Financials 2019 Integrated Annual Report 2019

29 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 (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 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 manager/prescribed officer remunerated by the Society 3 280 2 830 6 110 Executive directors 14 890 21 189 36 079 Non-executive directors 6 606 Directors of other Group Companies remunerated by the Society AVBOB Funeral Service Limited 18 172 26 128 44 300 AVBOB Industries Limited 18 172 26 128 44 300 AVBOB Namibia Holdings (Proprietary) Limited 14 715 19 807 34 522 General manager/prescribed officer remunerated by the Society 3 423 4 490 7 913 * Declaration of interest by directors and key management personnel/prescribed officers 17. OTHER COMMITMENTS 18. EVENTS SUBSEQUENT TO YEAR END 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 R3,4 million at 30 June 2019 (2018: R68,1 million). The partnership calls on funds in relation to the partnership interest. Year ended 30 June 2019 The Society sold its shareholding in AVBOB Namibia Holdings (Proprietary) Limited to Allegrow Fund (Proprietary) Limited, a Namibian registered company with effect from 29 August 2019. 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. 110