SARA Reward Awards recognises Innovation in Remuneration

Double Triumph for Old Mutual in 2 major categories

South African Reward Association
November 2023

The team from Old Mutual had reason to celebrate after the recent 2023 Annual Reward Awards ceremony, hosted by the South African Reward Association (SARA): in a sweeping victory, they won both the 2023 SARA Project of the Year Award and the Remuneration Report of the Year Award.

The awards recognise businesses and individuals who create excellence in reward that attract and retain employees while motivating them to contribute to their organisations.

Kuvashini Moodley clinched the inaugural Young Remuneration Professional Award, while Nigel Payne was honored with the prestigious President's Award.

SARA Project of the Year Award

The 2023 SARA Project of the Year Award was chosen out of a pool of seven exceptional nominations across six different industry sectors.

The winner was Old Mutual's Fair and Responsible Pay project which sought to define and instate a global pay philosophy in line with the group's values.

From 2021 to 2023, principles were shaped through leadership consultation, metrics explored, and proposals approved by the Remuneration Committee. The 2023 implementation led to a groundbreaking R180,000 minimum salary, affecting 217 staff, with a focus on gender equity and middle management.  Shareholders and unions supported the changes, warranting the project's recognition and first prize for excellent management and outcomes.

The runners-up were The City of Cape Town’s Future of Work project and Achievement Awards with their Achieve Programme.

Remuneration Report Award

From a strong contender pool of nine nominations this year, Old Mutual took top honors in the 2023 SARA Remuneration Report of the Year Award.

They were followed by Telkom in second place and Sasol in third.

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.

Old Mutual were lauded for their outstanding report that the judges viewed as setting a benchmark in reporting standards. They were also impressed by the professional, innovative and unique presentation of information.

Young Remuneration Professional Award

The winner of this inaugural award is Kuvashini Moodley, who was chosen for her technical expertise, innovation, and adept relationship building. Known for her enthusiasm and continuous pursuit of challenging roles, she entered Reward in 2012 through the SARA Internship Programme and swiftly rose to middle management at a young age. Colleagues describe her as enthusiastic, smart, driven, helpful, and determined. Apart from her professional achievements, Kuvashini actively contributes to SARA, volunteering for committees and serving as a mentor.

President’s Award

Nigel Payne received the esteemed President's Award, which recognises exceptional achievement in the field of Total Reward.

Serving as Board Chairman or Lead Independent Director in prestigious companies like Bidvest, Bidcorp, Mr Price, Strate, and Vukile,  Nigel excels in remuneration matters and advocates for world-class governance.

Known for fostering constructive debate and transparent relationships with major institutional shareholders, he skillfully manages tensions between management, the board, and shareholders. Nigel receives the 2023 President's Award for his adept handling of remuneration governance challenges over two decades.



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