose the certain sum.

Schemes that were easier tounderstand were favoured overcomplicated, though more lucrative,schemes unless the executives wereregularly involved in working outthe metrics and reportinginformation linked to theirincentives as part of their jobs.

“The design of performance payneeds to be simpler and morerelevant to the people whosebehaviour it’s meant to influence —executives themselves,” said PwC.

Deferred awards were notexpected to pay out the same

amount of the award in future:African executives often applied anaverage discount factor of 40% tothese awards — for every $1 (R8.2)awarded, they expected to receive$0.39 (R3.19). Younger executivestended to discount at a higher rate.

“They have more immediatefinancial needs and are more likelyto value money today over moneyt o m o r r ow , ” said PwC. “Th o s ebetween 55 and 59 applied adiscount factor of 22%.”

So, the longer executives had towait, the less it was worth.

Other factors remunerationcommittees should take intoaccount is that most executives will

choose to be paid less in absoluteterms as long as they are paid morethan their peers. Also, people do notjust work for money and will take apay cut for a more fulfilling job.And the key motivation of long-termincentive schemes is recognition —sometimes the status ofparticipating in one outweighs thedirect incentive received.

Perhaps remunerationcommittees should also considerwhat psychologist Richard Wisemanwrote in his book Rip It Up. “Byrewarding the behaviour ofschoolchildren, smokers and driversyou are encouraging them to behaveas if they really don’t want to readbooks, stop smoking or buckle up.

“The moment the rewards areremoved, the desired behaviourruns the risk of grinding to a halt.”

Long-term incentives miss the mark

�� �������� ������� ���� !���� ���"��� �#� ��������

� ��� �� �� ����� �� :�� �’�� # ��� 6���� � ��� 7� � ��� � �� ������� ;� ���"� ��� ��� � ��� �� ��"� ���� ���� ���� � ��� �� ����������� ��� �����"� ��� ���� 9��� ��� ��!� ����� ���� �"� � ��,� �� � ���� ���� ������� �� � ���� ������ ������ ��������� ������"� � �� �� ���� �"� � �������� ��� ���� � ���� �� ����� ������������ �������� �������

��� �� ��� ���

Page 5: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Business, 16-Sep-2012-Page 5, Cyan Business, 16-Sep-2012- Page 5, MagentaBusiness, 16-Sep-2012-Page 5, Yellow Business, 16-Sep-2012- Page 5, Black

Business

����Sunday Times �������� � � ����� �������������� | �B-1 JDCPB-1 JDCP

���� ���� ����

�������� �����

�OMEN had madevery little headwayin securing director-ships and executive

management titles in the privatesector, according to the recentWomen in Leadership Census re-leased by the Businesswo m e n ’sAssociation (BWA).

“We are at a point where weknow that without any legisla-tive or regulatory intervention,things will not change,” Ku nya -lala Maphisa, the president ofBWA, said.

The fact that only one womanis featured in the top 100 of theRich List this year r e i n fo r c e sthis sentiment.

Sharon Wapnick, non-execu-tive chairman of Premium Prop-erties and Octodec Investments,is the richest woman in SouthAfrica, according to the RichL i st .

Wapnick is the daughter ofAlec Wapnick, who started CityProperty, a residential and com-mercial management company,in 1968.

Sharon Wapnick’s total valuein listed investments is aboutR351.9-million, putting her in78th position on the Rich Li st .

Judy Dlamini, a non-executivechairman at Aspen Pharmacare,

Holland. Kloppers took home atotal package of R88.9-million forthe 2011 financial year, whileHolland pocketed R39.3-million,including a R22-million perfor-mance bonus.

BHP Billiton also employs thehighest-paid female director,Karen Wood, who is in charge ofpublic affairs at the mining gi-ant. She earned a salary of aboutR7-million last year and an addi-tional R7.6-million p e r fo r m a n c ebonus. What gave her the edgeand bumped her up ahead ofCarroll, was the R22.7-millionshe got in share gains.

Carroll is 10t h - b e st -paid CEO inthe country and the only womanin the top 50 best-paid CEOs.

Following Carroll as the fe-male director with the third-highest total pay cheque wa sMartha Wikstrom. Wikstrom isan executive director at luxurygoods company Richemont asthe head of its fashion and ac-cessories business. She was paidR23.7-million during the 2011year, including a performancebonus of R8-million.

The fourth-best-paid female di-rector, and the second-best-paidfemale CEO, was M ve l ap h a n d a ’sYolanda Cuba, who bagged aboutR11.6-million in the 2011 finan-cial year. Cuba has since re-signed as CEO of M ve l ap h a n d a .

Maria Ramos, CEO of Absa,

wa s the third-best-paid femaleCEO, and the 14th best-paid fe-male director. Ramos took homea salary of R6.7-million and noperformance bonus. WhileRamos lagged behind her malecounterparts in the banking sec-tor in terms of the total packagedue to her not receiving a per-formance bonus, she earned ahigher salary than they did.

Jacko Maree, CEO of StandardBank, received a salary ofR5.6-million and a performancebonus of R8.8-million. M i keBrown, CEO of Nedbank, re-ceived a slightly lower salary ofR5.3-million and a performancebonus of R9.7-million.

Nonkululeko Nyembezi-Heitaof steel giant ArcelorMittal wasthe fourth-best-paid female CEOand received a salary of R4.4-mil-lion, but took home a total pack-age of R6.6-million, which includ-ed her performance bonus.

Rounding off the list of the topfive best-paid female CEOs washead of the National Empower-ment Fund Philisiwe Buthelezi,with a R6.4-million package forthe 2011 year.

Nicky Newton-King, the firstfemale CEO of the JSE, p o c ke t e da total package of R5.3-million inher position as deputy CEO ofthe bourse last year and was the25th-best-paid female executivelast year.

���� ���� �

�������� �� � � �� ����������� ��������� ��������� ���� ��� ���� � �� � �!������ ��������" � #$�� �% &'( ��������)�� ��*" � � ���� !�%��� � ����!�� ������� ���������+,-. ,�������" � � )����’�

!������ ������ �������" ����$� ���� � �� � %�%� �% � � �����’� ���" )�� �/ ��������� ������� ��� � ������$� �00*��������+ � � ���� �% � � ��� ��"������ ��������� �� � � ��1� �%� � )��� !���" ��� 2�3"��4�����" ��� �����" 5����6���5� ����" 6��� 7�����" 2�������"����" ,��4��� ��� ������+� ��� ��� ����� � �$�!�� �%

��������� ) ��� ��� ������������ ��� �� ���� )�� ����������%�������" ������� ���������������$�� %��� ����� ������ �������4� ������������ �������$���!�����+������� !���� � � ���� ����

���� �� � � ��� �� �� ������ ����� �� ������ ��� �� ���"��4�����’� ���������’ ���$��������� ��������� �&( �� ���"�������� )�� � *+'( ������� �������� ���+�������� )�� ��*" ����������� $� �&( ) ��� ������ ��� �� ������� 8( �4�� � � ����������+,-. ,�������’� ��� �� #$����

&�( ����� ��*" �������� )�� � �( �������� �� ������ ���+����� �� �� �!���$�� �$�!��",-.’� ��������� !��� ��� �����9�����4� !$� �� �������$��� ����� �+�:( �% ��� ������ ��� ��� � %�������� ��������" � ���)��� �% ��� �% � � ����������� � � ��� ��+�� �� ��������� �� � � ���

�� � �)��� !�� �������������%��� ��* �� ��� �� � �

� ����� �� ������ ���" ) �� � �)� � � �9���� �� ) �� � ������� ������ 4��$� �% � �������� �� ���)� �� ��������" ���� � ������ !���" ����$����� �����" ;��� $� �&(< ������� ��� ��)� ��(=< 2�3 ;���$� /*(< ������ ��� $� ��(="��� 6��� 7����� ;��� $� &��("������ ��� $� '(=+6��� 7�����’� !����� ��4��

5����6��� 5� ���� ;��� $� �(<������ ��� $� 8/(= ��� 2��������" �� ) �� ���!�� ��������>������ !�$� � � ���������������� ���� ����" ;��� $� �:'(<������ ��� $� �*(=" )��� � ����� ��������� �� � � ��� ��

24������4�" ) �� �%%��� !$������� �$����� ���4���� �$� �����$���� ��� ��������" ���� ���!���� � ) ������ �0&��������— ���� � �� � � !����� �%>���)��� �" .��� � .�� ���?������ — � �$� ��� ��������� �� � ���� ��+*�!������+��������� �� 5���� 5�������

��� ��� ������$� �$!�������5���� 5������� .�����$� ;5�������=" !�� ������ $���� � � :����������� ���������" �� �������� � ���� �� ��� ������������� ��� ����������+ 5� 5����5������� ��� ������� :�(") ��� ������ ��� ��������� :(+ 5������ �������� � ���������� �% �( �������� )�� ��8( �������� �� ������ ���+��������� �� @$�!� ���� ���"� � ���� ���%����� �� � � 5�������!��" �� ���� ������ �������A ��� ��������� ��) ���#$�� � '( �������� )�� ������� ��� �������� �% �&(+B��� 5����" � ������ �������

6������� �� ���� ������� �$�������� ����$��� �� ��� ���������’!���" )�� �������� %������ �� ����� �� ��% �% ��* ��4���+6������� ���� ��� ����������08+'�������� �� ���" � ���� �%8'( %��� ��*+ ��� ������ ����� ��)� 8( �4�� � � ������+“���� ������ ��� !�������

���� 4����+ 5���� �������� ������ ������ �������������$���!��" !$� ��$ ��� �� ������� ������ ���� $����� ��������� � ��� ���$�� ���� ��� ��������� �$� �!�$� ��"” � ��� ���������4��� � �� ,�� � ����+C � � ������ ��������������

$��� �� �� � � ��������4� ����������’ %�������� ���������+ .��%�� � �����%�� %�������� ���� ���������� )�� ��� � ��� ���%�������� �4�� � � ���� ������"$���� ,����!��� ����+

���� ����������

M O ST private businessowners in SA believeexecutives of large listedcompanies are paid toomuch.

According to GrantTh o r n t o n ’s 2012 InternationalBusiness Report, 68% of SAbusiness owners say seniorexecutives of large publiccompanies are overpaid.

Asked whether publiccompanies should disclosethe remuneration policy andindividual remuneration ofdirectors, 87% of SArespondents said yes, 10percentage points more thang l o b a l ly .

Some 85% of SArespondents saidshareholders should be morei nvo lve d in establishing theremuneration policy forsenior executives, and 96%said executive remunerationat public companies shouldbe closely linked toperformance targets.

The most recent King Codeon Corporate Governance(King III) deals extensivelywith remuneration policiesand recommends, amongothers, that a company’sremuneration policy shouldbe tabled to shareholders fora non-binding advisory voteat the annual meeting.

In the past year, severalSA companies have been metwith opposition fromshareholders on theirremuneration policies.

These include Investec,where 28% of shareholdersvoted against theremuneration policy;Barloworld, where 20.2% ofshareholders voted againstthe remuneration policy orabstained from voting; andSasol, where 35% ofshareholders opposed itsremuneration policy.

According to JeanetteHern, partner and head ofcorporate finance at GrantThornton, there seems to bean increase of businessowners saying executives arepaid too much.

“It is because of what hashappened in the past few

years in the globalrecession,” Hern said.

“Shareholders have gonethrough very difficult times,and a lot of shareholdershave lost a lot of money interms of wealth and value.Yet there does not seem to beany corresponding orcorrelated reduction in theexecutive remuneration.

“In SA and abroad, publiccompanies will face growingscrutiny from the community,investors and industry. Thesebusinesses need to ensurethat their policies are known,understood and transparent,and that reward can bejustified by performance.”

remuneration policies.Sandra Burmeister, CEO of

Landelahni RecruitmentGroup, said investors wantedto know how their moneywa s sp e n t .

“Creating a link betweenbusiness strategy and rewardis a positive step,” she said.“If a CEO delivers solidprofits, develops skills andsafeguards the future of thecompany, why should he notget a top package? We needto find the right drivers.Instead of the relentlesspressure on short-termperformance and bottom-lineprofit, we need an additionalfocus on issues such assecurity, welfare ofemployees, skillsdevelopment and the long-term sustainability of thec o mp a ny . ”

The PwC report showedthe median pay of CEOs ofthe top 40 JSE-listedcompanies increased by 8.45%in the financial year to theend of April. The median payof executive directors,excluding CEOs and CFOs,increased by 9.9%. In thesame period, the totalguaranteed packages foremployees increased bybetween 6.7% and 7.2%.

The pay gap betweenexecutives and lower-levelworkers continues to be asensitive issue in SA.

Len Kettledas, deputydirector-general of labourpolicy and internationalrelations at the Departmentof Labour, said at the releaseof the 2011 Industrial ActionReport last month: “P e op l esay the gap between what themanagement is being paidand what workers on theshop floor are being paid isso wide, and they want anarrowing of that wage gap,and therefore there aredouble-digit wage [increase]demands.”

Just one womanmakes the top 100

�’�� ��� ���� ������� ������ ��� ��� ��� � ��� � �� ��� � ����

‘Without any

legislative or

re g u l a t o r y

intervention, things

will not change’

� >�5B�-��� >�253A ���� >������" )��� �!�$� �:8�+/��������" �� *&� �� � � ��� B���

Directors pocket R2-billion

‘Pay increases notin line with

companyperformance’

) ��� ������ ��� ���)� �9������ � � �������� �� ���$��������� �% ���������+� � !���� �% ����� ����������

5������2����� �� !��� )��� ����������� � � ������� ������������ ��% ��� ������ 4��$������ ��*+ �� ���� ����������::+8�������� ���� ����" ������&�( ���� � �� � ��� ���$��������� �� ��*+��������� �� ������$�����

������� 2$���� D ��!���� �4� ���� ���� � ��� %���$��������4� �����%�������" ������ ��� �*�+8�������� ���� ����" ���������� �% �' ( %��� ��* �������� ������ ��� %������ :(�4�� � � ���� ������+5� �� �� ���������" � � ��1�

�% � � ���������’ )��� !��� ��4��� ������ �������� �� � � ��1� �%� � �������+ � � ����

is the second-richest womanwith a total value of R156.6-mil-lion in listed investments, buther wealth has only landed herin the 151st position on the RichL i st .

Zyda Rylands, the first femaleexecutive director at retail giantWoolworths, is not far behindDlamini. Her total value in in-vestments is worth about R152-million, making her the 153rd-richest person in the country.

Coming in fourth place is ToniHaarburger, an executive direc-tor at Holdsport, whose invest-ments are worth R135.4-million.She is 165th on the list.

The fifth-richest woman in thecountry is Thandi Orleyn, a non-executive director of Ceramic In-dustries and Reunert, who holdsinvestments worth R122.6-millionand garnered the 172nd position.

Anglo American CEO CynthiaCarroll maintained her positionas the best-paid female CEO, al-though she was only the secondbest-paid female director in 2011.

Carroll, in her capacity asCEO of Anglo American and anon-executive director at AngloAmerican Platinum, received asalary of R13.6-million and a per-formance bonus of R11.2-million.

Carroll was the third-h i g h e st -paid CEO in the mining sectorafter BHP Billiton’s Marius Klop-pers and Gold Fields CEO Nick

‘Executives are

paid too much’

‘In SA and

abroad, public

companies will

face growing

scrutiny’

The issue of shareholdersand institutional investorsbecoming more vocal aboutwhat they perceive to beexcessive payments toexecutive directors was alsomentioned at the release lastmonth of PwC’s 2012 reporton the remuneration trendsof executives.

Gerald Seegers, humanresources director at PwCSouthern Africa, said SAcompanies were being forcedto reconsider what they paytheir executives in the wakeof new regulations,increasing shareholderactivism and otherstakeholder concerns.

In the UK, there is pendinglegislation that would giveshareholders a bindingannual vote on companies’

� ���3�����-�� >�253A >�� � ����� 4��$� �% ��8'+'�������� �� ��������4��������" 5���� . ��������’� �$�� ������� ���$���� �8��� ��������

� ���5�B >�5B�-A E��� ������� ���� �� �$�!�� �8: �� � � ���� � ��.A ���� �� �������" !�������� %����� ���

Ab

sa W

ea

lth

, a d

ivis

ion

of

Ab

sa B

an

k Lt

d, R

eg

No

19

86

/0

04

79

4/0

6. A

uth

ori

sed

Fin

an

cia

l Se

rvic

es

Pro

vid

er.

Re

g N

o 5

23

. R

eg

iste

red

Cre

dit

Pro

vid

er

Re

g N

o N

CR

CP

7.

TJDR53427

TR

UE

WE

ALT

H I

S A

BO

UT

PA

SS

ING

ON

MO

RE

TH

AN

JU

ST

TH

AT

. W

EA

LT

H M

AN

AG

EM

EN

T •

WE

ALT

H A

DV

ISO

RY

• W

EA

LT

H P

LA

NN

ING

No

on

e is

eve

r ce

rta

in w

ha

t to

mo

rro

w b

rin

gs.

Ou

r a

dvi

sors

wil

l he

lp y

ou

sta

rt p

rote

ctin

g y

ou

r fu

ture

to

da

y. W

ise

ab

ou

t w

ea

lth

.

For

mo

re in

form

ati

on

, vis

it w

ww

.ab

sa

we

alt

h.c

om

Page 6: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Business, 16-Sep-2012-Page 6, Cyan Business, 16-Sep-2012- Page 6, MagentaBusiness, 16-Sep-2012-Page 6, Yellow Business, 16-Sep-2012- Page 6, Black

Business

� | �������������� ��������� � � � ���� Sunday TimesB-1 JDCPB-1 JDCP

��� ���� ����

THE BIG EARNERS

Graphic: FIONA KRISCH

Michael Yeager

Grant Pattison

Marius Kloppers

Guy Hayward

Alex Vanselow

Hendrik du Toit

Khumo Shuenyane

Stephen Koseff

Marcus Randolph

Bernard Kantor

Phuthuma Nhleko

Graham Mackay

Richard Lepeu

Glynn Burger

Alberto Calderon

Nicandro Durante

Pat Davies

Karen Wood

Nick Holland

Whitey Basson

Sizwe Nxasana

Robert Carpenter

Johann Rupert

Cynthia Carroll

Michael Mark

Julian Roberts

Mark Cutifani

Lindsay Ralphs

Ben Stevens

Bruce Hemphill

Malcolm Wyman

Neville Koopowitz

John Daly

Philip Broadley

David Kneale

Alistair McArthur

Carel Goosen

Martha Wikstrom

Jorge Ferreira

Jens Montanana

Brian Joffe

Russell Loubser

Sifiso Dabengwa

Robbie Lazare

Jan Rupert

Mikki Xayiya

Paul Norman

Andrew Mackenzie

Alan Pullinger

Alan Ferguson

Juan Kruger

Markus Jooste

Pieter Engelbrecht

René Médori

Stuart Murray

Chris de Faria

Tony O'Neill

Nick Wentzel

Chris Cory

Johan Burger

David Hathorn

Sipho Nkosi

Executive

CEO

CEO

Executive

Former executive

Executive

Executive

Non-exec

CEO

CEO

Executive

MD

Non-exec

Non-exec

Former CEO

CEO

Executive

Financial director

Executive

CEO

Former CEO

Executive

CEO

CEO

CEO

Non-exec

Non-exec

CEO

Chairman

CEO

CEO

Non-exec

CEO

CEO

Executive

Financial director

CEO

Executive

Non-exec

Former financial director

Executive

Executive

Financial director

CEO

Former executive chairman

Financial director

Executive

CEO

CEO

CEO

Former CEO

CEO

Executive

Executive

Chairman

Executive chairman

Former non-exec

Executive chairman

Non-exec

Executive

Executive

Executive

Former executive

Executive

Non-exec

CEO

Executive

Financial director

CEO

Former non-exec

Executive

Executive

Former CEO

Former CEO

CEO

Executive

Non-exec

CEO

Former non-exec

CEO

Former non-exec

Non-exec

Executive

Financial director

Executive

Non-exec

CEO

CEO

Financial director

CEO

Financial director

Former financial director

Non-exec

Non-exec

Executive

Executive

CEO

CEO

Non-exec

Non-exec

Non-exec

Non-exec

Non-exec

Non-exec

Non-exec

Non-exec

CEO

Non-exec

Executive

Executive

Executive

Executive

CEO

Former CEO

CEO

Executive

CEO

Former CEO

Former non-exec

CEO

Non-exec

Non-exec

Executive

Executive

Former executive

CEO

Executive chairman

CEO

Executive

Executive chairman

Financial director

Executive

Executive

Former executive

Executive

Financial director

Executive (now CEO)

CEO

Former executive

Executive

Non-exec

Non-exec

Former non-exec

CEO

Executive

Executive

Former CEO

MD

Non-exec

CEO

Executive

CEO

Non-exec

Former non-exec

Former executive

Non-exec

Former CEO

CEO

Executive

Executive

Former CEO

Financial director

CEO

Executive

Former executive

88

- 24

88

- 24

88

- 6

40

8

-

- 6

88

- 6

5

15

40

18

65

- 6

88

5

27

88

114

11

2

-

115

65

- 29

15

21

24

- 4

1 064

8

5

3

21

24

18

31

5

- 4

18

51

11

65

42

41

8

29

40

1 064

65

18

- 82

- 100

42

- 50

40

88

2

119

114

23

2

11

15

494

123

40

1 064

20

18

115

2

-

49

58

40

- 50

0

40

40

115

- 7

- 8

34

65

1 533

1 064

- 248

28

65

21

40

21

24

5

2

2

- 41

2

18

10

-

57

- 2

8

1 064

114

15

- 15

- 23

172

21

- 100

41

123

43

25

38

114

49

13

- 260

1 533

119

-

- 20

- 11

40

2

- 500

21

40

29

31

- 82

42

98

0

123

32

65

40

29

25

- 129

21

114

200

15

53

8

- 11

- 248

- 29

38

27

123

32

36

51

- 23

9 016

9 016

3 738

3 738

15 480

15 480

2 751

2 751

8 000

8 000

4 923

4 923

3 505

3 505

5 007

-

1 422

3 585

8 946

8 946

4 541

4 541

-

2 421

-

2 421

13 827

13 827

27 939

27 939

4 025

4 025

8 000

8 000

11 600

11 600

8 060

8 060

7 036

7 036

7 504

7 504

32 063

32 063

6 107

6 107

-

2 838

2 838

15 229

15 229

13 572

-

13 572

4 870

4 870

9 860

-

9 860

12 591

12 591

3 838

3 838

8 613

8 613

8 416

4 208

4 208

8 294

-

8 294

7 135

7 135

7 540

7 540

6 554

6 554

5 201

5 201

3 570

3 570

3 104

3 104

11 937

11 937

2 976

2 976

8 317

8 317

9 602

9 602

2 851

2 851

7 133

7 133

5 134

5 134

7 726

7 726

5 146

-

3 398

-

1 748

-

3 647

3 647

8 000

8 000

1 743

1 743

1 414

1 414

3 887

3 887

11 713

-

11 713

2 475

2 475

8 538

8 538

7 828

7 828

-

4 753

4 753

11 670

11 670

3 839

-

3 839

3 886

3 886

5 379

5 379

-

9 202

9 202

5 653

-

5 653

-

-

4 136

4 136

4 719

4 719

3 414

3 414

5 775

-

5 775

1 829

1 829

9 648

9 648

7 250

7 250

7 792

7 792

3 750

3 750

-

-

-

5 268

5 268

4 666

4 666

5 595

5 595

5 256

5 256

11 200

-

-

-

-

-

-

-

-

11 200

-

1 905

1 905

4 251

4 251

5 946

5 946

9 624

4 812

4 812

3 543

3 543

5 723

5 723

5 337

5 337

1 064

1 064

5 894

5 894

-

10 061

10 061

-

-

-

4 231

4 231

8 240

8 240

2 693

2 693

5 906

5 906

7 250

7 250

6 554

6 554

5 218

5 218

802

802

3 936

1 968

4 746

4 746

4 283

4 283

2 834

2 834

4 713

4 713

3 527

3 527

5 333

5 333

5 119

5 119

2 990

1 770

1 220

11 934

-

-

-

11 934

5 430

5 430

2 799

2 799

6 728

6 728

1 616

1 616

6 294

6 294

5 884

5 884

5 871

5 871

4 648

4 648

3 699

-

-

3 699

4 062

4 062

4 850

4 850

6 862

6 862

4 242

4 242

4 001

4 001

7 289

2 244

5 044

4 367

4 367

2 476

2476

1 930

1 930

3 841

3 841

4 693

4 693

6 820

6 820

3 751

3 751

3 634

3 634

100

100

48 845

48 845

2 189

-

-

2 189

3 637

3 637

665

665

-

35 401

-

35 401

13 564

13 564

3 460

3 460

618

618

4 246

4 246

3 931

3 931

5 568

5 568

2 421

2 421

9 046

9 046

4 412

4 412

1 046

1 046

-

17 774

17 774

15 623

15 623

4 559

-

4 559

4 567

4 567

3 828

-

3 828

6 900

6 900

856

856

1 247

1 247

1 008

504

504

8 793

-

8 793

374

374

3 084

3 084

2 494

2 494

4 319

4 319

1 065

1 065

965

965

3 748

3 748

17 388

17 388

1 487

1 487

1 401

1 401

13 993

13 993

1 388

1 388

5 117

5 117

2 457

2 457

8 810

-

2 470

-

6 340

-

530

530

2 903

2 903

1 761

1 761

15 240

15 240

5 805

5 805

1 302

-

1 302

621

621

2 946

2 946

551

551

-

475

475

2 051

2 051

573

-

573

1 276

1 276

1 867

1 867

-

3 194

3 194

684

-

615

-

69

669

669

2 545

2 545

1 077

1 077

615

-

615

-

-

1 587

1 587

6 508

6 508

4 167

4 167

3 929

3 929

-

-

-

1 001

1 001

1 829

1 829

1 318

1 318

727

727

2 660

-

-

-

-

-

-

-

-

2 660

-

470

470

2 973

2 973

3 488

3 488

1 806

903

903

861

861

1 266

1 266

992

992

-

-

2 445

2 445

-

1 888

1 888

-

-

-

4 391

4 391

2 416

2 416

659

659

1 777

1 777

3 550

3 550

4 322

4 322

1 629

1 629

565

565

690

345

771

771

1 399

1 399

-

-

681

681

504

504

1 016

1 016

193

193

8 163

1 849

6 314

69

-

69

-

-

4 198

4 198

473

473

18

18

34

34

10

10

514

514

3 288

3 288

-

-

877

-

-

877

283

283

5 367

5 367

1 168

1 168

1 416

1 416

1 926

1 926

426

170

256

386

386

859

859

2 028

2 028

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12 000

-

12 000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8 490

8 490

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10 050

10 050

3 678

3 678

17 213

17 213

2 064

2 064

8 632

8 632

47 560

47 560

4 245

4 245

38 148

-

3 348

34 800

9 796

9 796

34 800

34 800

-

10 000

-

10 000

20 590

20 590

13 828

13 828

32 222

32 222

8 632

8 632

26 212

26 212

10 828

10 828

7 592

7 592

22 719

22 719

-

-

8 190

8 190

-

11 355

11 355

-

-

11 159

-

11 159

20 680

20 680

13 572

-

13 572

8 345

8 345

4 400

4 400

17 896

17 896

17 378

10 046

7 332

8 700

-

8 700

18 905

18 905

15 126

15 126

8 804

8 804

15 152

15 152

5 058

5 058

2 410

2 410

8 022

8 022

3 000

3 000

12 963

12 963

11 737

11 737

5 740

5 740

14 007

14 007

4 601

4 601

11 426

11 426

6 548

-

3 022

-

3 526

-

4 740

4 740

8 696

8 696

13 416

13 416

2 357

2 357

9 234

9 234

5 114

-

5 114

1 610

1 610

6 960

6 960

8 845

8 845

-

5 781

5 781

4 530

4 530

1 800

-

1 800

12 809

12 809

7 470

7 470

-

5 385

5 385

3 425

-

3 425

-

-

5 453

5 453

7 478

7 478

12 589

12 589

2 599

-

2 599

1 291

1 291

5 474

5 474

2 900

2 900

4 420

4 420

-

-

-

-

-

9 506

9 506

3 732

3 732

8 786

8 786

9 700

9 700

-

-

-

-

-

-

-

-

-

-

-

650

650

2 027

2 027

5 855

5 855

2 401

1 201

1 200

-

-

7 977

7 977

8 631

8 631

13 797

13 797

3 109

3 109

-

2 838

2 838

-

-

-

5 931

5 931

3 860

3 860

11 058

11 058

6 651

6 651

3 434

3 434

3 284

3 284

7 150

7 150

12 615

12 615

6 000

3 000

6 110

6 110

6 360

6 360

-

-

8 200

8 200

1 944

1 944

7 234

7 234

8 250

8 250

2 375

2 375

-

-

-

-

-

-

3 870

3 870

1 740

1 740

6 445

6 445

11 536

11 536

6 870

6 870

5 288

5 288

3 978

3 978

8 489

8 489

3 300

-

-

3 300

3 259

3 259

-

-

4 533

4 533

6 597

6 597

3 269

3 269

3 000

3 000

-

4 351

4 351

3 817

3 817

-

-

92 036

92 036

77 947

77 947

49 407

49 407

56 164

56 164

41 213

41 213

5 124

5 124

-

-

10 049

-

-

10 049

31 151

31 151

9 875

9 875

-

997

-

997

-

-

-

-

7 919

7 919

22 146

22 146

-

-

15 835

15 835

22 655

22 655

-

-

-

-

18 427

18 427

-

-

-

-

-

-

-

-

-

-

1 974

-

1 974

-

-

18 742

18 742

-

-

-

-

-

-

-

-

-

-

-

-

7 655

7 655

-

-

14 529

14 529

17 537

17 537

-

-

-

-

-

-

-

-

-

-

-

-

7 261

7 261

-

-

-

-

-

-

-

-

11 435

11 435

-

-

2 144

2 144

-

-

-

-

-

-

-

13 845

13 845

-

-

-

-

-

7 266

7 266

-

-

-

-

-

-

-

2 610

2 610

-

-

-

7 372

-

7 372

-

-

7 266

7 266

2 435

2 435

-

-

7 919

-

7 919

13 815

13 815

-

-

-

-

-

-

8 620

8 620

-

-

-

-

-

5 517

5 517

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12 298

12 298

6 042

6 042

-

-

1 289

-

1 289

10 580

10 580

-

-

-

-

-

-

2 913

2 913

-

-

-

14 094

14 094

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3 325

1 663

2 188

2 188

1 647

1 647

2 336

2 336

-

-

7 614

7 614

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8 460

8 460

-

-

-

-

-

-

1 476

1 476

-

-

-

-

4 892

-

-

4 892

5 131

5 131

2 408

2 408

-

-

-

-

3 293

3 293

1 771

1 771

-

3 364

3 364

5 198

5 198

8 286

8 286

-

-

-

-

-

-

-

-

-

-

-

-

-

-

110

110

-

-

-

-

40

-

40

754

754

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

388

-

388

114

114

-

-

1 056

1 056

-

-

-

339

339

-

-

-

-

-

-

-

-

-

-

706

706

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

419

313

-

-

-

106

-

-

-

-

-

-

-

-

-

-

720

96

624

-

-

-

-

1 092

732

360

-

-

-

-

-

-

-

96

96

461

-

461

-

-

536

271

-

-

265

-

-

-

-

96

96

144

144

-

-

-

-

-

-

-

-

-

60

-

60

16 053

16 053

-

-

-

-

-

-

-

-

1 667

-

218

475

32

292

-

291

20

233

106

-

-

-

-

-

-

-

-

-

2

2

-

-

-

-

-

-

498

-

498

-

-

606

370

236

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1 497

495

318

684

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

231

196

35

-

-

-

-

-

-

-

277

277

-

-

-

-

-

-

-

-

-

-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

114 943

114 943

90 056

90 056

88 920

88 920

64 730

64 730

61 478

61 478

57 707

57 707

56 595

56 595

55 502

110

4 769

50 623

53 530

53 530

49 920

49 880

40

49 573

754

48 819

47 981

47 981

45 227

45 227

44 784

44 784

43 023

43 023

41 743

41 743

40 291

40 291

39 704

39 704

39 269

39 269

36 475

36 475

34 158

33 770

388

32 081

32 081

30 851

30 851

30 346

1 056

29 290

30 117

30 117

29 573

339

29 234

27 836

27 836

27 836

27 836

27 756

27 756

26 802

14 758

12 044

26 493

706

25 787

26 414

26 414

25 750

25 750

25 507

25 507

24 672

24 672

24 222

24 222

24 016

24 016

23 707

23 707

23 364

23 364

22 767

22 767

22 740

22 740

22 584

22 584

22 528

22 528

22 113

22 113

21 609

21 609

20 923

313

8 890

-

11 614

106

20 352

20 352

19 598

19 598

19 064

19 064

19 011

19 011

18 926

18 926

18 849

96

18 753

18 551

18 551

18 444

18 444

18 316

17 956

360

18 275

18 275

18 251

18 251

18 212

-

18 212

18 067

18 067

17 787

17 326

461

17 780

17 780

17 669

271

17 065

-

334

17 524

17 524

17 177

17 177

17 176

17 176

17 052

144

16 908

16 935

16 935

16 709

16 709

16 658

16 658

16 379

16 379

16 359

16 299

60

16 053

16 053

15 775

15 775

15 744

15 744

15 699

15 699

15 683

15 683

15 527

-

218

475

32

292

-

291

20

14 093

106

15 323

15 323

15 293

15 293

15 288

15 288

15 120

6 916

8 204

14 985

14 985

14 966

14 966

14 960

14 960

14 861

14 861

14 859

14 361

498

14 787

14 787

14 700

14 464

236

14 553

14 553

14 516

14 516

14 410

14 410

14 335

14 335

14 233

14 233

14 159

14 159

13 997

13 997

13 982

13 982

13 951

6 976

13 815

13 815

13 689

13 689

13 661

13 661

13 594

13 594

13 590

13 590

13 583

13 583

13 562

13 562

13 528

5 994

7 534

13 500

495

387

684

11 934

13 497

13 497

13 471

13 471

13 191

13 191

13 186

13 186

13 174

13 174

13 162

13 162

13 138

13 138

13 137

13 137

12 999

196

35

12 768

12 735

12 735

12 625

12 625

12 562

12 562

12 532

12 532

12 489

12 489

12 486

7 186

5 300

12 468

12 468

12 350

12 350

12 245

12 245

HEPS increase / decrease

2010/2011

Salary (R'000)

Total benefits (R'000)

Termin-ation

benefit (R'000)

Perfor-mance

bonus (R'000)

Gains on

shares (R'000)

Fees/levy pay

(R'000)Name & company Designation

Total 2011 (R'000)

Total 2010 (R'000)

Total 2009

(R'000)

% increase

from 2010

HEPS increase / decrease

2010/2011

Salary (R'000)

Total benefits

(R'000)

Termin-ation

benefit (R'000)

Perfor-mance bonus

(R'000)

Gains on

shares (R'000)

Fees/levy pay

(R'000)

Name & company Designation Total 2011

(R'000)

Total 2010

(R'000)

Total 2009

(R'000)

% increase

from 2010

21 631

21 631

9 172

9 172

77 526

77 526

7 510

7 510

47 066

47 066

-

-

-

-

59 597

89

4 516

54 992

49 249

49 249

56 694

56 606

88

51 811

-

51 811

35 547

35 547

27 829

27 829

45 633

45 633

20 036

20 036

26 974

26 974

20 568

20 568

43 069

43 069

14 443

14 443

627 526

627 526

12 314

12 314

-

16 350

16 350

31 153

31 153

21 897

493

21 403

26 074

26 074

28 226

344

27 882

22 424

22 424

26 766

26 766

22 985

22 985

10 338

10 338

-

18 940

448

18 492

25 375

25 375

8 127

8 127

17 002

17 002

28 557

28 557

12 892

12 892

6 431

6 431

13 187

13 187

-

-

19 680

19 680

18 507

18 507

14 411

14 411

11 922

11 922

12 681

12 681

10 947

10 947

27 794

287

8 148

19 232

-

127

-

-

18 385

18 385

-

-

16 326

16 326

-

-

13 857

90

13 767

3 852

3 852

13 451

13 451

7 851

7 691

160

-

-

15 633

15 633

1 250

-

1 250

15 845

15 845

15 705

15 705

-

17 895

17 895

13 997

270

13 402

-

325

-

-

14 152

14 152

54 394

54 394

7 517

7 517

-

-

-

-

-

-

23 791

53

-

23 738

-

-

23 883

23 827

56

15 694

-

15 694

37 179

37 179

31 339

31 339

23 245

23 245

-

-

27 487

27 487

30 226

30 226

-

-

11 735

11 735

24 128

24 128

9 915

9 915

-

16 406

16 406

40 991

40 991

23 152

-

23 152

19 216

19 216

32 331

26

32 305

20 981

20 981

7 633

7 633

21 237

21 237

5 972

5 972

-

19 345

123

19 222

5 752

5 752

-

-

20 063

20 063

9 051

9 051

8 231

8 231

21 741

21 741

-

-

-

-

12 076

12 076

18 056

18 056

8 740

8 740

8 291

8 291

-

-

11 960

11 960

4 504

225

4 229

49

-

1

-

-

-

-

-

-

18 947

18 947

-

-

15 234

101

15 133

9 414

9 414

13 685

13 685

7 737

7 539

198

-

-

-

-

4 503

4 503

-

15 896

15 896

8 430

8 430

-

19 142

19 142

7 737

253

6 934

201

349

-

-

9 903

9 903

15 146

15 146

16 212

137

16 075

6 477

6 477

-

-

10 304

10 304

15 513

15 513

5 050

5 050

-

14 737

14 737

-

-

-

-

6 525

6 525

20 843

20 843

11 594

-

199

564

-

201

108

213

-

10 191

118

6 699

6 699

6 604

6 604

-

-

21 032

6 850

14 182

4 468

4 468

12 030

12 030

-

-

9 726

9 726

14 286

14 244

42

12 884

12 884

488

334

154

-

-

14 344

14 344

3 422

3 422

6 745

6 745

8 870

8 870

20 545

20 545

-

-

10 880

10 880

10 652

5 326

-

-

-

-

2 833

2 833

-

-

7 247

7 247

11 794

11 794

5 680

5 680

5 118

5 118

-

801

407

394

-

-

-

-

6 548

6 548

13 514

13 514

10 565

10 565

620

620

10 696

10 696

-

-

4 809

4 809

14 424

175

-

14 249

6 950

6 950

4 850

4 850

10 110

10 110

12 810

12 810

-

-

-

-

-

11 544

11 544

8 027

8 027

3 288

3 288

-

-

2 357

2 357

15 183

15 183

126

126

-

5 581

5 581

-

-

-

-

16 617

16 617

6 450

6 450

-

17 463

17 463

-

-

-

-

5 953

5 953

7 651

7 651

15 235

429

184

112

-

257

130

150

-

13 939

34

8 313

8 313

-

-

-

-

8 529

8 529

-

6 823

6 823

9 419

9 419

675

-

7 479

7 479

15 675

15 675

-

10 759

10 759

353

210

143

-

-

15 751

15 751

5 516

5 516

8 027

8 027

-

-

24 242

24 242

6 397

6 397

9 950

9 950

9 483

4 741

-

-

-

-

4 035

4 035

-

-

6 022

6 022

22 277

22 277

-

-

2 400

2 400

-

783

370

413

-

-

-

-

-

-

10 468

10 468

20 631

20 631

7

7

7 079

7 079

-

-

3 497

3 497

8 119

167

-

7 952

4 733

4 733

9 510

9 510

8 830

8 830

11 329

11 329

-

-

-

-

-

5 550

5 550

6 175

6 175

6 616

6 616

431

431

882

882

15

15

762

762

31

31

n/a

n/a

n/a

n/a

-7

24

6

-8

9

9

-12

-12

-55

-4

n/a

-6

35

35

63

63

-2

-2

115

115

55

55

96

96

-8

-8

172

172

-94

-94

177

174

n/a

96

96

-1

-1

39

114

37

16

16

5

-1

5

24

24

4

4

21

21

159

43

n/a

40

58

39

4

4

217

217

50

50

-14

-14

88

88

273

273

80

80

n/a

n/a

16

16

23

23

57

57

89

89

74

74

97

97

-25

9

9

-100

n/a

-17

n/a

n/a

7

7

n/a

n/a

16

16

n/a

n/a

36

7

36

382

382

37

37

133

133

125

n/a

n/a

17

17

1357

n/a

1357

14

14

13

10

n/a

-1

-1

26

0

27

n/a

3

n/a

n/a

73

73

13

13

5

6

5

161

161

n/a

n/a

62

62

6

6

224

223

n/a

9

9

n/a

n/a

n/a

n/a

141

141

-25

-25

34

n/a

10

-16

n/a

45

-100

37

n/a

38

-10

129

129

132

132

n/a

n/a

-28

1

-42

235

235

24

24

n/a

n/a

53

53

4

1

1094

15

15

2912

4231

53

n/a

n/a

1

1

321

321

113

113

60

60

-31

-31

n/a

n/a

29

29

31

31

n/a

n/a

n/a

n/a

382

382

n/a

n/a

88

88

15

15

139

139

164

17

n/a

1585

22

-2

n/a

n/a

n/a

n/a

106

106

-2

-2

25

25

2026

2026

23

23

n/a

n/a

173

173

-10

12

n/a

-10

83

83

160

160

24

24

-2

-2

n/a

n/a

n/a

n/a

n/a

8

8

54

54

272

272

Jamal Ramadan

Nazir Patel

Philip Crous

Peter Staude

Asher Bohbot

Gary Saage

Geoffrey White

Venkat Venkatakrishnan

Roger Rees

Alain Perrin

Ben Kruger

Ahmad Farroukh

Jacko Maree

Mike Brown

Thys Visser (died April 2012)

Peter Nyman

Graham Ehm

Tommy McKeith

Craig Venter

Nick Badminton

Clive Thomson

Peter Wharton-Hood

Hugo Nelson

David Brown

Jerome Smith

Schalk Engelbrecht

Michael Fleischer

Peter Oswald

Neil Brimacombe

Ralph Boettger

David Lenigas

Ian Farmer

Wilhelm van Zyl

Michael Wylie

Machiel Reyneke

Jyoti Desai

Michael Jordaan

Wayne Robinson

Sim Tshabalala

Wim de Klerk

Shameel Joosub

Ian Moir

Gilbert Röth

Bernard Swanepoel

Fred Mostert

Ernst Venter

Pieter Uys

Gavin Soll

Vadim Jivov

Richard Friedland

Peter Turner

Neal Froneman

Myron Berzack

Antony Ball

Brian Bruce

Neville Nicolau

Gerhard Riemann

Nereus Joubert

Paul Saaiman

Simon Crutchley

Mark Blair

Dennis Cope

BHP Billiton

Massmart

BHP Billiton

Massmart

BHP Billiton

Investec

MTN

Bidvest

Investec Bank

Investec

BHP Billiton

Investec

Phumelela

Anglo American

MTN

SABMiller

Richemont

Investec

BHP Billiton

British American Tobacco

Sasol

BHP Billiton

Gold Fields

Shoprite

FirstRand

MMI Holdings

Assore

Richemont

Anglo American Platinum

Anglo American

Truworths International

Nedbank

Old Mutual

AngloGold Ashanti

Bidvest

British American Tobacco

Liberty Holdings

Standard Bank

Nedbank

SABMiller

Discovery

British American Tobacco

Old Mutual

Clicks

Mr Price

Shoprite

Richemont

Mvelaserve

Datatec

Bidvest

JSE

MTN

AngloGold Ashanti

Richemont

Avusa

Mvelaphanda Group

Mvelaphanda Resources

Mvelaserve

Northam Platinum

MTN

BHP Billiton

FirstRand

Lonmin

Gold Fields

PSG

Steinhoff

Shoprite

Anglo American

Aquarius Platinum

Simmer & Jack Mines

MTN

AngloGold Ashanti

Astral Foods

Reunert

Assore

FirstRand

MMI Holdings

Mondi

Atlatsa Resources

Exxaro Resources

Great Basin Gold

Sanlam

MTN

MTN

Assore

Hulamin

Tongaat-Hulett

EOH Holdings

Richemont

Lonrho

AngloGold Ashanti

Murray & Roberts

Rex Trueform

Richemont

Standard Bank

MTN

Standard Bank

Nedbank

British American Tobacco

Distell

FirstRand

Grindrod

Mediclinic

Nampak

Rainbow Chicken

Rand Merchant Insurance

Remgro

RMB

Bidvest

AngloGold Ashanti

Gold Fields

Altron

Altech

Pick n Pay

Barloworld

Standard Bank

Coronation Fund Managers

Impala Platinum

Simmer & Jack Mines

Cipla Medpro

AECI

Imperial

Gold Fields

Mondi

Tiger Brands

Sappi

Lonrho

Lonmin

MMI Holdings

Wilson Bayly Holmes-Ovcon

Santam

MTN

FirstRand

Eastern Platinum

Standard Bank

Exxaro Resources

Vodacom

Woolworths

Mvelaphanda Group

Mvelaserve

African Rainbow Minerals

Sanlam

Simmer & Jack Mines

Village Main Reef

Richemont

Exxaro Resources

Vodacom

Clientèle

Uranium One

Netcare

Gold Fields

Gold One International

Altron

Amalgamated Appliance

Bidvest

Brait

Murray & Roberts

Anglo American Platinum

Imperial Holdings

Sasol

Simmer & Jack Mines

Village Main Reef

AVI

Mr Price

Pick n Pay

Page 7: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

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

Business

����Sunday Times �������� � � ����� �������������� | �B-1 JDCPB-1 JDCP

���� ���� ����

African Rainbow Minerals

Sanlam

Brait

Invicta

PSG Group

Shoprite

Tradehold

ArcelorMittal SA

Anglo American

Astrapak

Impala Platinum

Merafe Resources

Metair

Royal Bafokeng Platinum

Zurich Insurance

Assore

FirstRand

MMI

Rand Merchant Insurance

RMB Holdings

Capital Shopping Centres

Aspen Pharmacare

Remgro - B

Pick n Pay Holdings

Steinhoff

Rand Merchant Insurance

Remgro

RMB Holdings

Naspers

South Ocean

Assore

Bidvest

Mondi

MTN

SABMiller

Standard Bank

Capitec Bank

Zeder Investments

Ceramic Industries

Italtile

Discovery

PSG Group

Steinhoff

Zeder Investments

FirstRand

MMI Holdings

Rand Merchant Insurance

Remgro

RMB Holdings

Aspen Pharmacare

Exxaro Resources

Sanlam

Reinet Investments

Remgro

Foschini Group

Altron

Altron - Partprf

Altech

Discovery

Shoprite

Capital Property Fund

New Europe Property

Resilient Property

Hyprop Investments

Exxaro Resources

Phumelela

Steinhoff

FirstRand

Rand Merchant Insurance

RMB Holdings

HCI

Capital & Counties Properties

Omnia

Optimum Coal

African Bank Investments

AfroCentric

AfroCentric - Pref

Bidvest

Standard Bank

Standard Bank - Pref

Exxaro Resources

Litha Healthcare

Invicta

Optimum Coal

Datatec

Blue Label Telecoms

Optimum Coal

AfroCentric

AfroCentric - Pref

SABMiller

Famous Brands

Exxaro Resources

KAP International

Steinhoff

Blue Label Telecoms

Country Bird

Optimum Coal

Woolworths

Optimum Coal

Famous Brands

Ceramic Industries

African Bank Investments

ARB Holdings

Value Group

Distell Group

Mediclinic

Remgro

Growthpoint Properties

SABMiller

Capitec Bank

Capitec Bank - Pref

Brimstone

Brimstone - N

Life Healthcare

Nedbank

Oceana

Combined Motor Holdings

Octodec Investments

Premium Properties

Capital Shopping Centres

Northam Platinum

Sanlam

Discovery

Rebosis Property Fund

Datacentrix

Famous Brands

Trustco Group

Sasfin

Hyprop

Octodec Investments

Premium Properties

Peregrine

Octodec Investments

Premium Properties

Truworths

MiX Telematics

BSI Steel

Gijima Group

Ellies Holdings

Raubex Group

Bidvest

Investec Bank - Pref

Investec

Investec - Pref

Investec plc

Investec plc - Pref

Brimstone

Brimstone - N

Life Healthcare

Cashbuild

Famous Brands

Capevin Investments

Capitec Bank

PSG Group

Zeder

Astrapak

Invicta

Pinnacle Technology

Rolfes

Advtech

Famous Brands

Netcare

Life Healthcare

Raubex

Foschini

Comair

Northam Platinum

Invicta

Sanlam

Santam

Combined Motor Holdings

Trencor

Capitec Bank

Naspers

PSG Group

ZCI

Northam Platinum

Trencor

Investec

Investec plc

Phumelela

Liberty

Pinnacle Technology

Vodacom

Brait

Datatec

Metrofile

Sabvest

Sabvest - N

Discovery

AfroCentric

Jasco

Bell Equipment

Capitec Bank

Holdsport

Redefine Properties

Spar

EOH Holdings

Steinhoff

Stefanutti Stocks

Caxton & CTP

Capitec Bank

PSG

Growthpoint Properties

Stefanutti Stocks

African & Overseas - N

Rex Trueform - 6% Cum Pref

Rex Trueform - N

Sekunjalo Investments

Capital Property Fund

Resilient Property

Capitec Bank

MTN

African Bank Investments

Nedbank

SABMiller

Growthpoint Properties

Woolworths

Brimstone

Brimstone - N Shares

Remgro

PSG

Hyprop Investments

Redefine Properties International

Redefine Properties

Brimstone

Brimstone - N

Life Healthcare

Bidvest

OneLogix

Discovery

Rand Merchant Insurance

RMB Holdings

New Europe Property

Crookes Brothers

Imperial

Acucap Properties

Sycom Property Fund

Shoprite

Investec

Bowler Metcalf

Remgro

Foschini

Investec

Investec plc

BHP Billiton

Mvelaphanda Group

Mvelaserve

Northam Platinum

Resilient Property

Aspen Pharmacare

Investec

Woolworths

Basil Read

Transpaco

Steinhoff

Capital Property Fund

Capitec Bank

Chemical Specialities

Grindrod

Grindrod - Cum Pref

Wilderness

Wilderness

Remgro

Village Main Reef

Life Healthcare

Holdsport

Coronation Fund Managers

Fortress Income Fund

Fortress Income Fund - B

Kelly Group

Sephaku

Keaton Energy

Nictus

Steinhoff

Ceramic Industries

Reunert

Cargo Carriers

Netcare

Clientéle

Blackstar Group

Litha Healthcare

Foschini

Clover

Cipla Medpro

Afrimat

Ellies

Massmart

Cadiz

Stefanutti Stocks

Capitec Bank

Wilson Bayly Holmes-Ovcon

Discovery

Witwatersrand Cons Gold

FirstRand

MMI Holdings

AfroCentric

Jasco

Steinhoff

Consolidated Infrastructure

Resilient Property

Growthpoint Properties

Investec Bank - Pref

Investec

Investec plc

Pick n Pay Holdings

African Bank Investments

Naspers

Transpaco

ELB Group

DigiCore

Litha Healthcare

Comair

Acucap Properties

FirstRand

Omnia

Acucap Properties

Grand Parade

Wilson Bayly Holmes-Ovcon

Petmin

Curro Holdings

Naspers

Argent Industrial

Mazor Group

Trematon

BSI Steel

Gooderson Leisure

Bauba Platinum

Value Group

Advtech

Micromega

Brait

Nampak

Nedbank

Wilson Bayly Holmes-Ovcon

Wilson Bayly Holmes-Ovcon

Metmar

Metmar

Fortress Income Fund - B

Resilient Property

Atlatsa Resources

Optimum Coal

Fortress Income Fund

Fortress Income Fund - B

New Europe Property Inv

Omnia

African Bank Investments

Distell

Clover

Pinnacle Technology

Rolfes

Metmar

Standard Bank

Standard Bank - Pref

Italtile

Mediclinic

Calgro M3

William Tell

Anglo American Platinum

Sanlam

Sappi

Sun International

Woolworths

Calgro M3

Acucap Properties

PSG Group

Mediclinic

Petmin

Pioneer Food

Redefine Properties

HCI

Seardel Investment

Seardel Investment - N

Nedbank

Capitec Bank

Pick n Pay Holdings

Pick n Pay Stores

Wilson Bayly Holmes-Ovcon

41.05%

5.92%

3.21%

34.38%

7.65%

15.76%

15.54%

52.02%

2.34%

16.93%

0.01%

28.88%

24.85%

56.72%

25.10%

23.85%

2.28%

0.10%

5.75%

6.05%

20.08%

12.37%

100.00%

49.35%

9.48%

5.47%

0.15%

5.75%

2.09%

0.31%

3.62%

0.21%

-%

0.50%

-%

0.27%

14.47%

0.03%

34.03%

34.90%

9.08%

23.61%

0.34%

0.01%

0.78%

0.04%

1.98%

0.04%

2.08%

4.19%

2.78%

0.01%

2.47%

1.43%

5.33%

56.14%

2.58%

0.02%

4.92%

1.77%

0.75%

6.03%

7.47%

8.01%

1.56%

1.81%

1.97%

0.28%

0.78%

0.82%

6.81%

4.45%

11.40%

7.56%

2.05%

1.35%

15.32%

1.02%

0.36%

-%

0.86%

2.00%

12.72%

6.19%

7.11%

12.25%

6.01%

1.87%

22.75%

0.10%

11.71%

0.80%

41.43%

0.02%

11.15%

51.13%

5.37%

1.27%

5.28%

10.40%

21.98%

1.49%

50.30%

47.42%

0.02%

0.64%

0.48%

1.34%

0.09%

2.20%

0.73%

10.25%

6.12%

0.81%

-%

0.65%

40.17%

12.86%

9.93%

1.25%

3.19%

0.01%

1.41%

18.65%

39.54%

8.19%

55.51%

38.57%

2.62%

10.81%

8.36%

14.32%

10.97%

7.88%

0.93%

25.88%

46.87%

34.53%

27.37%

13.55%

-%

0.03%

0.66%

0.01%

0.81%

0.67%

4.16%

5.33%

0.62%

9.65%

6.31%

-%

0.51%

1.80%

0.01%

29.93%

5.87%

7.75%

22.91%

2.34%

1.04%

0.76%

1.03%

11.17%

0.89%

4.66%

1.65%

5.40%

0.37%

-%

23.57%

3.18%

1.24%

0.14%

2.51%

0.06%

1.91%

3.06%

1.38%

0.01%

7.40%

-%

10.18%

-%

0.12%

0.37%

4.93%

68.63%

10.63%

0.81%

27.33%

13.09%

9.26%

1.12%

12.62%

1.02%

0.01%

6.72%

0.43%

9.31%

2.84%

0.01%

2.07%

0.53%

0.92%

13.75%

0.59%

63.84%

41.38%

0.53%

1.15%

0.98%

0.08%

0.61%

-%

0.04%

0.55%

0.48%

12.04%

5.38%

-%

1.89%

0.21%

0.55%

0.68%

4.37%

5.07%

0.15%

0.31%

39.36%

0.02%

0.24%

0.26%

4.67%

30.22%

0.53%

2.25%

0.07%

0.21%

0.59%

20.69%

0.26%

0.55%

0.38%

0.40%

0.03%

1.85%

2.18%

0.71%

1.44%

0.30%

1.19%

0.38%

7.54%

24.96%

0.30%

1.02%

0.72%

3.57%

1.00%

2.78%

21.10%

20.92%

0.22%

7.56%

0.52%

7.65%

1.48%

2.06%

2.88%

30.77%

0.42%

22.09%

58.46%

0.25%

0.63%

0.78%

67.35%

0.59%

3.32%

9.16%

3.85%

0.40%

4.39%

3.71%

13.55%

9.34%

0.32%

14.48%

4.86%

0.11%

1.01%

0.37%

7.69%

0.06%

0.08%

12.35%

5.61%

0.21%

7.63%

0.96%

0.01%

0.01%

0.28%

0.23%

0.03%

0.32%

0.06%

17.39%

12.68%

13.85%

8.92%

10.15%

1.35%

0.07%

1.52%

1.33%

6.69%

1.09%

5.35%

4.77%

0.05%

11.83%

2.13%

24.59%

12.65%

71.10%

5.76%

7.48%

2.99%

21.61%

0.82%

0.54%

-%

1.01%

1.01%

12.42%

12.38%

1.61%

0.54%

14.14%

0.89%

0.18%

0.96%

1.63%

1.33%

0.26%

0.54%

3.01%

3.38%

0.07%

11.52%

0.04%

0.02%

1.25%

0.31%

11.85%

60.23%

-%

0.01%

0.12%

0.54%

0.18%

11.63%

1.01%

0.72%

-%

4.06%

0.53%

0.32%

0.42%

3.46%

0.74%

0.08%

0.33%

0.17%

0.24%

0.77%

20 072.48

15 970.58

4 101.90

15 226.35

341.19

1 656.24

759.50

12 318.68

150.74

12 985.08

12 985.08

8 965.25

8 965.25

8 166.69

160.11

12.55

720.16

909.87

5 712.84

651.15

8 025.06

8 025.06

7 209.59

3 084.02

25.79

1 452.00

2 647.77

6 909.26

6 909.26

6 431.95

6 431.95

6 142.60

6 142.60

4 943.88

4 943.88

4 695.47

4 695.47

3 994.86

1 381.00

95.58

2 518.29

3 700.96

3 699.97

0.98

3 079.54

1 218.15

124.39

0.51

1 264.61

1.23

470.66

2 946.16

2 945.41

0.75

2 909.61

745.91

2 163.70

2 688.49

2 688.49

2 513.51

2 345.27

168.00

0.24

2 499.84

1 058.52

9.74

499.05

22.49

910.04

2 180.44

2 180.44

1 957.10

1 951.77

5.33

1 589.70

676.37

913.33

1 589.28

1 589.28

1 574.72

1 423.79

149.55

1.38

1 455.83

1 455.83

1 385.08

1 385.08

1 154.29

108.56

228.43

817.30

1 129.65

1 129.65

1 094.92

1 094.92

990.27

15.36

974.91

931.97

376.13

196.86

358.98

733.88

733.88

730.80

730.80

728.55

728.55

723.03

723.03

660.00

660.00

636.64

10.80

25.48

600.35

634.09

633.98

0.11

624.04

601.60

22.44

612.81

612.81

592.35

592.35

585.32

585.32

578.29

578.29

574.70

574.70

565.72

15.01

37.85

512.87

563.30

563.30

558.07

558.07

537.63

527.62

10.01

526.44

526.44

516.56

516.56

513.76

513.76

509.84

509.84

505.40

505.40

500.00

500.00

481.76

481.76

480.00

480.00

472.83

472.83

470.92

470.92

470.59

2.72

158.83

309.05

467.34

467.34

464.59

464.59

449.90

448.03

1.87

447.84

52.72

146.81

211.56

0.35

36.41

434.68

434.68

428.80

195.18

233.62

428.42

428.42

419.60

414.26

5.34

416.37

416.37

409.78

409.78

405.76

405.76

393.85

393.85

392.55

392.55

373.78

373.78

369.37

369.37

360.78

164.08

196.71

359.38

359.38

351.94

166.56

185.38

347.49

347.49

340.22

340.22

337.43

337.43

334.41

334.41

332.33

332.33

325.00

325.00

317.70

-

0.39

85.04

0.28

227.44

4.55

310.77

21.38

127.86

161.53

306.31

306.31

303.30

303.30

283.51

0.10

104.05

179.12

0.24

283.08

283.08

282.86

282.86

279.39

184.42

94.97

272.15

69.02

50.00

153.13

268.88

268.88

268.00

268.00

266.60

266.60

260.40

45.60

214.80

260.03

260.03

258.38

258.36

0.02

255.07

255.07

253.21

253.21

251.81

251.81

251.30

251.30

249.14

248.89

0.24

248.62

248.62

244.02

244.02

243.65

178.65

2.28

62.72

242.74

0.25

242.20

0.29

242.23

12.60

30.80

61.20

106.83

30.80

239.76

239.76

238.62

219.45

19.16

228.59

228.59

227.48

227.48

223.28

223.28

221.22

219.94

1.28

220.87

220.87

210.69

210.69

210.07

210.07

209.50

209.50

208.01

2.26

205.75

205.56

184.80

20.76

203.47

22.31

-

181.16

202.48

202.48

202.07

76.16

125.91

199.95

199.95

198.93

198.93

196.19

196.19

194.80

0.06

194.74

193.33

193.33

193.06

193.06

191.69

61.96

129.07

0.67

187.57

187.57

186.30

29.48

11.24

145.58

183.47

22.50

121.66

39.31

183.04

183.04

182.51

182.51

178.30

5.50

61.20

111.60

177.15

177.15

175.91

175.91

171.71

171.71

168.25

164.00

4.25

165.25

165.25

164.95

164.95

164.69

164.69

163.36

163.36

163.06

163.06

161.64

48.74

112.90

161.20

161.20

160.89

31.37

36.95

92.57

157.32

157.32

156.60

156.60

154.58

154.58

151.95

151.95

149.39

149.39

149.05

149.05

148.84

148.84

147.52

147.52

147.47

147.47

146.77

38.27

89.55

18.95

146.22

146.22

145.01

145.01

143.10

143.10

136.29

136.29

136.16

136.16

135.36

135.36

134.98

134.98

125.91

76.61

49.31

125.25

123.09

2.16

125.07

125.07

124.96

124.96

124.46

124.46

122.56

13.78

108.78

121.24

121.24

120.30

120.30

119.15

119.15

118.55

75.22

43.32

118.25

118.25

117.87

117.87

117.75

117.75

116.45

116.45

113.45

113.45

112.83

112.83

109.93

109.93

109.58

109.58

109.52

22.55

86.97

109.05

109.05

108.78

108.78

108.70

85.97

22.73

107.39

99.17

8.21

106.38

106.38

106.09

106.09

105.39

105.39

105.02

2.02

0.11

35.74

64.39

2.76

104.48

104.48

103.94

103.94

103.83

103.83

103.07

103.07

102.92

102.92

100.23

100.23

99.27

99.27

97.99

97.99

97.66

97.66

97.06

97.06

96.67

96.67

94.48

94.48

93.73

93.73

92.66

92.66

92.23

92.23

91.80

91.80

91.28

91.28

91.17

5.17

86.00

91.09

91.09

88.87

88.87

88.45

14.20

74.25

87.96

87.96

87.76

87.76

87.47

87.47

87.47

86.94

0.52

86.97

86.97

86.97

86.97

86.64

86.64

86.34

86.34

86.30

27.60

58.70

85.61

85.61

85.50

85.50

85.19

6.75

16.53

61.91

84.77

84.77

83.67

83.67

81.69

81.69

80.82

80.82

80.65

80.36

0.29

80.34

80.34

78.73

77.70

1.03

77.38

77.38

75.75

75.75

75.32

75.32

75.29

75.29

74.51

1.34

5.33

17.56

50.29

74.10

74.10

73.89

73.89

73.80

73.80

71.47

71.47

70.32

0.12

70.20

70.01

70.01

68.18

68.18

67.59

45.03

22.05

0.51

67.45

67.45

67.10

67.10

66.43

16.73

49.70

66.30

66.30

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

159

160

161

162

163

164

165

166

167

168

169

170

171

172

173

174

175

176

177

178

179

180

181

182

183

184

185

186

187

188

189

190

191

192

193

194

195

196

197

198

199

200

201

202

203

204

205

206

207

208

209

210

211

212

213

214

215

216

217

218

219

220

221

222

223

224

225

226

227

228

229

230

231

232

233

234

235

236

237

238

239

240

241

242

243

244

245

246

247

248

249

250

Name & company % holding

38 826.22

69 678.00

10 534.04

4 817.31

9 832.13

78 340.56

900.68

24 944.29

383 000.00

932.41

95 451.99

2 119.24

3 691.27

9 989.95

2 594.23

33 708.11

134 000.00

26 635.58

25 568.70

44 143.96

34 747.88

51 779.13

6 155.20

9 965.01

48 666.79

25 568.70

64 155.53

44 143.96

177 000.00

312.76

33 708.11

58 910.35

26 478.06

254 000.00

511 000.00

177 000.00

20 352.85

2 543.03

2 191.63

5 890.00

29 812.61

9 832.13

48 666.79

2 543.03

134 000.00

26 635.58

25 568.70

64 155.53

44 143.96

51 779.13

70 212.00

69 678.00

27 333.81

64 155.53

29 744.82

2 536.06

5 794.95

5 676.27

29 812.61

78 340.56

14 703.92

3 823.05

10 814.67

13 979.01

70 212.00

809.57

48 666.79

134 000.00

25 568.70

44 143.96

10 771.14

16 161.23

6 405.55

9 567.88

32 054.42

735.94

166.38

58 910.35

177 000.00

5 298.75

70 212.00

1 281.38

4 817.31

9 567.88

8 230.50

4 633.88

9 567.88

735.94

166.38

511 000.00

4 800.00

70 212.00

1 252.20

48 666.79

4 633.88

996.20

9 567.88

40 223.47

9 567.88

4 800.00

2 191.63

32 054.42

963.50

993.14

15 212.85

24 461.83

64 155.53

34 861.62

511 000.00

20 352.85

255.34

514.53

2 333.87

26 055.24

83 218.52

5 610.06

1 125.27

1 491.27

2 332.78

34 747.88

13 048.81

69 678.00

29 812.61

2 186.46

985.28

4 800.00

806.14

977.12

13 979.01

1 491.27

2 332.78

2 509.42

1 491.27

2 332.78

37 219.67

1 150.10

575.88

484.18

1 062.27

2 398.97

58 910.35

1 517.73

13 017.11

2 682.72

28 080.75

678.65

514.53

2 333.87

26 055.24

3 173.92

4 800.00

4 242.00

20 352.85

9 832.13

2 543.03

932.41

4 817.31

2 426.90

367.81

2 840.94

4 800.00

20 609.31

26 055.24

2 398.97

29 744.82

733.76

13 048.81

4 817.31

69 678.00

19 214.77

1 125.27

8 019.41

20 352.85

177 000.00

9 832.13

399.21

13 048.81

8 019.41

13 017.11

28 080.75

809.57

25 901.31

2 426.90

161 000.00

10 534.04

8 230.50

1 203.39

158.26

289.80

29 812.61

735.94

165.43

2 421.43

20 352.85

1 786.42

21 467.57

19 950.44

3 255.75

48 666.79

2 247.56

7 289.43

20 352.85

9 832.13

34 861.62

2 247.56

164.73

0.18

283.77

278.92

14 703.92

10 814.67

20 352.85

254 000.00

32 054.42

83 218.52

511 000.00

34 861.62

40 223.47

514.53

2 333.87

64 155.53

9 832.13

13 979.01

2 214.07

21 467.57

514.53

2 333.87

26 055.24

58 910.35

389.46

29 812.61

25 568.70

44 143.96

3 823.05

582.10

32 525.67

7 223.15

6 277.25

78 340.56

28 080.75

751.64

64 155.53

29 744.82

13 017.11

28 080.75

499 000.00

1 973.50

1 627.96

13 048.81

10 814.67

51 779.13

13 017.11

40 223.47

1 950.02

580.94

48 666.79

14 703.92

20 352.85

674.89

9 040.65

680.06

693.00

693.00

64 155.53

1 758.07

26 055.24

1 786.42

8 972.35

3 743.91

1 629.03

351.00

429.48

537.94

214.31

48 666.79

2 191.63

13 975.39

182.00

20 609.31

3 734.89

804.47

1 281.38

29 744.82

2 631.15

2 996.58

802.27

1 062.27

34 979.91

642.80

2 247.56

20 352.85

8 580.00

29 812.61

1 396.86

134 000.00

26 635.58

735.94

165.43

48 666.79

1 401.68

10 814.67

34 861.62

1 517.73

13 017.11

28 080.75

9 965.01

32 054.42

177 000.00

580.94

826.18

730.62

1 281.38

733.76

7 223.15

134 000.00

6 405.55

7 223.15

1 199.67

8 580.00

1 788.42

1 934.57

177 000.00

746.84

202.91

290.29

575.88

85.00

234.22

993.14

2 840.94

359.38

10 534.04

16 148.52

83 218.52

8 580.00

8 580.00

604.35

604.35

1 629.03

10 814.67

667.94

9 567.88

3 743.91

1 629.03

3 823.05

6 405.55

32 054.42

15 212.85

2 631.15

2 426.90

367.81

604.35

177 000.00

5 298.75

5 890.00

24 461.83

596.10

65.00

144 000.00

69 678.00

15 254.15

9 276.44

40 223.47

596.10

7 223.15

9 832.13

24 461.83

1 788.42

13 057.76

21 467.57

10 771.14

757.92

76.55

83 218.52

20 352.85

9 965.01

20 897.28

8 580.00

Market cap Mar 2012

(R-m)

Investment total Mar

2012 (R-m)

Patrice Motsepe

Christo Wiese

Lakshmi Mittal

Nicky Oppenheimer

Royal Bafokeng Consortium

Des Sacco

Laurie Dippenaar

John Whittaker

Stephen Saad

Rembrandt Trust (Rupert family)

Ackerman Family Trust

Bruno Steinhoff

GT Ferreira

Koos Bekker

Cyril Ramaphosa

Michiel le Roux

Giovanni Ravazzotti

Adrian Gore

Jannie Mouton

Paul Harris

Gus Attridge

Sipho Nkosi

Johann Rupert

Michael Lewis

Bill Venter

Barry Swartzberg

Whitey Basson

Des de Beer

Louis Norval

Vincent Mntambo

Markus Jooste

Pat Goss

Marcel Golding

Graeme Gordon

Willie Marais

Mike Teke

Leon Kirkinis

Brian Joffe

Saki Macozoma

Leonard Sowazi

Lance Sherrell

Tom Borman

Jens Montanana

Brett Levy

Peter Gain

Meyer Kahn

Panagiotis Halamandaris

Rain Zihlangu

Claas Daun

Mark Levy

Kevin James

Mlungisi Kwini

Simon Susman

Eliphus Monkoe

Theofanis Halamandaris

Giuseppe Zannoni

Gordon Schachat

Alan Burke

Steven Gottschalk

Edwin de la Harpe Hertzog

Mzolisi Diliza

Graham Mackay

Riaan Stassen

Mustaq Brey

Maldwyn Zimmerman

Alec Wapnick (died Aug 2012)

Richard Gordon

Lazarus Zim

Herschel Mayers

Sisa Ngebulana

Gary Morolo

Perikles Halamandaris

Quinton van Rooyen

Roland Sassoon

Louis van der Watt

Jeffrey Wapnick

Sean Melnick

Sharon Wapnick

Michael Mark

Robin Frew

William Battershill

Robert Gumede

Elliot Salkow

Koos Raubenheimer

Stephen Koseff

Jakes Gerwel

Patrick Goldrick

John Halamandres

Chris Otto

Paul Botha

Arnold Goldstone

Arnold Fourie

Hymie Levin

Michael Flemming

Freddie Kenney

Dennis Polak

Atul Gupta

David Samuels

Johan van Zyl

Jebb McIntosh

Neil Jowell

André du Plessis

Steve Pacak

Thys du Toit

Mark Willcox

Cecil Jowell

Bernard Kantor

Peter Moyo

Chris Seabrooke

John Robertson

Joe Madungandaba

Gary Bell

Carl Fischer

Kevin Hodgson

Harish Mehta

Asher Bohbot

Danie van der Merwe

Gino Stefanutti

Terry Moolman

Piet Mouton

Herman Mashaba

Shub Family Trust

Iqbal Survé

Andries de Lange

Gerrie Fourie

Sifiso Dabengwa

Tami Sokutu

Malcolm Wyman

Ragavan Moonsamy

Norman Thomson

Fred Robertson

Jaap du Toit

Marc Wainer

Lawrie Brozin

Lionel Jacobs

Neville Bester

Peter Cooper

Martin Slabbert

Pierre Joubert

Manny de Canha

Paul Theodosiou

Carel Goosen

Ian Kantor

Horst Sass

Thys Visser (died April 2012)

Doug Murray

Glynn Burger

Marius Kloppers

Mikki Xayiya

David Lewis

Judy Dlamini

Peter Malungani

Zyda Rylands

Nigel Townshend

Derek Thomas

Stephanus Grobler

Barry Stuhler

Christian van Schalkwyk

Ivan Clark

Jochen Zeitz

Gavin Tollman

Dillie Malherbe

Keith Scott

Roger Hogarth

Toni Haarburger

Hugo Nelson

Mark Stevens

Moss Ngoasheng

Phoevos Pouroulis

Nicolaas Tromp

Hendrik Ferreira

Thandi Orleyn

Stanley Chilvers

Richard Friedland

Gavin Soll

Andrew Bonamour

Ronnie Stein

Johann Vorster

Jerome Smith

Francois du Toit

Ryan Otto

Grant Pattison

Raymond Cadiz

Willie Meyburgh

Nonhlanhla Mjoli-Mncube

Alan Pollard

Adam Fleming

Johan Burger

Anna Mokgokong

Frikkie Nel

Bernard Berelowitz

Johann Kriek

Hugh Herman

Mutle Mogase

Boetie van Zyl

Phillip Abelheim

Anthony Fletcher

Nick Vlok

Selwyn Kahanovitz

Martin Moritz

Jonathan Rens

Viv Bartlett

Rod Humphris

Sello Moloko

Hassen Adams

Mike Wylie

Jan du Preez

Johan Le Roux

Ton Vosloo

Teunis Scharrighuisen

Allan Groll

Grant Mackenzie

Alan Gooderson,

Mathews Phosa

Frank Thompson

Dave King

Antony Ball

Reuel Khoza

Savannah Maziya

James Ngobeni

Greg Lotis

Piet Boshoff

Nick Hanekom

Tumelo Motsisi

Henry White

Jeff Zidel

Neville Crosse

Nithiananthan Nalliah

Jan Scannell

Manie Roode

Takalani Tshivhase

David Ellwood

Jacko Maree

Peter Swatton

Kabs Makaba

Hatla Ntene

Barry Lok

Valli Moosa

Ian Moir

Ben Malherbe

Christopher Marlow

Jan Mouton

Alwyn Martin

Wouter Hanekom

Mike Flax

John Copelyn

Mike Brown

Leon Venter

Nick Badminton

Kobie Botha

Graphic: FIONA KRISCH

THE RICHESTName & company % holding

Market cap Mar 2012

(R-m)

Investment total Mar

2012 (R-m) Name & company % holding

Market cap Mar 2012

(R-m)

Investment total Mar

2012 (R-m) Name & company % holding

Market cap Mar 2012

(R-m)

Investment total Mar

2012 (R-m) Name & company % holding

Market cap Mar 2012

(R-m)

Investment total Mar

2012 (R-m)

Page 8: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Business, 16-Sep-2012-Page 8, Cyan Business, 16-Sep-2012- Page 8, MagentaBusiness, 16-Sep-2012-Page 8, Yellow Business, 16-Sep-2012- Page 8, Black

Business

� | �������������� ��������� � � � ���� Sunday TimesB-1 JDCPB-1 JDCP

��� ���� ����

����� �������

UK BUSINESSMAN Jo h nWhittaker made his debut onthe 2012 Sunday Times RichList after Capital ShoppingCentres (CSC), which is listedon the JSE and London StockExchange (LSE), acquired theTrafford Centre in 2011 fromthe Peel Group — in thelargest property acquisition inBritish history.

Trafford Centre is thelargest shopping centre in theUK by overall size and thesecond largest by retail size. Ittook about 12 years to open itsdoors from when it was firstconceptualised by Whittaker.

The acquisition of the centregave Whittaker, who foundedthe Peel Group in 1971, a 20.1%stake in CSC, which has a 35%South African shareholderbase. The stake contributedR6.9-billion to Whittaker’sriches on the JSE making himthe eighth richest, b e twe e nFirstRand chairman L au r i eDippenaar and Stephen Saad,founder and CEO ofpharmaceutical companyAsp e n .

However, Whittaker’s wealthfar exceeds his holdings on theJSE. The Isle of Man residentis said to be worth R36.5-billion, making him the 29th-richest person in Britain andIreland.

Others also worked theirway up the lucrative ladder ofsuccess. Graeme Gordon, sonof the founder of LibertyInternational Donald, notablyincreased his shareholding inLSE- and JSE-listed Capital &Counties to move into the 33rdposition from being number304 last year.

����� ����

������� �� ���� ��� ����� � ��� �� ��� � ��������� � ����� ��� �� ������ ����� ��� ��� � �� ��� ���� !� � "��� ��#�� ��� $�#��� ������������ ��� � ������# %��� ������ ��&� ���&

���� ����� %����� ��# ��� ����� �� #� ��� �������& ��� ����'���� ��# ���� �� %��� ����� �#�� ������ ��� � ������� ����� ��� � ����� ��

������� ��� ��%��(�� ��# ��)� �� "� �� �����������& ��� ���# ������ �� ��� �� %��� � "� ��� ���# � ���� (��������� !����� *��������� ���+�,+�����'� �������� �( -�� � ���#� � ��� %������� �������� �� ��� �� ��������� ��# ��������� ���� .���� ����# �����

%��� ���� ���'& ������ �������� � %�� �����#� �������� �( ������� /��#+

��� ������ �� ���,� ���& �� ����& �� (��� �(� ��# ������ ���& ��'� � )���) (�� ��)��� ����& ���%�.� � � ���& ��'� ����� (����� �� ��� ���#������ ���+���)�# ��������� � �� � � "��)�� — ����

/���� � (����� ��0 �( -�� ����#� ��������� ���)��%� �� "� ����� ������ �� � ���# �� ������� ������� ��"����� ��# ��)� �� ��)� ����� ���������� 1���� ��� ��� #� ��'� � �������� ��� "�+

��� � ����� ��� ����� ����� ��� � ����� � "��"���� � ���"�� �%�� ����� ��# �,� ���� �� 2�� ��!�) ��� ����� ��# *� ���# ������ ��� 1���� �1���� ��)� �� "� �( ��'��� ��# ��)� �� ��� ��� .�"

#����1���� ��� �� � ��������� �� ��� �� � �( ��� ����+

�� � %��� (��� ����� ��� ��� � ������ � �����#���3/� 3������� ��0 ���� 4������ ������ ��� ���� 5����� ����� ��� ��� � ����+

�� ���� ��& ����� ���� (����%�# "& 1���� ��#� ��.���� ����#� ������� ��# ����� �2��� �� ���� �� � � ��� ��� ��� ������ "&

����� ����� � ��� � %���� ��� #��������# "& ���&��� �( "����� #�� ��� �� ��� ��.����&� (����%�# "&����� ��# ���� ��)� ��# ��� ��� ���� � "��� �� ��� 6��� �( ��� *�� ��'�� ���)

����� #���� � ��%�& #� ����� (��� ���� ��# �� ��� ����� ��� ����� 2�) ����� �,�����'� #������� �(���������� %� "��� �� ��� 6��� �( ��� *���2��� � � ��� ��� ����� � "& ����� ����� � ��� �

��� 6��� �( ��� ��� ���# ��� ���) %��� �� �������� ��� � ����� ��������������&���� �& ������ "��� �� ��� 6���

�( ��� ��� ��� ���� (��� (��� �( ����������� ��#��'� ���# ������� �3��)�� 5� -�������� ���� �( ��� "��)��� ���� ��

-�� ����#� %� "��� �� ��� 6��� �( ��� ������� 6��� �( ��� ��� ��� �� �� �� ��� ��� � ���� � "��� �� ��� 6��� �( ��� ��� ��� ��'� �� "�

��� (��� �( ���������� ��% ���� �����# (�� ���(������ �( ����� ��# ��� �(��� � �����"�� �� (���+���&� /�%�'��� ���& #� ��'� �#����"�� �������� ���� ��� � "���� '�������� #��� �'�� �������(��%��# ��#��������� ���& ��� �,������� %��� ����&�

���� ��������

�ATRICE Motsepe couldfoot the entire bill for thefirst phase of the Gau-teng Freeway Improve-

ment Project (GFIP).If the richest South African —

according to the 2012 SundayTimes Rich List — were to cashin all his investments in AfricanRainbow Minerals and Sanlam itwould come to R20.07-billion,enough to pay the debt incurredto upgrade 185km of Gauteng’shighways — without costing tax-payers or the government anextra cent.

If Motsepe and the next 34 peo-ple on the Rich List all cashed intheir investments, they could cov-er SA’s R153-billion budgetdeficit. Or, if Motsepe andShoprite chairman Christo Wiese,the second-richest South African,put their riches together, theycould pay for another Gautrainproject of around R30-billion andhave enough money left to cover75% of the July trade deficit ofR6.7-billion.

The minister of human settle-ments and possible presidentialhopeful Tokyo Sexwale no longerap p e a r s on the Rich List aftermoving his investments intoblind trusts when he joined thecabinet in 2009.

However, another possiblepresidential candidate is busi-nessman Cyril Ramaphosa, whois worth R3.08-billion in invest-ments. This would be enough tobuild about 57 000 RDP houses,which could be worth severaltimes that in votes.

Aside from housing, healthcareis another pressing social issuein SA. The wealth of Adrian

Gore, the CEO of Discovery Hold-ings and number 18 on the RichList, could cover the cost of theNational Health Insurance’s pilotprojects almost three times.

Some of the richest of the RichList can even outdo their owncompanies on certain deals. Thewealth of Aspen Pharmacare’sCEO, Stephen Saad, number nineon the Rich List, and deputy CEOGus Attridge, number 21, adds upto R8.61-billion.

This is almost four times theR2.2-billion that Aspen’s sub-sidiary, Aspen Global, recentlypaid for GlaxoSmithKline’s phar-maceutical range in Australia.

Sun, the media group’s biggestseller, at R2.90 each.

Meyer Kahn, who steppeddown as chairman of SABMillerearlier this year, is worthR565.72-million and ranks 46th onthe Rich List. He could buy morethan 81 million bottles of Castlebeer.

Graham Mackay, SABMiller’snew executive chairman, will notgo thirsty as his wealth ofR464.59-million could buy him67 million bottles of Castle.

Panagiotis Halamandaris is thenonexecutive chairman ofFamous Brands, which ownsSteers. He is worth R563.3-millionand is 47th on the Rich List. Hiswealth could buy him more than14 million King Steer Burgers.

Country Bird executive direc-tor Kevin James is 51st on theRich List. With his wealth ofR516.56-million he could buy11.5 million fresh whole chickensin a supermarket at about R45each.

Johann Rupert’s wealth ofR1.59-billion, which puts him23rd on the Rich List, could buy353 Ferrari F50s similar to theone his son crashed in 2008. Itwas just as well that the car wasnot written off as only 349 ofthese cars were built.

Steinhoff boss and racehorseowner Markus Jooste is 31st onthe Rich List with investmentsworth R990.27-million. Bearing inmind that the highest price paidfor a racehorse in SA was R4-mil-lion for D ev i n e ’s Jet, Jo o st ecould, in theory, buy 247 suchhorses.

������� ������

THE more money you have, themore complicated your assetstructures and tax returns.

Faced with ever-mounting taximplications, some people strikingit rich yield to the temptation oftax avoidance — and sometimesmanage to dodge the taxman.

But the SA Revenue Service(SARS) and its internationalcounterparts are trying to closeloopholes and trace hidden stashesof cash.

Technically, the super-rich filetheir tax returns just likeeverybody else. They also do notpay a higher income taxpercentage than the 40% marginaltax rate of any employee whoearns a little over R51 000 a month.

Other tax rates, like the 15% fo rdividends tax for income earnedfrom shares, are also the same aseveryone else’s.

But the problem for the rich isthat the many assets and types oftaxes involved can add up tostupendous sums.

SARS spokesman Adrian Lackaysaid: “SARS is not in a position tomake a public statement onindividuals who have or may stillappear on the Rich List as alltaxpayers are legally entitled totaxpayer confidentiality.

“In general terms, wealthyindividuals normally have multiplesources of income and therefore amore complex tax status thanordinary salaried individuals.Generally, individuals in thetaxpayer segment in question areprovisional taxpayers.”

There are legal ways to reducetax burdens, such as trusts, but the

use of trusts has often contravenedthe law. Now SARS is trying tostop their exploitation.

Finance Minister PravinGordhan announced a complianceplan of action in April to tacklesegments of the tax base with l owcompliance levels. Seven problemsegments were identified. We a l t hy“South Africans and theirassociated trusts” topped the list.

SARS promised to provideopportunities for voluntarydisclosure and pre-filing meetingsfor non-compliant individuals tocome clean, with severe penaltiesfor failing to do so.

But no threats will be takenseriously if dodgers do not believethey will be found out, so SARShas outlined several ways it

intends to shine a light deeper intothe affairs of the super-wealthy.

In its compliance programmedocument, SARS said that it hadabout 2 300 wealthy individuals ona register of taxpayers contributingan average of R1.7-million each to

asset base,” the document said.“To date, 467 potential wealthy

individuals have been identifiedwhere there are discrepanciesbetween their asset base anddeclared income, and they canexpect much closer scrutiny fromSA R S .

“Wealthy individuals are alsogenerally linked to a number oftrusts and companies, some ofwhich are used as vehicles tochannel and hide their assets andincome.

“Most of the wealthy SouthAfricans we have reviewed arelinked to more than 10 associatedcompanies on average and 87% ofthese associated companies and59% of trusts have outstandingr e tu r n s . ”

Altogether 67% of audits oftrusts show “serious under-reporting”.

Among the problems listed bySARS are artificial losses anddeductions, salary restructuring,assets and income divertedthrough associated entities andincorrect declaration of revenueprofit as capital in nature.

Among initiatives listed in thecompliance programme, SARSintends to use information fromother jurisdictions around theworld, particularly to root outoffshore accounts in tax havens.These will be given priorityattention using internationalcooperation agreements.

Use of other third-partyinformation will also come into

play, with SARS improvingcollaboration with the master’soffice to check up on theadministration of trusts andcompile more complete informationon trustees and beneficiaries.

The receiver also intends totrace flows of funds around theworld and to broaden audit andinvestigations, including the much-publicised lifestyle and relatedentities questionnaire.

To provide a credible threat ofdetection of non-compliance, SARSsaid it needed information fromfinancial institutions, creditbureaus and data from sales ofresidential and holiday homes,aircraft, vehicles and boats to bescrutinised to catch out those whomay not even be registered for taxbut who clearly have money tothrow around.

SARS has said it will dealharshly with individuals whodecide not to comply.

SARS sets its sights on super-rich tax dodgers

‘Under-declaration of

income is an area

of concern’

the state’s coffers every year.“Our preliminary sampling

exercise has shown that under-declaration of income is an area ofconcern, where an individual’sincome is not consistent with their

They couldbuy anotherGa u t ra i n

����� � ������� ������ ���� ��� �������� �������

Some of the richest

people can even outdo

their own companies

on certain deals

The Ackerman Family Trust is11th on the Rich List thanks to its49.35% stake in Pick n Pay. It isworth R4.94-billion, which is morethan four times the R1.2-billionPick n Pay got when it soldFranklins Supermarkets in Aus-tralia last year.

Aside from the big things therich can buy, they can buy vastnumbers of the small things intheir own companies.

Naspers CEO Koos Bekker,who is worth R3.7-billion and is14th on the Rich List, could buy1.27 billion copies of the Daily

UK tycoonWhittakerdebuts onthe list

�)��� "������& � ����� ��� ���

� � ��#�� ������� "��) ���� ����# �( ��� �������� ������ ��% �� ��� (�� � #�& �( !��#��-� ���� 2��) ������7������ � �8 �� ��� �����&��# ���% ����� �� !��#���������� ����� ������

��� ���� ��� ������

Global supplier of defence and aerospace solutions

070912

Who Own Whom’s specialist databases include:����������� ��

�������� ��

�������� ��� ��� ����

�������������

������� ������������ ���

Who Owns Whom is an independent research organisation producing high quality, original research on the African business and economic environment.

���������� �����

������������ �!�"��#!$

���� �������� �����

����������#� �"%#�$&$$

www.whoownswhom.co.za

S ince 1980

Page 9: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

Business, 16-Sep-2012-Page 9, Cyan Business, 16-Sep-2012- Page 9, MagentaBusiness, 16-Sep-2012-Page 9, Yellow Business, 16-Sep-2012- Page 9, Black

Business

Sunday Times ��������� � � � �������������� | �

State companiessplash out on bosses

������ ����

DIRECTORS of parastatalsare not to be outsmarted bytheir counterparts at JSE-listed companies. There were25 who took home more thanR5-million in the 2011 finan-cial year.

In the 2009 financial year,only 12 parastatal directorspocketed more than R5-mil-lion.

Rich List research does notcover every parastatal andthere could be many morepeople earning more thanR5-million.

The rewards were in theform of bonuses, with 19 outof the 20 best-paid parastataldirectors receiving perfor-mance bonuses, travel al-lowances and pay cheques tothe tune of millions fromstate coffers — with the mon-ey sometimes being paid inorder to get rid of poorly per-forming individuals.

Transnet had eight direc-tors among the 10 highest-paid parastatal directors inthe 2011 financial year. Theeight directors’ earnings are

b e twe e n R8.19-million andR16.88-million.

Former Transnet CEOChris Wells was paid a totalof R16.88-million, comprisingof a R4.03-million salary,R1.17-million in benefits anda performance bonus ofR11.67-million — represent-ing a 57.9% increase on theprevious year.

Transnet’s freight rail divi-sion CEO Siyabonga Gama

saw his total earnings growby 211.31% to R12.64-million.This was made up of R8.75-million in salary earnings,benefits of R1.38-million anda performance bonus ofR2.51-million.

The CEO of development fi-nancier Industrial Develop-ment Corporation GeoffreyQhena’s package jumped by105.4% to R8.80-million. Thiswas made up of a salary of

R3.33-million, R828 000 inbenefits and a bonus of R4.64-million.

Reuben September, the for-mer CEO of listed telecom-m u n i c at i o n company Telkom,of which the governmentow n s the majority stake, tookhome R6.59-million made upof a R2.58-million salary andR4.01-million in benefits.

This was 33.5% less than in2010.

�������������� ������

�RANSNET spent moreon remuneration for itsdirectors in the 2011financial year than

most listed companies did.The R123.63-million the

state-owned group paid to its36 directors makes Transnetthe 12th-best-paying companyin SA, when compared withlisted companies.

The amount paid toTransnet directors grew by al-most 60% from the 2009 finan-cial year to the 2011 financialyear. Transnet’s revenue in-creased by only 13% over thetwo years. Transnet had 36 di-rectors at the end of its 2011financial year — which is morethan the 34 ministers in thelarge cabinet President JacobZuma has been criticised for.

The directors’ r e m u n e r at i o nbill for SA Airways (SAA)might have been less than half

that of Transnet, at R53.05-mil-lion, but it grew 32% over twoyears while the state-ownedcarrier’s revenue declined by14% over the same period.

SAA also has the dubioushonour of having had the sev-enth-best-paid parastatal direc-tor in 2011, despite the airline’sCEO asking for a reportedR6-billion from government for“r e c ap i t a l i s at i o n ”.

SA A ’s former general man-ager of mergers and acquisi-tions, Jan Blake, was paidR9.13-million, which included atermination benefit of R8.12-mil-lion after he resigned halfwaythrough the 2011 financial year,in 2010. SAA’s former chief fi-nancial officer, Kaushik Patel,also left the airline with a smileas he received a terminationbenefit of R2.35-million, which

contributed to his total remu-neration of R6.54-million.

The SABC, which has beengoing through CEOs at a blind-ing pace in recent years, paidR48.21-million to its directorsin the 2011 financial year.

This included R5.82-millionpaid to former CEO Solly

Mokoetle, who resigned after ayear in the job. Of that ye a r ,Mokoetle was suspended forfour months.

The SABC’s revenue was upfrom the previous financialyear, but the auditor-generalhanded it a qualified audit.

The SA Post Office also wentthrough several crises in re-cent years but this did not stopthe institution from paying itsdirectors R21.68-million in the2011 financial year.

This was 30% less than in2009, though the number ofdirectors at the Post Officedeclined from 35 in 2009 to 25in 2011.

Despite the leadership woes,the Post Office received un-qualified audit reports in 2010and 2011. The auditor-generalof SA, which compiles the re-

ports, paid its 11 directorsR19.33-million in the 2011 fi-nancial year. This includedR2.76-million for au d i t o r - g e n e r -al Terence Nombembe.

Eskom has raised the ire ofthe public this year amid re-ports that it will ask the Na-tional Energy Regulator of SAfor five more years of double-digit increases in electricityprices. This was after some ofE s ko m ’s executive team re-ceived hearty performancebonuses in 2011.

E s ko m ’s 18 directors werepaid R36.23-million in the 2011financial year. This was 22%more than in 2009, though thenumber of directors decreasedby five between 2009 and 2011.

��� ���� ����

������� ���� ���� ����� ��� ���� �����

����������� �� �� ���� ����

‘The SABC, which

has been through

CEOs at a

blinding pace,

paid R48.21m to

d i re c t o rs ’

� ��������� ����� ����� � ������� ����� � ��!��"���� ��#�$���� ��%��& ��� '�"� � ��#����� '�& ��%� (� �

The former Denel CEOTalib Sadik’s total earningsincreased by 3.61% to R5.83-million after receiving asalary of R3.18-million, bene-fits worth R788 000 and a per-formance bonus of R1.86-mil-lion.

Eskom CEO Brian Damesgot R5.7-million in total earn-ings, made up of R3.4-millionsalary, R1-million in benefitsand a performance bonus.

��� �����

�CHINESE proverb pro-

claims that “wealth doesnot pass three generations”— the first generation

makes it, the second lives off it andthe third squanders it.

However, there are exceptions tothe rule. Some wealthy children getstuck into business, their family’s ortheir own, and they top up the potand more. And sometimes theirchildren do too.

Local business royalty, theOppenheimers, are the best-knownexample of this. Sir Ernest (1880-1957) kicked off the big earningswhen he founded Anglo AmericanCorporation of South Africa in 1917,and in 1927 took control of CecilRhodes’s De Beers empire. His sonHarry came on board as managingdirector of the corporation in 1945just as diamond prices startedfalling through the floor. As well asshutting down mines and hoardingmillions of carats of diamonds tobuoy prices, De Beers also createdits own market, selling the idea that“A diamond is forever” and makingthe stones eminently covetable, es-pecially by young women.

Harry was chairman of AngloAmerican Corporation for 25 yearsand chairman of De Beers Consoli-dated Mines for 27 years until he re-tired from these positions in 1982and 1984 respectively. It was underhis watch that De Beers expandedmassively and Anglo American be-came a major multinational corpo-ration with fingers in various pies,including mining, agriculture,forestry and finance.

Harry’s son Nicky had been in-volved with Anglo American for 40years by the time he resigned fromthe board as a non-executive direc-tor in April last year. He took overas chair of the Diamond TradingCompany — a subsidiary of DeBeers — in 1985, and assumed thechair of De Beers in 1998. In Novem-ber last year he announced his de-cision to sell his family’s 40% stakein De Beers to Anglo American forR41.82-billion. Anglo American al-ready owned 45% of De Beers.

Although Nicky’s son, Jonathan,served on the board of De Beers,Anglo did not want him as chair-man. With profit margins in dia-monds lower than they used to be,

Jonathan is out to make his ownfortune, focusing on agriculture andfast-moving consumer goods inAfrica. He is using E Oppenheimer& Son Group, the family’s invest-ment holdings arm, as the enginefo r his ventures

The Rupert family is another inwhich the wealth looks like it willoutlast the three-generation rule.The original wealth creator was An-ton Rupert, who in 1941 startedmaking cigarettes in his garagewith a £10 investment. He thenbought an insolvent tobacco compa-ny, Voorbrand, which he renamedRembrandt Ltd in 1948 and, withthe government’s support, grew itinto one of the largest business con-glomerates in the country.

In 1984 his son Johann joinedRembrandt and, in 1988, the twospun off the company’s internation-al assets from the RembrandtGroup and founded Swiss luxurygoods company Richemont.

After studying at StellenboschUniversity, Johann worked in bank-

ing in New York for five years. Hereturned to SA in 1977 at the age of29 and founded Rand MerchantBank and, in the same year, theSmall Business Development Corpo-ration, which has since createdmore than 600 000 jobs.

Together the Ruperts proved un-stoppable and after various mergersand demergers they had extendedthe empire into everything fromhospitals — through Mediclinic —to telecommunications — throughVodacom. In 2000 Rembrandt wascollapsed into two listed companies,Remgro and VenFin. Remgro repre-sented Rembrandt’s interests in to-bacco, financial services, miningand industry, while VenFin housedthe telecommunication and technol-ogy interests.

Anton Rupert died in 2006 andpassed the torch to Johann, who isnow the CEO of Richemont andchairman of Remgro.

The Rupert family is also heavilyinvolved in the South African wineand liquor industry, owning the

L’Ormarins and La Motte wine es-tates and having a stake in Rupert& Rothschild Vignerons, the wine-making partnership between theRupert and Rothschild families.

Hanneli Rupert-Koegelenberg,Jo h a n n ’s sister, is one of SouthAfrica’s leading mezzo-sopranos

of great wealth so far but retailinggoes back several generations inthe family. Raymond Ackerman’sgrandfather Meyer Ackerman cameto SA from Lithuania at the end ofthe 19th century. His ostrich-featherbusiness did not shoot the lightsout, but when he died his wife Es-

four small stores in Cape Towncalled Pick n Pay. Despite beingable to raise just R100 000 of theR620 000 purchase price, he came upwith the difference after canvassingcolleagues in Johannesburg andCape Town.

By the time Raymond handedover chairmanship to his sonGareth in 2010, Pick n Pay had 700stores in the country and more out-side. While a brief foray into Aus-tralia proved unsuccessful, Africa islooking good, with 94 stores now op-e r at i n g outside SA.

While it has never been com-pletely smooth sailing for the retail-er, things have been particularlyrocky in recent years.

Pick n Pay’s decline was rarelyblamed on the company being fam-ily run. While the Ackermans havealways been in executive positions,the successive outsider CEOs havebeen largely responsible for steer-ing the retailer.

Mouton might mean sheep inFrench, but that is where the re-

semblance ends with the local fam-ily. When Jannie Mouton was firedin 1995 from Senekal, Mouton &Kitshoff, a company he had helpedfound 13 years earlier, he went onto start financial services groupPSG. “The Boere Buffett” is nowwidely regarded as one of the mostshrewd investors in the world.

PSG owns 37% of Capitec Bank,its most successful start-up to date.The company has made 39 invest-ments, and more than half of thevalue is made up by Capitec. Jannieis also, through PSG, a major in-vestor in the Curro chain of inde-pendent schools.

In 2010, Jannie made his then 32-year-old son Piet CEO of PSG. InApril this year the net value ofPSG’s shares was up from R46.80 toR56, an uplift of 19.5% based on theunderlying values of the invest-ments.

Ja n n i e ’s older son Jan runs PSGAsset Management and the award-winning PSG Tanzanite FlexibleFund.

KEEPING IT IN THE FAMILY

� �)#������� ��*%� �!!� ��"���������� ������ ����������

� ��+���� '������ ,&� � ��!����������� ��� ���������

� ��$#)��� ��%"& -� #*��"� �������� ����� �������

� $��� .����� .����$$�� ,� ��� �&��&

Under Harry Oppenheimer’s watch

both De Beers and Anglo American

expanded massively

and is involved in the family’s wineop e r at i o n s .

Jo h a n n ’s daughter — also namedHanneli — owns and runs Mer-chants on Long in Cape Town, ashop that stocks African-designedand -made high-end goods. Thisyear she launched Okapi, a range ofleather handbags she designed.

The Ackerman family of Pick nPay has managed two generations

ther opened a grocery store inPlumstead, Cape Town — coinciden-tally on the same site that Ray-mond’s first Pick n Pay would beyears later. In the 1930s, Raymond’sfather Gus started Ackermans withSam Kirsch and Leon Segal.

After Raymond was fired fromthe Greatermans board in 1966 —the company that ultimately boughtand listed Ackermans — he bought

Former CEO

Executive

Former executive

Executive

Executive

Executive

Former executive

CEO

Executive

Executive

CEO

Executive

Executive

Former CEO

Executive

Former executive

Former CEO

Chairman

Executive

Former CEO

Former CEO

Former non-exec

CEO

CEO

Former chairman

CEO

CEO

Financial director

Former executiver

Executive

Former executive

Executive

Chairman

Former non-exec

Former executive

Executive

Executive

Executive

Executive

Executive

Financial director

4 030.00

4 030.00

8 745.00

8 745.00

3 309.00

3 309.00

2 884.00

2 884.00

3 185.00

3 185.00

3 062.00

3 062.00

891.00

891.00

3 330.00

3 330.00

2 968.00

2 968.00

1 939.00

1 939.00

2 748.40

2 748.40

2 552.00

2 552.00

2 335.00

2 335.00

2 583.90

2 583.90

2 396.00

2 396.00

2 271.00

2 271.00

4 346.00

4 346.00

-

2 209.00

2 209.00

3 184.00

3 184.00

5 244.00

5 244.00

-

3 399.00

3 399.00

2 720.00

2 720.00

-

2 318.60

2 318.60

3 158.00

3 158.00

3 512.00

3 512.00

1 316.40

1 316.40

3 060.00

3 060.00

2 526.00

2 526.00

2 094.60

2 094.60

3 756.00

-

-

3 756.00

3 264.00

3 264.00

4 665.00

4 665.00

1 646.60

1 646.60

1 758.50

1 758.50

1 632.60

1 632.50

2 577.00

2 577.00

1 174.00

1 174.00

1 384.00

1 384.00

258.00

258.00

883.00

883.00

822.00

822.00

282.00

282.00

-

-

828.00

828.00

352.00

352.00

1 757.00

1 757.00

730.50

730.50

300.00

300.00

663.00

663.00

4 008.20

4 008.20

221.00

221.00

1 121.00

1 121.00

-

-

-

880.00

880.00

788.00

788.00

569.00

569.00

-

1 033.00

1 033.00

452.00

452.00

-

1 531.40

1 531.40

-

-

67.00

67.00

2 495.80

2 495.80

681.00

681.00

939.00

939.00

85.80

85.80

537.90

49.90

-

488.00

187.00

187.00

-

-

339.90

339.90

350.20

350.20

379.90

379.00

403.00

403.00

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

16 875.00

16 875.00

12 639.00

12 639.00

9 884.00

9 884.00

9 874.00

9 874.00

9 395.00

9 395.00

9 238.00

9 238.00

9 131.00

9 131.00

8 795.00

8 795.00

8 423.00

8 423.00

8 191.00

8 191.00

8 176.10

8 176.10

7 725.00

7 725.00

6 751.00

6 751.00

6 592.10

6 592.10

6 578.00

6 578.00

6 538.00

6 538.00

6 121.00

5 579.00

542.00

5 930.00

5 930.00

5 829.00

5 829.00

5 815.00

5 815.00

-

5 741.00

5 741.00

5 565.00

4 850.00

715.00

5 352.70

5 352.70

5 171.00

5 171.00

5 026.00

5 026.00

4 844.00

4 844.00

4 838.00

4 838.00

4 822.00

4 822.00

4 820.30

4 820.30

4 759.90

49.90

6.00

4 704.00

4 756.00

4 756.00

4 665.00

4 665.00

4 574.00

4 574.00

4 561.70

4 561.70

4 504.90

4 504.90

4 468.00

4 468.00

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

542

-

542

-

-

-

-

-

-

-

-

-

715

-

715

-

-

-

-

40

40

-

-

-

-

-

-

-

-

6

-

6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8 115.00

8 115.00

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2 346.00

2 346.00

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1 031.80

1 031.80

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11 671.00

11 671.00

2 510.00

2 510.00

6 317.00

6 317.00

6 107.00

6 107.00

5 388.00

5 388.00

5 894.00

5 894.00

125.00

125.00

4 637.00

4 637.00

5 103.00

5 103.00

4 495.00

4 495.00

4 697.20

4 697.20

4 873.00

4 873.00

3 753.00

3 753.00

-

-

3 961.00

3 961.00

800.00

800.00

1 233.00

1 233.00

-

2 841.00

2 841.00

1 857.00

1 857.00

2.00

2.00

-

1 309.00

1 309.00

1 678.00

1 678.00

-

1 502.70

1 502.70

2 013.00

2 013.00

1 407.00

1 407.00

-

-

1 097.00

1 097.00

1 357.00

1 357.00

2 639.90

2 639.90

460.00

-

-

460.00

1 305.00

1 305.00

-

-

2 587.50

2 587.50

2 452.70

2 452.70

2 492.50

2 492.50

1 488.00

1 488.00

10 681.00

10 681.00

4 060.00

4 060.00

8 264.00

8 264.00

6 931.00

6 931.00

7 904.00

7 904.00

7 577.00

7 577.00

1 925.00

1 925.00

4 279.00

4 279.00

7 108.00

7 108.00

4 775.00

4 775.00

4 991.00

4 991.00

6 121.00

6 121.00

5 489.00

5 489.00

9 906.80

9 906.80

5 238.00

5 238.00

4 192.00

4 192.00

8 456.00

8 393.00

63.00

3 897.00

3 897.00

5 626.00

5 626.00

868.00

699.00

169.00

5 690.00

5 690.00

5 499.00

4 784.00

715.00

4 009.00

4 009.00

4 104.00

4 104.00

1 124.00

1 124.00

7 814.70

7 814.70

4 615.00

4 615.00

3 269.00

3 269.00

2 934.50

2 934.50

1 727.20

20.20

3.00

1 704.00

7 500.00

7 500.00

1 738.00

1 738.00

2 494.80

2 494.80

2 987.2-

2 987.20

2 739.20

2 739.20

4 298.00

4 298.00

57.99

57.99

211.31

211.31

19.6

19.6

42.46

42.46

18.86

18.86

21.92

21.92

374.34

374.34

105.54

105.54

18.5

18.5

71.54

71.54

63.82

63.82

26.2

26.2

22.99

22.99

-33.46

-33.46

25.58

25.58

55.96

55.96

-27.61

-33.53

760.32

52.17

52.17

3.61

3.61

569.93

731.9

-100

0.9

0.9

1.2

1.38

-

33.52

33.52

26

26

347.15

347.15

-38.01

-38.01

4.83

4.83

47.51

47.51

64.26

64.26

175.58

147.03

100

176.06

-36.59

-36.59

168.41

168.41

83.34

83.34

52.71

52.71

64.46

64.46

3.96

3.96

Transnet

Transnet

Transnet

Transnet

Transnet

Transnet

SAA

IDC

Transnet

Transnet

Foskor

Transnet

Transnet

Telkom

Transnet

SAA

ACSA

IDC

IDC

Denel

SABC

SA Post Office

Eskom

CSIR

Denel

National Empowerment Fund

Trans-Caledon Tunnel Authority

Eskom

Telkom

Eskom

ACSA

Foskor

HSRC

MDDA*

SABC

Transnet

Reserve Bank

Foskor

Foskor

Foskor

Denel

Chris Wells

Siyabonga Gama

Pradeep Maharaj

Karl Socikwa

Tau Morwe

Richard Vallihu

Jan Blake

Geoffrey Qhena

Khomotso Phihlela

Anoj Singh

Alfred Pitse

Charl Möller

Mark Gregg-Macdonald

Reuben September

Virginia Dunjwa

Kaushik Patel

Monhla Hlahla

Gert Gouws

Talib Sadik

Solly Mokoetle

Brian Dames

Sibusiso Sibisi

Philiswe Buthelezi

James Ndlovu

Paul O'Flaherty

Peter Nelson

Erica Johnson

Priscillah Mabelane

Johan Horn

Phumelele Ntombela-Nzimande

Moira Moses

Gill Marcus

Similo Sibisi

Gideon Skhosana

Theuns Koekemoer

Fikile Mhlontlo

Graphic: FIONA KRISCH* MDDA - Media Development & Diversity Agency

PARASTATAL REMUNERATION

Salary (R'000)

Total benefits (R'000)

Name & company Designation Total 2011

(R'000)

Fees and levy pay

(R'000)

Termina-tion

benefit (R'000)

Perform-ance

bonus (R'000)

Total 2010

(R'000)

% increase

from 2010

�&""� �� & � �����������/���� ������"��0&01�

2�2�20����"���������3���0��&�0�1��

Page 10: Rich still in pound seats - Business Daycdn.bdlive.co.za/images/pdf/Sunday Times Rich List 2012.pdf · The Sunday Times Rich List shows most of South Africa s richest people are self-made

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

Business

��� | �������������� ��������� � � � ���� Sunday TimesB-1 JDCP

��� ���� ����

Rich chase the thrill of winning���� � ���� ���������� ����

�������� ����� ���� ������ ����

����� �����

�LL work and no playmakes even the poor-est of us a bit dull. Butwhen your pockets are

deep and full, the goalposts ofsport and recreation aremoved — generally to whatev-er location you would most likethem to be in.

One sport South Africa’srichest like a lot is soccer, evenif they are aiming for ow n e r -ship rather than fitness. Run-ning about kicking a ball is notpart of the strategy for Laksh-mi Mittal or Patrice Motsepe,who are numbers one andthree on the Rich List.

Patrice Motsepe, executivechairman of African RainbowMinerals, is president of foot-ball club Mamelodi Sundowns,in which he bought a 51% stakein 2003. The following year hebought the remaining sharesand became the sole ownerand shareholder. Winning issomething Motsepe is passion-ate about and he flexes signif-icant financial muscle to getthe best available players.

Lakshmi Mittal is also pas-sionate about soccer. Mittal iscurrently the sixth-richest per-son in the world with personalwealth of about $31.1-billion.He appears on the SundayTimes Rich List because of hisshareholding in local steelmak-

er ArcelorMittal. In 2007, hetook 20% of the Barclays Pre-mier League club Queen’s ParkRangers after his good friendsBernie Ecclestone, the Formula1 bigwig, and Flavio Briatore,the Italian billionaire playboyand F1 racing bad boy, hadbought the club to save it fromfinancial trouble.

Mittal also has a deep senseof national pride as far assport goes. He founded The

well known for their love ofhorse racing.

The Oppenheimers have longbeen involved in the game.Bridget Oppenheimer, the

grande dame of racing, and herdaughter, Mary Slack, are reg-ulars in the winner’s circle atfeature race meetings. Slack’sWilgerbosdrift Stud, north of

Cape Town, has produced someof the country’s top horses.

Kantor, managing director ofInvestec, which sponsors theUK Derby and Oaks at Epsom

as well as the Cape Derby, ispassionate about racing and isa major stakeholder in Klaw-ervlei Stud. Kantor’s owncharges are no slouches and

he once had winners on threecontinents on one day.

Markus Jooste, CEO of furni-ture manufacturer and retailerSteinhoff International, is awell-known patron of SouthAfrican horse racing. In Aprilhe had 11 winners in one week,one less than he had in Octo-ber last year. Jooste owns andbreeds racehorses — he alsohas a significant interest inKlawervlei Stud — and is onthe board of Phumelela, whichoperates racing and tote bet-ting in seven of SA’s ninep r ov i n c e s .

It seems there are few busi-nessmen, successful or aspir-ing, who do not play golf as of-

but you can get a game therenowadays if you stay at an af-filiated hotel nearby.

Rupert’s deep interest insport has also seen him estab-lish the Sports Science Insti-tute at the University of CapeTown and the Laureus Sportfor Good Foundation, an organ-isation that supports morethan 104 projects worldwidehelping underprivileged people— especially children — e n j oya better life through sport.

While running is one of themore egalitarian sports outthere, there are a few Rich Listmembers who take it extreme-ly seriously. One of these isAdrian Gore, CEO of Discov-ery, who would probably en-courage his customers to fol-low in his footsteps as longthey could rule out a heart at-tack along the way. Gore, whois famously fit, has runmarathons in Johannesburg,New York, London and Berlin.He says it makes him feel “ontop of the world” and clearshis mind.

While there are many peo-ple who use a bicycle to get towork and back, serious cyclingis not for the faint of pocket. Areally good bike can cost morethan a small car, and that isbefore you have bought all theextra bits and pieces that gowith it. And the rich who docyc l e love it. One Rich List cy-cling fan is Stephen Saad, As-pen’s CEO. Saad recentlyjoined Health Minister AaronMotsoaledi in the Aspen TransKaroo 240km mountain bikechallenge to raise funds forpaediatric healthcare in SA.

� ����’�� ���� ���� � ������� ��������� ������ � ������ �������� ������ ���� �������� ���� �� ���� ����� ���� �� ���� ��� !""#�������� ����� ������

����� �� �������� ������

“SO MUCH better by the sea”is a phrase taken seriously bythe some of SA’s super rich.

With a house currentlygoing for a record R300-millionin Cape Town, it is obviousthat sellers expect someone tobe able to afford homes withthat kind of price tag.

Estate agents say somewealthy buyers are impulsivein their purchases becausethey can simply afford to buy a“trophy property”.

The average price for an“e n t r y - l eve l ” house in an areasuch a Nettleton Road, inClifton, Cape Town, is aboutR20-million. Many such housesare bought simply to belevelled so the new owner canbuild his or her own dreamhouse from scratch.

Denise Dogon of DogonGroup Properties says she iscurrently selling a house inClifton for R45-million.

Apartments on Clifton beachsell for up to R100 000 a squaremetre.

About 20% of the peoplefeatured in the Sunday TimesRich List are Dogon Groupclients, according to Dogon.She said popular addresses areDe Wet Road and Ocean ViewDrive in Bantry Bay.

There has also been asignificant increase in demandfor houses in the R6.5-millionto R9.5-million range in thefirst half of this year in poshareas such as Bishopscourt,Upper Claremont andKe n i lwo r t h .

Upper Claremont recorded12 houses sold in the first halfof this year with asking pricesranging from R8-million toR10-million.

The V&A Waterfront isanother popular area wherewealthy investors have boughtapartments and where DogonGroup has sold penthousesranging between R30-millionand R40-million.

Those who do not want totie themselves down toownership opt to spend R30 000to R50 000 a day renting ahouse in the region. One of themost expensive options is aR90 000 a day house, which islargely rented out over thefestive season.

The most resilient type ofproperty in the current tight

In terms of towns, Sandton,which includes Sandhurst‚S a n d ow n ‚ Morningside‚ H yd ePark and Melrose, has thehighest multi-millionairepopulation density in thecountry‚ with one in every 20residences being owned by amulti-millionaire.

Many of Johannesburg’swealthy opt for addresseswhere they are comfortablethat their investment will besecure. Suburbs like Westcliff,Saxonwold and Houghton offermore than good addresses.They offer historical value andheritage, coupled with theknowledge that the suburbsare secure and mature.

Bryanston East hasattracted many ofJo h a n n e s b u r g ’s wealthy,particularly in areas offeringviews of Johannesburg.Streets like Mount Street,Eccleston Crescent andCulross Road offer spectaculareastern views and are ve r ysought-after.

Areas to the north ofJohannesburg, such asFourways, Cedar Lakes andDainfern, although newer,offer buyers the peace of mindand security of estate living.People purchase properties inthese estates for the securitybenefits of 24-hour guards andperimeter monitoring.

Jonathan Davies of PamGolding Properties said thesenorthern areas have also beenseen as recession-proof as, inmany instances, owners inthese suburbs are often notaffected by financial downturnsand instability.

They generally have theresources to weather financialstorms and this helps tomaintain property values.

Horse racing is a

favourite for

the wealthy

Mittal Champions Trust tosponsor and help train IndianOlympic hopefuls in 2005, andhe has pumped in a further$10-million towards the nextOlympics in Rio. This has con-vinced several other sponsorslike the Sahara Group and theJaypee Group to come onboard as well.

Horse racing is a favourite ofwealthy South Africans who donot have the time or inclina-tion to ride their own animals,as the British royalty are wontto do.

I nve st e c ’s Bernard Kantor,Steinhoff’s Markus Jooste andthe Oppenheimer family are

Winning is

something

Motsepe is

passionate about

ten as possible.It is said that it offers a

chance to dominate an op p o -nent before concluding a bene-ficial business deal with him.

Some of the richest who playgolf are Laurie Dippennaar, co-founder of Rand MerchantBank, Whitey Basson, CEO ofShoprite, and Johann Rupert ofRichemont and Remgro.

Rupert was so taken withthe game that he developedthe country’s most exclusivegolf course Leopard Creek,which opened in 1996 withmembership by invitation only.The place is still very exc l u s ive

����� ���� ���

MANY of SA’s h i g h - f lye r sn e g o t i at e business deals onchartered flights to “out ofthe way” destinations inAfrica and overseas, saysExecuJet Aviation Group’sMD Ettore Poggi.

An eight-seater flight fromJohannesburg to theDemocratic Republic of Congohas a price tag of aboutR300 000.

“Time is money forcompany executives,” saidPoggi.

Chartered flights have thebenefit of taking executivesdirectly to their destinations,which is often impossible withcommercial flights, especiallyto some African destinations.

Poggi said resourcecompanies are amongExe c u Je t ’s main clients withnew mining projects p op p i n gup across the continent.

From Ghana in the west toMozambique in the south,

Africa’s economies have beengrowing faster than thosealmost anywhere else.

At least a dozen Africaneconomies have grown fasterthan 6% a year for six or moreye a r s .

The continent is home tobillionaires such as PatriceMotsepe and Nigerian cementking Aliko Dangote.

This makes a strongbusiness case for companieslike ExecuJet to expand intoAfrica. That is why thecompany decided to open abase in Nigeria’s businesscentre, Lagos, in addition toits two bases in SA.

“If Lagos proves successful,we will definitely look at

opening additional bases incountries like Angola andTa n z a n i a , ” said Poggi.

“Business aviation plays animportant role in aidingeconomic growth and foreigninvestment in Africa.”

The company has a fleet ofabout 50 aircraft to servicethe African continent.

Its most recent acquisitionwas a Falcon 900EX.

ExecuJet has about 10 dailyflights from its Lanseria baseand five from its base in CapeTow n .

Although the company’sheadquarters is in Zurich, itgenerates 30% of its businessin South Africa.

Poggi said the company hasmanaged to grow at between5% and 10% a year despite theglobal recession weighingdown on volumes. This hasbeen due to its expansiond r ive .

Exe c u Je t is poised to enterthe Chinese market in thenext three months.

SA’s very best addesses

The rich can simply

afford to buy a

trophy property

on impulse

financial environment hasbeen the “lock-up and go”residence, such as those in Th eMichaelangelo and MelroseArch in Gauteng.

Also in Johannesburg,Houghton, where SA’s formerpresidents such Thabo Mbekiand Nelson Mandela havehomes, remains popular.

The mega-rich still to chooseto reside in suburbs such asSandhurst, Saxonwold, Inandaand surrounding areas, withsafety high on their list ofrequirements.

According to new researchby consultancy We a l t h I n s i g h t ,Sandhurst has the biggestconcentration of rich people inSA. It is home to more than 30multi-millionaires‚ more thanany other single suburb in thecountry.

When timeis money,hire a plane

� $�%&� �&��� '� ������� (������� ��� ��������� �)�����*��� ������ +(���

���� ���� ����� ����� ������ ���������������� �� ���

THE popular andcontroversial tumblr blogRich Kids of Instagram givesordinary people a glimpseinto how the offspring of therich and famous spend theirdays — deciding whether todrive around in the Ferrari orthe Lamborghini and h owmany thousands of dollarsthey will spend on alcohol,yachts and enticing cuisineprepared by a private chef.

The blog has beencriticised by many for itsobnoxious displays of excessby young, reckless peoplewho did nothing to earn themoney that they blow. But, asone kid proudly said on theblog, “get on our level”.

Getting on the level of ther i c h e st means getting the bestof everything, from homes tocars to schools, as well assome luxurious extras likeprivate jets and fabulousva c at i o n s .

Here are just a few ways inwhich South Africans can“keep up with the Motsepes”.

ý House:A mansion in an affluent

suburb like Sandhurst inJohannesburg, consisting ofnine en-suite bedrooms, awine cellar, a tennis court,dance facilities, a hometheatre, a sauna, a steamroom, a guest wing and sixgarages, will cost you aboutR91-million rand.

A property of this type,which has been described byone realtor as the “m o stsought-after mansion inAfrica”, is currently going forabout R100-million in thistrendy, exclusive suburb.

In Cape Town, expect toshell out about R60-million fora luxurious six-bedroom, four-bathroom home in BantryBay, overlooking the AtlanticOcean.

In Durban, one can sp e n dabout R25-million for a10-bedroom, 10-bathroomhouse in Durban North.

ý School:An expensive private school

education, designed to giveone’s children the best oddsof succeeding in life, would bethe norm.

The most expensive privateschools are generallyboarding schools, in line withthe cliché that rich parents allsend their children away sothey are not a disturbance.

If your child is a boy, hewould be able to attend one ofthe best private schools inSouth Africa: Hilton Co l l e g e ,in the KwaZulu-NatalMidlands. The boardingschool has produced some ofSA ’s best sportsmen,including former Springbokrugby captains BobbySkinstad and GaryTeichmann, as well asbusinessmen such as BruceCampbell, former CEO ofAlexander Forbes, andSandile Zungu, anentrepreneur and secretary-general of the Black BusinessCo u n c i l .

For a child to attend theschool it is about R188 400 ayear for tuition and boarding.

Another expensiveboarding school in the

Kwa Z u l u - Nat a l Midlands thathas produced notable alumni,including author John van derRiet, who chronicled hisschool years in the Spudseries, is Michaelhouse, whichcosts about R157 240 a yearfor tuition and boarding.

For girls, Diocesan Schoolfor Girls in Grahamstowncosts about R134 587 a year.

Day scholars, particularlyin Johannesburg, are spoiltfor choice, with b oys ’ schoolssuch as St Johns, co-edschools such as CrawfordCollege and girls’ schoolssuch as Roedean. Parents canexpect to pay from about

ý ,+'�+���-�%������ ��� �������� ��� �� � ��� ( �� .� ��� ����� � � ������� ��� ���� �/�0���� *��� ���� �(� $� �������� ����� ����12.30�������.� 4��� �(����� ����� �� ’��� ��(���’ ��� �� ��� ������5� ���� ����� �(� �����0���������� *��� ��� �� ��� ��� ��� ���' ����� �� ����� �� ����� 1#.60�������.��� ���� ��� ���� ���0

��� ����� ��� ���� ���� *��� ��� �� ��.� +�����0���� ��� ���� 1���� ����� �(��� �� �5 � ���* ��7��� ��� ���� ����� � � ���� *��� ��� ��)�� .� ������� ��� � 1�������188� �� ��� ����� ���� ��� �/ 19.!0�������.� ( ��� �� ���/���� (������������ ��� ���5� ������ '���(� ��� �� ����� 12.30�������.� �1��%��� ��� :���� ��� ���� �(� ���� ' ����� �� ��� ���� ������ ���� ����� ��� ��� ��������� ����� ���

WHILE SouthAfricans endurethe fourth year ofhard times sincethe beginning ofthe globalfinancial crisis, 640managed to buyPorsches in thefirst half of thisye a r .

This is 17.4%more than lastye a r . Jaguar salesnearly doubled to513 (99.6% up).

And Lexus sold669 units, 13.2% upon last year.

But not allluxury carmakershad it so good.

Audi joinedMercedes-Benz inthe naughtycorner with salesdipping 3.5% to8 095. — B re n d a nPeacock

��������

������� ��

�!�"�� ���

ý � �� �

�� ��

���� ����� ��� ��� ��� � ������ ���0����0���� �� ���0� ������ ���� � � ���� ��� ����.� ��� � ������� (������ ����0���� ������0�����5� ����� � � � �/��� ��� ��*��� �� �/��������� ��.�)����� ��� � �������� 1! 2"" ��� 19 ;""� (������ �(� ������� �����.

ý '+1�������� ������ ��� �������� ���� ���� �(� ���� � ���� ��)�� � � ��� �� ���� � � ���� �(� ��� �� ��� ����� ���� ����.+�� +���� 16� <� ����� ������ ����� ��� ����� 1!.!0�������5������ � ��������� ��� ����é ������ ���� ������� � ���� �

1!.#0�������� ��� � �������� � � ��� � ����� 1!.20�������.(� ���� � �� ���/���� (��� ���������� �*��� ����� ��)������� ������0���5� ���� ��� � $��� ��� � �� � ����é ��� ���� ����� �(19.;0�������� ������ ����� � ������� � �� ��*��’�� �������5� ��� ���������� & �� ���5� ������ ����� (��� 1�9.�9�0���������������.

� &-=�%� �->'��� ���� ����� ����� ��� ���� �������� � � ��� 5� ������ ����� 1!.20�������.

R80 000 to R100 000 just fortu i t i o n .

ý Wine farm:There is probably nothing

posher than having winestocked in your cellar that hascome from your own winefarm. If you were looking todiversify your income, a winefarm could be a greati nve st m e n t .

Wine farms on the marketat present include one on theEerste River in Stellenbosch.It is going for R65-million.

An Italian wine farm, alsoup for grabs in Stellenbosch,is on offer at ab o u tR62-million.


Alexander, Who Used to Be Rich Last Sunday Lesson Plan/media/education/lessons/pdf/alexander... · In the story, Alexander, Who Used to Be Rich Last Sunday, Alexander receives a dollar

Alexander, Who Used to Be Rich Last Sunday Lesson Plan/media/education/lessons/pdf/alexander... · In the story, Alexander, Who Used to Be Rich Last Sunday, Alexander receives a dollar

Documents
FOURTH SUNDAY OF ADVENT Sharings DECEMBER …storage.cloversites.com/saintelizabethsetonchurch/...2011/12/18  · FOURTH SUNDAY OF ADVENT Sharings DECEMBER 18, 2011 From Father Rich

FOURTH SUNDAY OF ADVENT Sharings DECEMBER …storage.cloversites.com/saintelizabethsetonchurch/...2011/12/18  · FOURTH SUNDAY OF ADVENT Sharings DECEMBER 18, 2011 From Father Rich

Documents
Second Sunday of Lent ~ March 12, 2017 28th …...Ola Gjeilo’s Sunrise Mass with string orchestra Palm Sunday April 9th, 2017 at 3 pm This beautiful piece with rich harmonies and

Second Sunday of Lent ~ March 12, 2017 28th …...Ola Gjeilo’s Sunrise Mass with string orchestra Palm Sunday April 9th, 2017 at 3 pm This beautiful piece with rich harmonies and

Documents
Sunday - USNLP Index.docx  · Web viewAttempted Desertion from the Conscript Camp:One Man Shot Dead05.07.64. ... Battle of Rich Mountain, The07.21.61. Battle of Richmond, The06.29.62

Sunday - USNLP Index.docx  · Web viewAttempted Desertion from the Conscript Camp:One Man Shot Dead05.07.64. ... Battle of Rich Mountain, The07.21.61. Battle of Richmond, The06.29.62

Documents
Not all Major Donors are on the Sunday Times Rich List

Not all Major Donors are on the Sunday Times Rich List

Documents
Fourth Sunday in Lent 26 March 2017 - Church of … · Fourth Sunday in Lent . 26 March 2017 . ... for her thoughts on the fourth Sunday in Lent. Contents . 1 Samuel 16: ... rich

Fourth Sunday in Lent 26 March 2017 - Church of … · Fourth Sunday in Lent . 26 March 2017 . ... for her thoughts on the fourth Sunday in Lent. Contents . 1 Samuel 16: ... rich

Documents
Parable of the Rich Fool - d2y1pz2y630308.cloudfront.net · 04/08/2019  · Parable of the Rich Fool 21. HOLY NAME OF JESUS CHURCH PROVIDENCE, RI eighteenth Sunday in ordinary time

Parable of the Rich Fool - d2y1pz2y630308.cloudfront.net · 04/08/2019  · Parable of the Rich Fool 21. HOLY NAME OF JESUS CHURCH PROVIDENCE, RI eighteenth Sunday in ordinary time

Documents
Fifteenth Sunday of Ordinary Time July 12th 2020...2020/07/12  · Fifteenth Sunday of Ordinary Time July 12th 2020 But the seed sown on rich soil is the one who hears the word and

Fifteenth Sunday of Ordinary Time July 12th 2020...2020/07/12  · Fifteenth Sunday of Ordinary Time July 12th 2020 But the seed sown on rich soil is the one who hears the word and

Documents
Sunday Evening, May 22 , 2016 Greer Hall€¦ · Sunday Evening, May 22nd, 2016 Greer Hall 300 N. Clark Beverly Hills, CA 90211. Diamond Donors Alan and Marilyn Rich Shlomo Yehuda

Sunday Evening, May 22 , 2016 Greer Hall€¦ · Sunday Evening, May 22nd, 2016 Greer Hall 300 N. Clark Beverly Hills, CA 90211. Diamond Donors Alan and Marilyn Rich Shlomo Yehuda

Documents
Most Holy Trinity Sunday May 27, 2018 · 5/27/2018  · Also Happy Birthday to Deacon Neal who celebrates his birthday this Sunday. Have a great week and God Bless, ~ Father Rich

Most Holy Trinity Sunday May 27, 2018 · 5/27/2018  · Also Happy Birthday to Deacon Neal who celebrates his birthday this Sunday. Have a great week and God Bless, ~ Father Rich

Documents
Twenty-Eighth Sunday in Ordinary Time...On this mountain the LORD of hosts will provide for all peoples a feast of rich food and choice wines, juicy, rich food and pure, choice wines

Twenty-Eighth Sunday in Ordinary Time...On this mountain the LORD of hosts will provide for all peoples a feast of rich food and choice wines, juicy, rich food and pure, choice wines

Documents
SUNDAY, FEBRUARY 17, 2019 6TH SUNDAY ORDINARY TIME · 2019-09-19 · declares woes on those who are rich, full, happy, and well-liked. ... Financial giving is part of being a faithful

SUNDAY, FEBRUARY 17, 2019 6TH SUNDAY ORDINARY TIME · 2019-09-19 · declares woes on those who are rich, full, happy, and well-liked. ... Financial giving is part of being a faithful

Documents
Sunday, - WordPress.com · 2020. 3. 3. · Jason Carter, Herman Leiker, Neal Younger, Brandon Zimmerman Sunday, March 22 Ernie Binder, Greg Pfannenstiel, Rich Ruder, Randy Werth explain

Sunday, - WordPress.com · 2020. 3. 3. · Jason Carter, Herman Leiker, Neal Younger, Brandon Zimmerman Sunday, March 22 Ernie Binder, Greg Pfannenstiel, Rich Ruder, Randy Werth explain

Documents
Friday, March 27, 2020 Sunday at First Presbyterian · Friday, March 27, 2020 Sunday at First Presbyterian 1. Missionaries of the Week Rachel and Rich Ernst—Wycliffe, Thailand The

Friday, March 27, 2020 Sunday at First Presbyterian · Friday, March 27, 2020 Sunday at First Presbyterian 1. Missionaries of the Week Rachel and Rich Ernst—Wycliffe, Thailand The

Documents
FOURTH SUNDAY OF ADVENT DECEMBER 22, 2013...2013/12/22  · FOURTH SUNDAY OF ADVENT DECEMBER 22, 2013 ALL ARE WELCOME Whether you are young or old, rich or poor, doubtful or hopeful

FOURTH SUNDAY OF ADVENT DECEMBER 22, 2013...2013/12/22  · FOURTH SUNDAY OF ADVENT DECEMBER 22, 2013 ALL ARE WELCOME Whether you are young or old, rich or poor, doubtful or hopeful

Documents
Don't be rich, live rich

Don't be rich, live rich

Documents
SOUTH AFRICA’S ENERGY CRISIS - Business Daycdn.bdlive.co.za/ebooks/Eskom and the SA energy crisis.pdf · SOUTH AFRICA’S ENERGY CRISIS ESKOM 2008-2015 Times Media Books

SOUTH AFRICA’S ENERGY CRISIS - Business Daycdn.bdlive.co.za/ebooks/Eskom and the SA energy crisis.pdf · SOUTH AFRICA’S ENERGY CRISIS ESKOM 2008-2015 Times Media Books

Documents
2016 TWENTY-SIXTH Sunday in Ordinary Time-2blessedsacramentbpt.org/media/1/7/2016 TWENTY-SIXTH Sunday in... · Do not neglect hospitality, ARE: ... Luke reminds us of the rich man

2016 TWENTY-SIXTH Sunday in Ordinary Time-2blessedsacramentbpt.org/media/1/7/2016 TWENTY-SIXTH Sunday in... · Do not neglect hospitality, ARE: ... Luke reminds us of the rich man

Documents
ANNUAL ALL-CHURCH PICNIC Sunday, ,uly 53, 55123amstorage.cloversites.com/bethlehemlutheranchurch3... · 2016. 8. 9. · Melissa Fields, Rich Fisher, Adam Froyum Roise, Karris Golden

ANNUAL ALL-CHURCH PICNIC Sunday, ,uly 53, 55123amstorage.cloversites.com/bethlehemlutheranchurch3... · 2016. 8. 9. · Melissa Fields, Rich Fisher, Adam Froyum Roise, Karris Golden

Documents
Pearson ReadyGENassets.pearsonschool.com/correlations/NTL_ReadyGen_2014_CS_2013_Gr2.pdf · • Alexander, Who Used to Be Rich Last Sunday, pp. 12–41, 72–101, 112–141 ... A Correlation

Pearson ReadyGENassets.pearsonschool.com/correlations/NTL_ReadyGen_2014_CS_2013_Gr2.pdf · • Alexander, Who Used to Be Rich Last Sunday, pp. 12–41, 72–101, 112–141 ... A Correlation

Documents
Chronicle Magazine | Sunday, February 6extras.sfgate.com/chronicle/adsite/downloads/2011... · Behavioral Targeting • Geographic Targeting • Rich Media • Video Spring Home Design

Chronicle Magazine | Sunday, February 6extras.sfgate.com/chronicle/adsite/downloads/2011... · Behavioral Targeting • Geographic Targeting • Rich Media • Video Spring Home Design

Documents
Alexander, Who Used to Be Rich Last Sunday Lesson Plan

Alexander, Who Used to Be Rich Last Sunday Lesson Plan

Documents
TWO DECADES OF FREEDOM - Business Daycdn.bdlive.co.za/images/pdf/20yearsofFreedom.pdf · 2013-11-04 · As the 20th anniversary of the birth of democracy in South Africa, on April

TWO DECADES OF FREEDOM - Business Daycdn.bdlive.co.za/images/pdf/20yearsofFreedom.pdf · 2013-11-04 · As the 20th anniversary of the birth of democracy in South Africa, on April

Documents
Congratulationssite1.mosswebdesign.com/wp-content/uploads/sites/... · Sunday Morning - Brandon Pruett -510-8777 Sunday Evening -Casey Rich -260-0304 Wednesday Evening -Wes Spillers

Congratulationssite1.mosswebdesign.com/wp-content/uploads/sites/... · Sunday Morning - Brandon Pruett -510-8777 Sunday Evening -Casey Rich -260-0304 Wednesday Evening -Wes Spillers

Documents
Alexander, Who Used to Be Rich Last Sunday

Alexander, Who Used to Be Rich Last Sunday

Documents
PARABLE OF THE RICH FOOL · 2012. 2. 29. · PARABLE OF THE RICH FOOL THE RICHES OF HIS GRACE . November 23, 2008 . 9th Sunday of Luke . Revision E . GOSPEL: Luke 12:16-21 Epistle:

PARABLE OF THE RICH FOOL · 2012. 2. 29. · PARABLE OF THE RICH FOOL THE RICHES OF HIS GRACE . November 23, 2008 . 9th Sunday of Luke . Revision E . GOSPEL: Luke 12:16-21 Epistle:

Documents
Sunday Times Rich List 2010 | Times Online RichListWealth_by_region_711026a

Sunday Times Rich List 2010 | Times Online RichListWealth_by_region_711026a

Documents
Alexander, Who Used to Be Rich Last Sunday Lesson Plan€¦ · Alexander, Who Used to Be Rich Last Sunday By Judith Viorst / ISBN: 0-689-71199-9 Lesson Author Mary C. Suiter, Ph.D.,

Alexander, Who Used to Be Rich Last Sunday Lesson Plan€¦ · Alexander, Who Used to Be Rich Last Sunday By Judith Viorst / ISBN: 0-689-71199-9 Lesson Author Mary C. Suiter, Ph.D.,

Documents
Alexander, Who Used to Be Rich Last Sunday THIS WEEK STUDENTS WILL LEARN Comprehension Skill Sequence Comprehension Strategy Visualize Vocabulary Strategy

Alexander, Who Used to Be Rich Last Sunday THIS WEEK STUDENTS WILL LEARN Comprehension Skill Sequence Comprehension Strategy Visualize Vocabulary Strategy

Documents
Season of Creation Ocean Sunday - Amazon S3 › media.cloversites.com › d1 › ...Sep 01, 2019  · Ventura The Rev. Rich Bolin THIS WEEK AT TRINITY SUNDAY 09/01 10:00 am Sunday

Season of Creation Ocean Sunday - Amazon S3 › media.cloversites.com › d1 › ...Sep 01, 2019  · Ventura The Rev. Rich Bolin THIS WEEK AT TRINITY SUNDAY 09/01 10:00 am Sunday

Documents