Message From The Board Of Nedcor To All Nedcor Sta
Nedcor Limited
(Registration number : 1966/010630/06)
("Nedcor")
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MESSAGE FROM THE BOARD OF NEDCOR TO ALL NEDCOR STAKEHOLDERS
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The board of directors of Nedcor has taken the decision not to pursue the
Nedcor investment incentive plan in its current form after considering the
issues and concerns raised by Nedcor stakeholders.
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The plan was initiated with the aim of locking in key people to 2004. It
was the intention that participation in the plan would be broadened
considerably.
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The plan had been considered at meetings of Nedcor's remuneration committee,
approved at a board meeting by members present, and due reference to it was
made in the 2000 annual report. The format of the plan has, however, caused
concern. This has been noted.
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The challenge that faces many companies worldwide, and particularly in South
Africa, is finding ways to attract and retain competent management. This is
in the context of a relative scarcity of skilled staff and the high mobility
of talented executives.
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Nedcor will consequently be investigating other options for an incentive
plan that achieves the objective of skills retention in a competitive market
without giving rise to the concerns surrounding the original plan.
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Once the remuneration committee and the board have approved the new plan,
details will be made available.
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