Friday 20th November, 2015

At the annual South African Reward Association (SARA) Awards Banquet, held on Saturday 7 November 2015, Aveng was awarded second place in the category Reward Project of the Year, which recognises individuals and teams who have been responsible and actively involved in the development and implementation of a new Reward Project. This award further aimed to recognise reward thought leaders that make a noticeable impact to business through reward strategies and practices that deliver business results and support the objectives of their companies.

The Aveng project entailed the detailed redesign of the infrastructure group's Short and Long Term Incentive Plans as well as a review of its Remuneration Policy. The Aveng Reward & Benefits team, headed by Vik Ramlugaan, was nominated for the Reward Project of the Year award by Aveng Group Executive Director, Juba Mashaba, and Aveng CEO, Kobus Verster.

The team was subjected to a rigorous validation and review process. Following a review of Aveng's written submission by an independent adjudicating panel, they were shortlisted as one of the finalists. The team was thereafter required to make a presentation in front of a panel of judges, substantiated by a portfolio of evidence. Other companies competing in this category included BP, ArcelorMittal, MTN and Siemens.

The Aveng HR 2020 strategy to unlock the human capital potential identified its people as a key enabler to the company's success. Aveng embarked on a group-wide review of the key HR strategic drivers, with Reward playing a pivotal role.

In line with the significant emphasis placed on attraction, retention, rewarding and human capital performance, a detailed review was undertaken of the Aveng Remuneration Policy and the redesign of the Group's short and long-term incentives.

A highly strategic project in nature, the redesigned incentive plans strikes a balance between Company and personal performance measures, whilst ensuring alignment to shareholder's interest. At the recent Aveng AGM, over 90% of shareholders voted in favour of the revised Remuneration Policy.

'I am confident that the revised incentive schemes will go a long way to driving a culture of high performance across the organisation and, importantly, will ensure that high performing individuals are rewarded for their contributions to building a sustainable business,' said Kobus Verster.

The panel confirmed that the Aveng project has used novel and relevant reward practices in order to support the unique business environment and contribute to the organisation's strategic objectives. SARA aims to promote, develop and empower the reward profession in South Africa, and to ensure that Reward specialists and managers, human resources professionals and executives dealing with and responsible for Reward management, have the skills, confidence and passion for the reward discipline to make a significant difference in the way organisations position themselves to achieve their strategic objectives.At the annual South African Reward Association (SARA) Awards Banquet, held on Saturday 7 November 2015, Aveng was awarded second place in the category Reward Project of the Year, which recognises individuals and teams who have been responsible and actively involved in the development and implementation of a new Reward Project. This award further aimed to recognise reward thought leaders that make a noticeable impact to business through reward strategies and practices that deliver business results and support the objectives of their companies.

The Aveng project entailed the detailed redesign of the infrastructure group's Short and Long Term Incentive Plans as well as a review of its Remuneration Policy. The Aveng Reward & Benefits team, headed by Vik Ramlugaan, was nominated for the Reward Project of the Year award by Aveng Group Executive Director, Juba Mashaba, and Aveng CEO, Kobus Verster.

The team was subjected to a rigorous validation and review process. Following a review of Aveng's written submission by an independent adjudicating panel, they were shortlisted as one of the finalists. The team was thereafter required to make a presentation in front of a panel of judges, substantiated by a portfolio of evidence. Other companies competing in this category included BP, ArcelorMittal, MTN and Siemens.

The Aveng HR 2020 strategy to unlock the human capital potential identified its people as a key enabler to the company's success. Aveng embarked on a group-wide review of the key HR strategic drivers, with Reward playing a pivotal role.

In line with the significant emphasis placed on attraction, retention, rewarding and human capital performance, a detailed review was undertaken of the Aveng Remuneration Policy and the redesign of the Group's short and long-term incentives.

A highly strategic project in nature, the redesigned incentive plans strikes a balance between Company and personal performance measures, whilst ensuring alignment to shareholder's interest. At the recent Aveng AGM, over 90% of shareholders voted in favour of the revised Remuneration Policy.

'I am confident that the revised incentive schemes will go a long way to driving a culture of high performance across the organisation and, importantly, will ensure that high performing individuals are rewarded for their contributions to building a sustainable business,' said Kobus Verster.

The panel confirmed that the Aveng project has used novel and relevant reward practices in order to support the unique business environment and contribute to the organisation's
strategic objectives. SARA aims to promote, develop and empower the reward profession in South Africa, and to ensure that Reward specialists and managers, human resources professionals and executives dealing with and responsible for Reward management, have the skills, confidence and passion for the reward discipline to make a significant difference in the way organisations position themselves to achieve their strategic objectives.

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