AVBOB Financial Statements 2018

116 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 (continued) 16. RELATED PARTY TRANSACTIONS (continued) Salaries * Benefits Total R 000 R 000 R 000 Directors of other Group companies remunerated by the Society AVBOB Funeral Service Limited 11 501 17 894 29 395 AVBOB Industries Limited 11 501 17 884 29 385 AVBOB Namibia Holdings (Proprietary) Limited 8 333 14 949 23 282 General manager/prescribed officer remunerated by the Society 1 750 922 2 672 Executive directors 12 778 16 917 29 695 Non-executive directors 4 282 Directors of other Group companies remunerated by the Society AVBOB Funeral Service Limited 12 772 20 678 33 450 AVBOB Industries Limited 12 772 20 678 33 450 AVBOB Namibia Holdings (Proprietary) Limited 9 264 15 855 25 119 General managers/prescribed officers remunerated by the Society 3 280 2 830 6 110 * Declaration of interest by directors and key management personnel/prescribed officers 17. OTHER COMMITMENTS 18. SUBSEQUENT EVENTS The Society has a 16.8% interest in a private equity infrastructure partnership. The Society committed itself to a R200,0 million investment, of which the partnership can still call on R68,1 million at 30 June 2018 (2017: R69,8 million). The partnership calls on funds in relation to the partnership interest. All directors of AVBOB Mutual Assurance Society and key management personnel/prescribed officers in the Group declared that they have no interest in contractual agreements with the Society or any company in the Group that may result in a conflict of interest. All directors and key management personnel have an AVBOB policy. Benefits include bonuses, LTIP, leave pay, employer pension contributions and gratuities at retirement payments. Year ended 30 June 2018 As part of the Society's centenary celebrations, the Society announced on 15 August 2018 that it has allocated R3,5 billion to members through a new member benefit known as the AVBOB Reward Account (ARA). The allocation provides AVBOB members the opportunity to share in the long-term success of the Society. Members will be entitled to claim the ARA after the main insured reaches the age of 65, subject to the policy having been in force for at least 10 years (terms and conditions apply). 116