In a move to strengthen the alignment of interests between its leadership and the company’s long-term success, The Foschini Group Limited (TFG) announced that several directors and executives have accepted shares as part of the FY23 Single Incentive Plan. These off-market transactions, disclosed in compliance with the JSE Limited Listings Requirements, signify the company’s commitment to fostering a culture of ownership and driving value creation for its shareholders.
Leading the way, CEO A.E. Thunström accepted 155,366 TFG shares, valued at R14,607,511 based on the closing market price on June 30, 2023. The acceptance of these shares, subject to the vesting periods of June 2025 and June 2026, reinforces Thunström’s dedication to the group’s continued success. Similarly, CFO B. Ntuli accepted 65,417 shares, valued at R6,150,506.
Other notable participants in the share acceptance include G.S. Naidoo, S.A. Baird, J.L. Fisher, S.E. Morley, J. de Kock, and D. van Rooyen. Each director accepted a specified number of shares in accordance with the FY23 Single Incentive Plan and subject to the rules of the Company’s Forfeitable Share Plan 2020.
Under the terms of the incentive plans, the shares will vest equally in June 2025 and June 2026, contingent upon the recipients remaining employed by the group. This approach aims to encourage long-term commitment and ensure a strong connection between the company’s performance and the financial rewards of its leaders.
In addition to these transactions, J.L. Fisher, a director of Foschini Retail Group (Pty) Ltd, demonstrated adherence to the Minimum Shareholding Requirement (MSR) Policy. Fisher converted a voluntary deferred bonus into 28,590 ordinary shares, known as FY23 Deferred Shares. These shares are subject to a five-year holding period, ensuring an extended commitment to the company’s future.
In line with the MSR Policy, the company matched the voluntary deferred bonus amount with an additional 40% of forfeitable restricted shares, termed Matched Shares. Fisher accepted 2,317 Matched Shares, which will vest in June 2026, provided Fisher remains employed by the group. Notably, the executive will forfeit the Matched Shares if the FY23 Deferred Shares are no longer held, reinforcing the policy’s objectives.
This website uses cookies.
