How this year’s Rich List was figured out
RICH List research was compiled by Who Owns Whom.
Directors’ holdings for the Rich List reflect wealth at November 30 2015, and the earnings table reflects what was earned in 2014 as reported in annual reports and financial results.
Great care has been taken to ensure accuracy, but the possibility of error does exist.
PLEASE NOTE THE FOLLOWING:
The calendar years 2014 and 2015 were researched from hard copy and internet documents published in terms of the Companies Act and the JSE’s listing requirements;
Shareholdings were extracted as published in public documents and public share registers;
Shareholdings included those held via trusts where this was deemed appropriate;
The market price as at November 30 2015 was used for the valuation of holdings;
It was assumed that the conditions of conditional options would be met;
Options issued under more than one scheme or over a period were added where this was deemed appropriate;
Share-based payments including options awarded were excluded unless exercised;
Gains on options exercised in the year under review were included in remuneration;
Earnings and directors’ fees paid to other unlisted companies were excluded;
Severance packages and retention bonuses were included in remuneration;
Conversion rates to the rand were as follows:
USD: 10.87 (9.75); GBP: 17.89 (15.29); EUR: 14.35 (12.98); NZD: 8.97 (9.42); AUD: 9.76 (9.31); CAD: 9.81 (9.42); HKD: 1.40 (1.26); NGN: 0.07 (0.06); BWP: 1.21 (1.15); CHF: 11.83 (10.56)
NOTES REGARDING THE RESEARCH:
Patrice Motsepe Motsepe’s 40.35% holdings in African Rainbow Minerals Ltd is via African Rainbow Minerals Exploration Investments, but the shareholding of this private company is not disclosed.
Lakshmi Mittal ArcelorMittal Holdings AG holds a direct 46.82% of the issued shares in local JSE-listed ArcelorMittal South Africa Ltd.
Neither the direct nor indirect holdings of Mittal in the locally listed company have been publicly disclosed.
Royal Bafokeng Consortium
Consists of the Royal Bafokeng Nation Development Trust’s holdings in listed entities via its wholly owned subsidiary Royal Bafokeng Holdings Ltd.
The inclusion of the Royal Bafokeng holdings in this survey is a legacy decision motivated by the historical importance of this empowerment trust, but, given the increased focus of the research on individual wealth, it was considered appropriate to exclude it this year.
The value of the Royal Bafokeng holdings in Attacq, Impala, Metair, Rand Merchant Insurance and RMB totals R29-billion, which would have placed it at No 2 on the list.
WBHO Regarding Savannah Maziya, Nonhlanhla MjoliMncube and James Ngobeni, shareholding disclosed for these three directors of Wilson Bayly Holmes-Ovcon includes 633 333 allocated, indirectly beneficial shares in respect of the empowerment initiative of the company and do not represent the number of shares likely to vest upon fulfilment of the vesting conditions. Their holdings also include 78 243 indirect shares acquired with dividends and purchased on the open market, on the assumption that all taxes due would be paid by the partner.