Merafe Resources Management

Management criteria checks 3/4

Merafe Resources' CEO is Zanele Matlala, appointed in Jun 2012, has a tenure of 11.83 years. total yearly compensation is ZAR13.47M, comprised of 41.4% salary and 58.6% bonuses, including company stock and options. directly owns 0.33% of the company’s shares, worth ZAR11.51M. The average tenure of the management team and the board of directors is 9.5 years and 4.1 years respectively.

Key information

Zanele Matlala

Chief executive officer

R13.5m

Total compensation

CEO salary percentage	41.4%
CEO tenure	11.8yrs
CEO ownership	0.3%
Management average tenure	9.5yrs
Board average tenure	4.1yrs

Recent management updates

Recent updates

Merafe Resources Limited's (JSE:MRF) Shares Bounce 27% But Its Business Still Trails The Market

Mar 30

We Think That There Are Issues Underlying Merafe Resources' (JSE:MRF) Earnings

Aug 17

Should Shareholders Reconsider Merafe Resources Limited's (JSE:MRF) CEO Compensation Package?

May 11

What Type Of Returns Would Merafe Resources'(JSE:MRF) Shareholders Have Earned If They Purchased Their SharesThree Years Ago?

Mar 03

What Type Of Shareholders Make Up Merafe Resources Limited's (JSE:MRF) Share Registry?

Feb 05

Should You Buy Merafe Resources Limited (JSE:MRF) For Its Dividend?

Dec 27

Read This Before Selling Merafe Resources Limited (JSE:MRF) Shares

Nov 30

CEO Compensation Analysis

How has Zanele Matlala's remuneration changed compared to Merafe Resources's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	n/a	n/a	R2b
Sep 30 2023	n/a	n/a	R2b
Jun 30 2023	n/a	n/a	R2b
Mar 31 2023	n/a	n/a	R1b
Dec 31 2022	R13m	R6m	R1b
Sep 30 2022	n/a	n/a	R2b
Jun 30 2022	n/a	n/a	R2b
Mar 31 2022	n/a	n/a	R2b
Dec 31 2021	R7m	R5m	R2b
Sep 30 2021	n/a	n/a	R1b
Jun 30 2021	n/a	n/a	R534m
Mar 31 2021	n/a	n/a	-R234m
Dec 31 2020	R6m	R5m	-R1b
Sep 30 2020	n/a	n/a	-R2b
Jun 30 2020	n/a	n/a	-R2b
Mar 31 2020	n/a	n/a	-R2b
Dec 31 2019	R9m	R5m	-R1b
Sep 30 2019	n/a	n/a	-R469m
Jun 30 2019	n/a	n/a	R424m
Mar 31 2019	n/a	n/a	R553m
Dec 31 2018	R12m	R5m	R683m
Sep 30 2018	n/a	n/a	R768m
Jun 30 2018	n/a	n/a	R853m
Mar 31 2018	n/a	n/a	R883m
Dec 31 2017	R16m	R4m	R914m

Compensation vs Market: Zanele's total compensation ($USD706.81K) is about average for companies of similar size in the ZA market ($USD709.78K).

Compensation vs Earnings: Zanele's compensation has increased by more than 20% in the past year.

CEO

Zanele Matlala (60 yo)

11.8yrs

Tenure

R13,473,000

Compensation

Ms. Zanele Joyce Matlala, BCom, BCompt (Hons), CA (SA), has been Independent Non-Executive Chairperson and Director of Dipula Income Fund Limited since May 20, 2011 and 2005 respectively. She served as Ind...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Ditabe Chocho	Financial Director & Executive Director	5.7yrs	R9.42m	0.10% ZAR 3.6m
Zanele Matlala	CEO & Executive Director	11.8yrs	R13.47m	0.33% ZAR 11.6m
William Somerville	Company Secretary	9.5yrs	no data	no data

9.5yrs

Average Tenure

60yo

Average Age

Experienced Management: MRF's management team is seasoned and experienced (9.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Ditabe Chocho	Financial Director & Executive Director	5.7yrs	R9.42m	0.10% ZAR 3.6m
Zanele Matlala	CEO & Executive Director	19.3yrs	R13.47m	0.33% ZAR 11.6m
Ditshebo Phiri	Independent Non-Executive Director	less than a year	no data	no data
Abiel Mngomezulu	Independent Non Executive Chairperson	13.6yrs	R872.00k	no data
Matsotso Vuso	Independent Non-Executive Director	5.8yrs	R517.00k	no data
Jeffery Mclaughlan	Lead Independent Director	4.9yrs	R460.00k	no data
Katlego Tlale	Independent Non-Executive Director	3.3yrs	R485.00k	no data
Nonhlanhla Mabusela-Aikhuere	Independent Non-Executive Director	2.8yrs	R571.00k	no data
David McGluwa	Non-Executive Director	2.8yrs	R394.00k	no data
Daniel Green	Non-Executive Director	2.4yrs	R411.00k	no data

4.1yrs

Average Tenure

60yo

Average Age

Experienced Board: MRF's board of directors are considered experienced (4.1 years average tenure).

Merafe Resources Management

Management criteria checks 3/4

Key information

Recent management updates

Merafe Resources Limited Announces Board and Committee Changes

Merafe Resources Limited Appoints Ditshebo Stephen Phiri as Independent Non-Executive Director, Effective 1 February 2024

Merafe Resources Limited, Annual General Meeting, May 15, 2024

CEO & Executive Director exercised options to buy R6.0m worth of stock.

Merafe Resources Limited, Annual General Meeting, May 17, 2023

High number of new directors

Recent updates

Merafe Resources Limited Announces Board and Committee Changes

Upcoming dividend of R0.22 per share

Merafe Resources Limited's (JSE:MRF) Shares Bounce 27% But Its Business Still Trails The Market

Final dividend increased to R0.22

Full year 2023 earnings released: EPS: R0.70 (vs R0.56 in FY 2022)

Investor sentiment improves as stock rises 17%

Merafe Resources Limited to Report Fiscal Year 2023 Results on Mar 18, 2024

New minor risk - Financial data availability

Merafe Resources Limited Appoints Ditshebo Stephen Phiri as Independent Non-Executive Director, Effective 1 February 2024

Merafe Resources Limited, Annual General Meeting, May 15, 2024

Upcoming dividend of R0.20 per share at 24% yield

First half 2023 earnings released: EPS: R0.42 (vs R0.37 in 1H 2022)

Investor sentiment improves as stock rises 15%

CEO & Executive Director exercised options to buy R6.0m worth of stock.

Upcoming dividend of R0.13 per share at 19% yield

Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

Price target decreased to R1.60

Price target increased to R1.90

Upcoming dividend of R0.12 per share

Merafe Resources Limited, Annual General Meeting, May 17, 2023

High number of new directors

Upcoming dividend of R0.22 per share

Consensus forecasts updated

Merafe Resources Limited Provides Financial Guidance for the Year Ended 31 December 2021

Investor sentiment improved over the past week

High number of new directors

High number of new directors

Non-Executive Director Michael Toman has left the company

Upcoming dividend of R0.07 per share

We Think That There Are Issues Underlying Merafe Resources' (JSE:MRF) Earnings

First half 2021 earnings released: EPS R0.23 (vs R0.38 loss in 1H 2020)

Financial Director & Executive Director exercised options to buy R100k worth of stock.

High number of new directors

Non-Independent Non Executive Director has left the company

Should Shareholders Reconsider Merafe Resources Limited's (JSE:MRF) CEO Compensation Package?

Full year 2020 earnings released: R0.40 loss per share (vs R0.54 loss in FY 2019)

Price target raised to R1.00

Full year 2020 earnings released: R0.40 loss per share (vs R0.54 loss in FY 2019)

Revenue beats expectations, earnings disappoint

What Type Of Returns Would Merafe Resources'(JSE:MRF) Shareholders Have Earned If They Purchased Their SharesThree Years Ago?

Merafe Resources Limited, Annual General Meeting, May 18, 2021

New 90-day high: R0.67

What Type Of Shareholders Make Up Merafe Resources Limited's (JSE:MRF) Share Registry?

New 90-day high: R0.54

Should You Buy Merafe Resources Limited (JSE:MRF) For Its Dividend?

Merafe Resources Limited Announces the Appointment of Katlego Tlale as an Independent Non-Executive Director the Company

Read This Before Selling Merafe Resources Limited (JSE:MRF) Shares

New 90-day high: R0.50

Price target lowered to R0.77

Merafe Resources Limited Announces Resignation of Grathel Motau as an Independent Non-Executive Director and as A Member of Audit and Risk Committee, Effective 31 October 2020

First half earnings released

Price target lowered to R0.86

New 90-day low - R0.34

Merafe Resources Limited to Report First Half, 2020 Final Results on Sep 08, 2020

Merafe Resources Limited to Report First Half, 2020 Results on Aug 11, 2020

New 90-day low - R0.35

Afena Capital acquired 5.8% stake in Merafe Resources Limited (JSE:MRF).

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age