Investor Presentaiton
74
14
ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS CONTINUED
37.
37.1
Equity-linked transactions
Share-based payments
The company's share incentive schemes enable key management personnel and senior employees to benefit from the
performance of SBG and Liberty Holdings Limited shares.
2020
N$'000
2019
N$'000
Summary of the company's share incentive schemes and expenses
recognised in staff costs:
Equity-settled share-based payments (GSIS and Purros)
Deferred Bonus Scheme 2012 (DBS 2012)
Total expense recognised in staff costs
Summary of liabilities recognised in other liabilities:
EGS
DBS
Performance reward plan
34 385
5 177
5 177
6 219
40 604
2 610
2 516
617
211
1 693
2 821
4 826
37.
37.2
STANDARD BANK NAMIBIA LIMITED
Annual financial statements 2020
Equity-linked transactions continued
Equity compensation plans continued
The following options granted to employees, including executive directors, had not been exercised at 31 December 2020
or at 31 December 2019:
Number of
ordinary shares
6 250
Purros Trust Share Scheme
Option price
range
Weighted
average price
Option
expiry year
98.8
98.8
Year to 31 December 2021
All rights attached to this scheme vested on 31 December 2019.
The scheme consisted of restricted shares granted to all qualifying employees. The beneficial ownership of the shares resided
with the participants, including the voting and dividend rights. No dealing in the shares was permitted before 31 December
2019. Forfeiture was applicable if employee was dismissed.
37.2
Equity compensation plans
The company has two equity compensation plans, namely the company Share Incentive Scheme (GSIS) and the Equity Growth
Scheme (EGS). The GSIS, which is equity-settled, confers rights to employees to acquire ordinary shares at the value of the
SBG share price at the date the option is granted. The EGS, which is cash-settled, was implemented in 2005 and represents
appreciation rights allocated to employees. The eventual value of the right is effectively settled by the issue of shares
equivalent in value to the value of the rights.
The two schemes have five different sub-types of vesting categories as illustrated by the table below:
Shares outstanding at beginning of the year
Increase due to subdivision of shares
Shares allocated during the year
Forfeited
Vested during the year
Shares outstanding at the end of the year
Vesting categories
Year
% vesting
Expiry
Type A
3,4,5
50, 75, 100
10 years
Type B
5,6,7
50, 75, 100
10 years
Type C
2,3,4
50, 75, 100
10 years
Type D
2,3,4
33, 67, 100
10 years
Type E
3,4,5
33, 67, 100
10 years
37.2.1 Equity-settled share-based payments
GSIS
A reconciliation of the movement of share options is detailed below:
Option price range (N$)
Number of rights
2020
2019
2020
2019
Options outstanding at beginning of the year
6 250
32 200
Exercised
62.39 98.80
Lapsed
(17 200)
(12 500)
3 750
Transferred in
Options outstanding at the end of the year
6 250
6 250
No options were exercised during the year. The weighted average share price for the year was ZAR116.16 (2019: ZAR183.51).
1
75
Option price range (N$)
2020
2019
Number of rights
2020
2019
5 092 780
25 463 900
29.84
4 078 308
(19 210)
(34 615 778)View entire presentation