Investor Presentaiton

104 ANNEXURE D - EMOLUMENTS OF DIRECTORS Executive directors and prescribed officers' emoluments Mr V Mungunda 2020 N$'000 2019 N$'000 Mrs L du Plessis¹ 2020 N$'000 Total 2019 N$'000 2020 N$'000 Cost to company package 4 120 4 041 2 034 1 030 6 154 5 071 Basic salary 2 397 2 293 1 610 819 4 007 3 112 Retirement contributions paid during the year 431 417 225 114 656 531 Other benefits and allowances 1 292 1 331 199 97 1 491 1 428 Short-term cash incentive 2 190 2 120 1 243 3 433 2 120 Total reward (excluding conditional long-term incentive awards) 6 310 6 161 3 277 1 030 9 587 7 191 DBS vesting cash and notional dividends² 1 440 2 583 79 1 519 2 583 PRP vesting cash and notional dividends² 1 980 4 764 1 980 4 764 Total reward (including conditional long-term incentive awards) 9 730 13 508 3 356 1 030 13 086 14 538 1 The figures for 2019 are from July to December. 2 Conditional long-term incentive awards are disclosed in note 37. Non-executive directors¹ Fixed remuneration ANNEXURE E - STANDARD BANK NAMIBIA LIMITED Annual financial statements 2020 105 DETAILED ACCOUNTING POLICIES 2019 N$'000 Total compensation for the year N$'000 The following are the significant accounting policies were applied in the preparation of the company financial statements. 1. Basis of consolidation Subsidiaries Separate financial statements Investments in subsidiaries are accounted for at cost less accumulated impairment losses (where applicable) in the separate financial statements. The carrying amounts of these investments are reviewed annually for impairment indicators and, where an indicator of impairment exists, are impaired to the higher of the investment's fair value. less costs to sell or value in use. Foreign currency translations Transactions and balances Foreign currency transactions are translated into the company's functional currency at exchange rates prevailing at the date of the transactions (in certain instances a rate that approximates the actual rate at the date of the transaction is utilised, for example an average rate for a month). Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are recognised in profit or loss (except when recognised in OCI as part of qualifying cash flow hedges and net investment hedges). Non-monetary assets and liabilities denominated in foreign currencies that are measured at historical cost are translated using the exchange rate at the transaction date, and those measured at fair value are translated at the exchange rate at the date that the fair value was determined. Exchange rate differences on non-monetary items are accounted for based on the classification of the underlying items. Foreign exchange gains and losses on equities (debt) classified as fair value through OCI are recognised in the fair value through OCI reserve in OCI (trading revenue) whereas the exchange differences on equities (debt) that are classified as held at fair value through profit or loss are reported as part of other revenue (trading revenue). Foreign currency gains and losses on intragroup loans are recognised in profit or loss except where the settlement of the loan is neither planned nor likely to occur in the foreseeable future. In these cases the foreign currency gains and losses are recognised in the company's foreign. currency translation reserve ('FCTR'). 2. Interest in joint venture Joint ventures Joint ventures are initially measured at cost and subsequently accounted for using the equity method at an amount that reflects the company's share of the net assets of the associate or joint venture (including goodwill). Equity accounting is applied from the date on which the entity becomes a joint venture up to the date on which the company ceases to have significant influence or joint control. Equity accounting of losses is restricted to the interests in these entities, including unsecured receivables or other commitments, unless the company has an obligation or has made payments on behalf of the joint venture. Unrealised profits from transactions are eliminated in determining the company's share of equity accounted profits. Unrealised losses are eliminated in the same way as unrealised gains (but only to the extent that there is no evidence of impairment). Where there is an indicator of impairment the carrying amount of the investment is tested for impairment by comparing its recoverable amount with its carrying amount. Impairment losses are recognised through non-trading and capital related items. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount, but only to the extent that the investment's carrying amount does not exceed the carrying amount that would have been determined, net of equity accounted losses, if no impairment loss had been recognised. For a disposal of a joint venture, being where the company loses joint control over a joint venture, the difference between the sales proceeds and any retained interest and the carrying value of the equity accounted investment is recognised as a gain or loss in non-trading and capital related items. Any gains or losses in OCI reserves that relate to the joint venture are reclassified to non-trading and capital related items at the time of the disposal. The accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies of the company. Services as directors of SBN Holdings N$'000 SBN Holdings Committee fees N$'000 Services as directors of subsidiaries N$'000 Mr H Maier 2020 458 249 707 2019 411 296 707 Mrs B Rossouw 2020 229 310 137 676 2019 206 375 133 714 Mr IH Tjombonde 2020 229 274 503 2019 206 247 453 Mr JL Muadinohamba 2020 229 123 352 2019 206 280 486 Adv N Bassingthwaighte 2020 229 332 137 698 2019 206 267 133 606 Mrs MS Dax 2020 212 83 295 2019 206 54 260 Mr A Gain² 2020 2019 Total Total 2020 2019 35 27 62 1586 1 371 274 3 231 1 476 1 546 266 3 288 1 Mr AN Mangale, Ms PM Nyandoro and Mr P Schlebusch have 2 Mr A Gain resigned in March 2019. not been included as they are remunerated by Standard Bank Group Limited.

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