2022 AVBOB Integrated Annual Report - FINANCIALS

125125 FINANCIAL STATEMENTS Continued AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued) 18. RELATED PARTY TRANSACTIONS (continued) Salaries * Benefits Total R 000 R 000 R 000 Executive directors 14 100 18 200 32 300 Non-executive directors 6 603 Directors of other Group Companies remunerated by the Society AVBOB Funeral Service Limited 17 793 22 996 40 789 AVBOB Industries Limited 15 831 20 558 36 389 General manager/prescribed officer remunerated by the Society 4 500 4 841 9 341 Executive directors 13 457 4 839 18 296 Non-executive directors 5 745 Directors of other Group Companies remunerated by the Society AVBOB Funeral Service Limited 18 092 15 205 33 297 AVBOB Industries Limited 16 192 6 167 22 359 General manager/prescribed officer remunerated by the Society 4 758 2 166 6 924 * Benefits include bonuses, leave pay and employer pension contributions. Prior year benefits have been restated to exclude the LTIP payments per note 17. Refer to note 17 for the LTIP payments to directors in the Group. 19. OTHER COMMITMENTS 20. EVENTS SUBSEQUENT TO YEAR END Year ended 30 June 2022 The Society has an interest in two private equity infrastructure partnerships. The Society committed itself to a R250,0 million investment (2021: R250,0 million), of which the partnerships can still call on Rnil million at 30 June 2022 (2021: R86,0 million). The partnerships calls on funds in relation to the partnership interest. No matter, which is material to the financial affairs of the Group as disclosed in these financial statements, has occurred between the financial year end and the date of approval of the financial statements. The Society pays performance fees to some of its asset managers. The Society has a present obligation of R59,5 million (2021:R46,0 million) in respect of asset manager performance fees carried forward to future periods. The timing of when this performance fee will become due is dependent on the asset managers' future performance and continued rendering of asset management services to the Society. Year ended 30 June 2021