v3.26.1
Directors' and prescribed officers' remuneration (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of transactions between related parties [abstract]  
Schedule of key management remuneration, fees and share ownership The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2025:
2024
Instruments
granted
Cash-settled instruments vested during the year
Instruments
forfeited
2025
Number of
instruments
Number of
instruments
Number of
instruments
Average price
Cash proceeds
(rand)¹
Number of
instruments
Number of
instruments
Executive directors
Richard Stewart
1,188,497
719,936
366,149
30.74
11,254,733
—
1,542,284
Neal Froneman2
3,292,036
1,866,819
1,859,822
21.81
40,561,218
—
3,299,033
Charl Keyter
1,328,571
814,023
613,731
25.17
15,444,673
—
1,528,863
Prescribed officers
Charles Carter
1,854,900
1,261,772
459,884
40.34
18,553,217
—
2,656,788
Mika Seitovirta
982,584
779,712
263,581
44.57
11,746,482
—
1,498,715
Themba Nkosi
796,552
539,652
374,938
30.56
11,458,183
—
961,266
Melanie Naidoo-Vermaak
305,552
563,930
98,443
49.61
4,884,171
—
771,039
Richard Cox3
402,413
416,395
179,512
33.36
5,987,827
—
639,296
Laurent Charbonnier
1,311,129
—
—
—
—
1,311,129
—
Lerato Legong
534,569
522,653
97,108
14.29
1,387,526
960,114
—
Mdu Bhulose
—
27,215
—
—
—
—
27,215
Robert van Niekerk
1,100,374
724,754
352,134
31.91
11,236,405
—
1,472,994
1Amounts represents pre-tax earnings paid to participants. For South African participants, these amounts were calculated by taking the Company’s VWAP share price on
vesting date multiplied by the number of vested units
2Numbers include ADSs and JSE listed shares as a result of the dual service contract
3The balance at 31 December 2024 includes instruments prior to appointment as a prescribed officer on 1 July 2025
Total key management personnel compensation recognised under IFRS Accounting Standards:
Figures in thousands - SA rand
2025
2024
2023
Short-term employee benefits1
172,681
194,057
138,209
Post-employment benefits
10,301
10,072
9,397
Share-based payment
592,064
44,047
34,578
Total
775,046
248,176
182,184
1The amount for 2024 includes termination benefits of R29,590,540 (2023: R3,663,146)
The executive directors and prescribed officers were paid the following remuneration during the year:
Figures in thousands - SA rand
Salary
Cash bonus
accrued for
2025 paid in
2026
Accrual of
share-based
payment
benefits
Pension
scheme total
contributions
Expense
allowance
and other
benefits
2025
2024
2023
Executive directors
Neal Froneman1
12,413
11,740
27,386
1,171
4,467
57,177
50,856
56,334
Richard Stewart2
10,163
9,987
9,101
1,129
—
30,380
20,564
19,947
Charl Keyter
8,002
8,325
11,246
1,143
—
28,716
23,541
25,701
Prescribed officers
Dawie Mostert
—
—
—
—
—
—
—
14,513
Themba Nkosi
5,290
5,583
8,824
868
—
20,565
14,570
14,369
Robert van Niekerk
9,988
11,210
9,704
1,847
473
33,222
23,202
21,856
Laurent Charbonnier3
1,029
—
—
—
14
1,043
43,821
23,548
Lerato Legong
2,178
—
1,388
297
1,124
4,987
14,016
10,760
Mika Seitovirta4
9,646
6,432
4,288
1,841
6,415
28,622
26,654
23,971
Charles Carter5
13,852
10,756
11,299
1,057
1,314
38,278
33,980
24,322
Melanie Naidoo-Vermaak
6,044
5,820
3,880
403
—
16,147
16,496
—
Richard Cox6
3,263
3,179
2,119
362
—
8,923
—
—
Mdu Bhulose7
1,036
938
625
183
2,000
4,782
—
—
Total
82,904
73,970
89,860
10,301
15,807
272,842
267,700
235,321
1Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of R17.88/US$ (2024: R18.32/US$ and 2023: R18.42/US$) for the year ended 31
December 2025. Neal Froneman retired as the Group's CEO and executive director effective 30 September 2025
2Richard Stewart succeeded Neal Froneman as CEO and executive director on 30 September 2025 after appointed as CEO designate and executive director on 1 March
2025
3Remuneration paid in GBP was converted at the average exchange rate of R23.55/GBP (2024:R23.40/GBP and 2023: R22.93/GBP) for the year ended 31 December 2025.
Laurent ceased performing a prescribed officer role on 31 January 2025
4Remuneration paid in Euros was converted at the average exchange rate of R20.17/Euro (2024: R19.82/Euro, 2023: R19.94/Euro) for the year ended 31 December 2025
5Remuneration paid in US dollars converted at the average exchange rate of R17.88/US$ (2024: R18.32/US$, 2023:R18.42/US$)   
6Appointed as prescribed officer on 1 July 2025
7Appointed as prescribed officer on 1 October 2025
The non-executive directors were paid the following fees during the year:
Figures in thousands - SA rand
Directors
fees
Committee
fees
Expense
allowance
2025
2024
2023
Timothy Cumming
1,288
1,114
111
2,513
2,594
2,535
Savannah Danson1
—
—
—
—
488
2,229
Harry Kenyon-Slaney
3,688
888
818
5,394
5,432
3,371
Richard Menell
1,244
1,248
171
2,663
2,710
3,610
Nkosemntu Nika2
—
—
—
—
660
1,927
Keith Rayner
1,244
1,660
—
2,904
3,336
2,655
Susan van der Merwe2
—
—
—
—
835
2,037
Jeremiah Vilakazi
1,244
989
—
2,233
2,201
1,994
Vincent Maphai
3,757
460
9
4,226
3,872
3,714
Elaine Dorward-King
1,566
1,864
1,399
4,829
4,201
2,799
Sindiswa Zilwa
1,244
1,034
—
2,278
2,354
2,146
Philipe Boisseau
1,586
1,657
954
4,197
2,490
—
Peter Hancock
1,601
1,697
930
4,228
3,451
—
Terence Nombembe
1,288
1,121
148
2,557
675
—
Lindiwe Mthimunye3
422
169
—
591
—
—
Total
20,172
13,901
4,540
38,613
35,299
29,017
1Resigned as non-executive director on 11 March 2024
2Resigned as non-executive director on 28 May 2024
3Appointed on 26 August 2025
The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2025 was:
Number of shares*
%
2025
2024
2023
2025
2024
2023
Executive directors1
Neal Froneman2
1,829,452
1,829,452
3,284,428
0.06
0.06
0.12
Richard Stewart3
788,771
788,771
788,771
0.03
0.03
0.03
Charl Keyter
1,826,481
1,776,481
1,776,481
0.06
0.06
0.06
Non-executive directors1
Timothy Cumming
20,000
20,000
20,000
—
—
—
Richard Menell
10,125
10,125
10,125
—
—
—
Keith Rayner
78,992
78,992
73,992
—
—
—
Susan van der Merwe
—
—
1,028
—
—
—
Jeremiah Vilakazi
2,000
2,000
4,220
—
—
—
Vincent Maphai
232,813
228,224
228,224
0.01
0.01
0.01
Savannah Danson
—
—
16,519
—
—
—
Harry Kenyon-Slaney4
16,852
16,852
16,852
—
—
—
Total share ownership by directors
4,805,486
4,750,897
6,220,640
0.17
0.14
0.22
Prescribed officers1
Dawie Mostert
—
—
136,302
—
—
—
Themba Nkosi5
251,583
251,583
251,583
0.01
0.01
0.01
Robert van Niekerk
180,000
490,429
490,429
0.01
0.02
0.02
Laurent Charbonnier6
—
151,012
151,012
—
0.01
0.01
Charles Carter7
680,000
680,000
580,000
0.02
0.02
0.02
Melanie Naidoo-Vermaak
146,858
146,858
—
0.01
0.01
—
Total
6,063,927
6,470,779
7,829,966
0.21
0.23
0.28
*This is the shareholding at the reporting date unless otherwise stated
1Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following directors:
•Charl Keyter - 2,010,300
•Richard Menell - 20,125
•Charles Carter - 720,000
2Neal Froneman and his associates held 388,863 ADSs (2024 and 2023: 388,863), which converted to 1,555,452 (2024 and 2023: 1,555,452) ordinary shares in the Company 
at 30 September 2025,which was the last known shareholding at resignation as CEO
3Appointed as CEO and executive director at 1 October 2025
4Harry Kenyon-Slaney and his associates hold 4,213 ADSs at 31 December 2025 (2024 and 2023:4,213) which convert to 16,852 (2024 and 2023: 16,852) ordinary shares in the
Company
5Themba Nkosi and his associates hold 5,300 ADSs at 31 December 2025 (2024 and 2023: 5,300) which convert into 21,200 (2024 and 2023: 21,200) ordinary shares in the
Company
6Laurent Charbonnier and his associates held 37,753 ADSs at 31 December 2024 (2023: 37,753) which converted to 151,012 (2023: 151,012) ordinary shares in the
Company. The ordinary shares held by Laurent and his associates represented the last known shareholding when he ceased performing a prescribed officer role on 31
January 2025
7Charles Carter and his associates hold 170,000 ADSs at 31 December 2025 (2024: 170,000, 2023: 145,000) which convert to 680,000 (2024: 680,000, 2023: 580,000) ordinary
shares in the Company