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Related Parties

12 Months Ended

Dec. 31, 2019

Text block [abstract]

Related Parties

40.

RELATED PARTIES

(a)

Subsidiaries, associates and joint ventures

The subsidiaries, associates and joint ventures of the Company are disclosed in note 43.

All transactions and balances with these related parties have been eliminated in accordance with and to the extent required by IFRS 10

Consolidated Financial Statements

, IFRS 11

Joint Arrangements

and IAS 28

Investments in Associates and Joint Ventures.

(b)

Key management remuneration

Key management personnel include executive directors and prescribed officers (“Executive Committee”). The total key management remuneration amounted to

US$21.3 million (2018: US$17.0 million) for 2019.

The details of key mangement personnel, including remuneration and participation in the Gold Fields Limited share scheme and LTIP are disclosed in note 40 (c).

(c)

Directors’ and prescribed officers’ remuneration

None of the directors and officers of Gold Fields or, to the knowledge of Gold Fields, their families, had any interest, direct or indirect, in any transaction during the last three fiscal periods or in any proposed transaction which has affected or will materially affect Gold Fields or its investment interests or subsidiaries, other than as stated below.

None of the directors or officers of Gold Fields or any associate of such director or officer is currently or has been at any time during the past three fiscal periods indebted to Gold Fields.

At 31 December 2019, the Executive Committee and

non-executive

directors’ beneficial interest in the issued and listed stated capital of the Company was 0.1% (2018: 0.1% and 2017: 0.2%). No one director’s interest individually exceeds 1% of the issued stated capital or voting control of the Company.

Non-executive

directors (“NEDs”)

NEDs’ fees reflect their services as directors and services on various

sub-committees

on which they serve.

NEDs do not participate in any of the short- or long-term incentive plans and there are no arrangements in place for compensation to be awarded in the case of loss of office.

The Remuneration Committee seeks to align NEDs fees to the median of an appropriate peer group and reviews fee structures for NEDs on an annual basis. Approval is sought from shareholders after recommendation by the Board at the Annual General Meeting.

The following table summarises the remuneration for NEDs for the years ended 31 December 2019 and 2018:


			Board fees
	Directors Fees US$‘000		Committee Fees US$‘000		Total US$‘000
C Carolus		215.8		—		215.8
R Menell		140.5		—		140.5
Y Suleman		70.8		65.7		138.5
P Bacchus		79.3		72.9		152.2
S Reid 3		79.3		62.9		142.2
T Goodlace		70.8		35.8		106.6
A Andani 4		79.3		46.0		125.3
C Letton		79.3		51.6		130.9
P Mahanyele-Dabengwa 2		70.8		30.0		100.8

Total - 2019		885.9		364.9		1,250.8

C Carolus		231.3		—		231.3
R Menell		150.5		—		150.5
D Ncube 1		30.7		21.3		52.0
Y Suleman		75.9		72.4		148.3
P Bacchus		80.6		61.1		141.7
S Reid		80.6		55.4		136.0
T Goodlace		75.9		38.4		114.3
A Andani		80.6		40.2		120.8
C Letton		80.6		49.8		130.4
P Mahanyele-Dabengwa 2		25.9		2.7		28.6

Total - 2018		912.6		341.3		1,253.9

Retired from the Board at end May 2018

Appointed to the Board in September 2018.

Steven Reid is a director of Gold Fields Netherlands Services BV and Gold Fields Orogen Holdings (BVI) Limited. He received US$14,351 (2018: US$nil) from 1 August 2019 for duties performed on behalf of these entities.

Alhassan Andani is a director of GF Ghana Limited and Abosso Goldfields Limited. He received US$70,021 (2018: US$141,605) for duties performed on behalf of these entities.

Executive Committee

The following table summarises the remuneration for executive directors and prescribed officers for the years ended 31 December 2019 and 2018: (Details of the remuneration are further described in the Remuneration Report)


	Salary 1 US$‘000		Pension fund contribution US$‘000		Cash incentive 2 US$‘000		Other 3 US$‘000		Share-based payment expense 4 US$‘000		LTIP expense 4 US$‘000		Total US$‘000
Executive directors
N Holland		1,226.8		24.2		913.4		0.1		1,936.5		—		4,101.0
P Schmidt		608.3								1,331.7		—		2,487.4

		1,835.1								3,268.2		—		6,588.4

Prescribed officers
L Rivera 5		553.5		58.5		142.6		241.8		780.9		—		1,777.3
A Baku 6		839.7		193.1		533.3		103.8		1,573.1		—		3,243.0
R Butcher		363.4		36.3		218.0		—		501.1		—		1,118.8
N Chohan		352.8		24.2		242.0		1.6		649.7		—		1,270.3
B Mattison 7		441.4		24.2		298.6		—		969.8		—		1,734.0
T Harmse		354.3		25.1		243.5		5.4		680.5		—		1,308.8
A Nagaser		234.2		24.6		160.1		1.9		405.2		—		826.0
S Mathews 8		472.1		54.5		311.6		7.3		697.0		—		1,542.5
M Preece		514.3		25.1		271.8		—		362.7		—		1,173.9
R Bardien 9		285.0		24.2		116.9		—		268.4		—		694.5

		4,410.7		489.8		2,538.4		361.8		6,888.4		—		14,689.1

Total - 2019		6,245.8		560.1		3,951.2		363.8		10,156.6		—		21,277.5

Executive directors
N Holland		1,251.6		26.5		661.5		—		1,654.8		25.5		3,619.9
P Schmidt		626.6		48.2		306.2		2.1		876.2		25.3		1,884.5

		1,878.2		74.7		967.7		2.1		2,531.0		50.8		5,504.4

Prescribed officers
L Rivera 5		668.8		72.8		132.9		386.8		202.6		—		1,463.9
A Baku 6		808.0		185.8		634.8		68.0		990.4		25.5		2,712.5
R Butcher		384.5		37.3		192.4		—		238.5		—		852.7
N Chohan		367.2		26.5		213.9		1.8		341.1		6.9		957.5
B Mattison 7		453.6		26.5		271.9		2.5		545.1		16.4		1,316.0
T Harmse		369.7		26.5		215.3		7.8		433.5		13.9		1,066.6
A Nagaser		243.3		27.0		131.1		0.4		185.8		5.0		592.7
S Mathews 8		438.2		29.5		289.4		4.9		399.2		10.9		1,172.2
M Preece		541.7		26.5		168.8		0.4		113.0		—		850.4
R Bardien 9		274.3		24.3		150.5		106.1		—		—		555.2

		4,549.3		482.6		2,401.0		578.7		3,449.2		78.6		11,539.6

Total - 2018		6,427.5		557.3		3,368.7		580.8		5,980.2		129.4		17,044.0

The total US$ amounts paid for 2019, and included in salary were as follows : NJ Holland US$0 (2018: US$406,700), P Schmidt US$0 (2018: US$124,150) and B Mattison US$0 (2017: US$88,217).

The annual bonuses for the year ended 31 December 2018 and 31 December 2019 were paid in February 2019 and February 2020, respectively.

Other payments include special bonuses and incidental payments unless otherwise stated.

The share-based payment and LTIP expenses are calculated in terms of IFRS and are not the cash amounts paid. For details of the cash amounts paid, refer the remuneration report.

Other payments for 2018 relate to cash in lieu of 2016 share award paybale upon vesting in March 2019.

Other payments for 2018 relate to a profit share bonus payment.

Other payments for 2018 relate to a service award.

Other payments for 2018 relate to a bonus payment in lieu of most improved operation bonus scheme.

Appointed on 1 February 2018. Other payments for 2018 relate to a

sign-on-bonus.