SARA together with our valued sponsor, Remchannel, are pleased to advise that you can now nominate for one of our 3 categories for the 2023 Reward Awards, which will be held at The Indaba Hotel, Fourways on Saturday, 4 November 2023.
Nominations are now closed
PROJECT OF THE YEAR AWARD
In this category, we recognise an individual or team who have been responsible and actively involved in the development and implementation of a new Reward Project that:
- May be of a short-term or long-term nature;
- Has a procedural, operational or strategic impact on the organisation;
- Has an impact horizon range from 2 months to more than 12 months; and
- Has been implemented with sufficient time to report and demonstrate the actual business benefit.
The individual or team would have been responsible for a Reward Project which demonstrates innovative and relevant reward practices that support the unique business environment and business strategy and contributes towards the organisation’s objectives and success (financial or humanitarian). The award is open to all organisation sizes – from multi-nationals to SMMEs – and this is taken into account through the judging process.
The winners will not only receive the acclaim and recognition from their peers but will also receive a cash prize of R30 000 for the 1st prize, R20 000 for the 2nd prize and R10 000 for the 3rd prize. Only projects that meet the highest quality standards will be shortlisted.
Key aspects of the nominated project that are considered include:
- The impact of the project (results and success of project, cost versus benefit, organisation’s response, level of innovation, scope and broader impact, etc.);
- Contribution to and/or support of the organisation’s objectives;
- The implementation quality (e.g. complexity, controls, governance, etc.); and
- The quality of the presentation to the judging panel.
REMUNERATION REPORT AWARD
This award recognises organisations for the alignment of their remuneration reporting and disclosure, against the key principles of the King IV™ governance guidelines which exemplify fair, responsible, and transparent policy and practice.
This prestigious award does not look only at the most eye-catching report, but at the content and the confidence that it leaves with the readers.
The judging panel will evaluate nominations against the King IV principles, and the report worthy of an award will demonstrate the following:
- Contextual setting to the remuneration report; background statement; demonstration of principles of remunerating fairly, responsibly and transparently;
- Remuneration committee - Description of Remco responsibilities, decisions & composition;
- Remuneration philosophy - Summary of the philosophy and general principles applied which supports the philosophy;
- Remuneration policy - Details of the policy including the various components of remuneration;
- Reporting of remuneration policy implementation;
- Base Pay - Description of how it is set and increases awarded;
- Shareholder engagement - Description of the voting results and the shareholder engagement;
- STI - Description of the plan, earnings potential and KPIs (as applicable);
- LTI - Description of the plan(s), earnings potential and performance conditions (as applicable);
- Retention payments - Description of payments/plans (if applicable) which deal specifically with retention as opposed to incentives;
- Remuneration paid - Details of Single Figure of remuneration paid during the year and outcomes from KPIs/performance targets;
- Share plan dilution – Overall limits, headroom available etc.;
- Minimum Shareholding requirements – Including actual shareholding;
- Employment contracts - Key features per relevant individual/role; and
- Non-Executive directors - Description of fee structures and payments made.
We will be recognising the top 3 organisations and look forward to celebrating the success of those who are building tomorrow’s total reward practices today.
YOUNG REMUNERATION PROFESSIONAL AWARD
In 2012, SARA introduced the President’s Award to recognise persons that have made outstanding contributions to the profession and industry over a number of years, Nominees are identified and the award adjudicated by the SARA Executive Committee.
In 2023, we are adding an additional category, entitled ‘The Young Remuneration Professional Award’ for which SARA members may nominate an individual that meets the following criteria:
- The nominee must be a SARA member;
- 35 years of age or younger;
- The nominee must have achieved success in their careers and be seen as a trailblazer by peers and colleagues;
- The nominee would have demonstrated outstanding contributions to the Reward profession over a number of years, in so doing uplifting the reputation of the profession; and
- The nominee must be making a marked impact on SARA.
The winner will be adjudicated by the SARA Executive Committee based on the nominee motivations received, and announced at the SARA Reward Awards Banquet in November. The individual being recognised will receive a trophy and certificate at the Banquet.