| 28. |
Related party transactions |
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Transactions between Group subsidiaries |
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During the year, in the ordinary course of business, certain companies within the Group entered into transactions with each other. These intra-group transactions have been eliminated on consolidation. |
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Directors |
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Two directors of the Company hold positions in related entities where they may have significant influence over the financial or operating policies of those entities. The following are considered to be such entities: |
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Director |
Entity |
Position held in entity |
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Dennis Cope |
Pick n Pay Retirement Scheme |
Trustee |
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Pick n Pay Medical Scheme |
Trustee |
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Hugh Herman |
Investec Limited |
Non-executive chairman |
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Except for certain administrative costs carried by a subsidiary company on behalf of the Pick n Pay Retirement Scheme and the Pick n Pay Medical Scheme, transactions between the Group and these entities have occurred under terms and conditions that are no more favourable than those entered into with third parties in arm’s length transactions. |
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Related party transactions include: |
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| i) |
The Pick n Pay Retirement and Medical Schemes administer the Company’s retirement and medical plans respectively. |
| ii) |
Subsidiary companies of Investec Limited manage cash resources and assets on behalf of Group companies, the Pick n Pay Retirement Scheme and the Pick n Pay Medical Scheme. |
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Certain non-executive directors of the Group are also non-executive directors of other public companies which may transact with the Group. Except as disclosed above, the relevant directors do not believe they have significant influence over the financial or operating policies of those companies. Those entities are not disclosed above. |
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Shares held by directors |
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The percentage shares held by directors of the Company at the reporting date is disclosed in the directors’ report. For further information refer to note 3.3. |
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Loans to executive directors |
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Loans to directors amount to R0.5 million at 28 February 2011, are secured and bear interest at varying interest rates. For further information refer to note 12. |
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Key management personnel |
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Key management personnel are directors and those executives having authority and responsibility for planning, directing and controlling the activities of the Group. For further information, please refer to the key management personnel section of the Remuneration report. |
