Botswana-listed property company Letlole La Rona Limited (LLR) has unveiled a proposed Long-Term Incentive Plan (LTIP) alongside a revised Remuneration Policy, inviting shareholders to provide feedback ahead of its December 2025 Annual General Meeting (AGM).
In a statement to unitholders, LLR said the consultation reflects its commitment to transparent governance and shareholder engagement, noting that the new frameworks are designed to align executive and employee rewards with long-term value creation
The updated Remuneration Policy emphasises a performance-driven framework that links compensation to financial outcomes, operational excellence, and Environmental, Social, and Governance (ESG) targets. It introduces clearer structures around fixed pay, short-term incentives, and long-term awards, with oversight by the Nominations and Remuneration Committee (NRC)
Under the policy, remuneration will be benchmarked against Botswana’s property and real estate market as well as regional peers in the Southern African Development Community (SADC). Packages will combine guaranteed pay with performance-based elements such as annual bonuses (short-term incentives) and deferred share-based rewards (long-term incentives). Safeguards such as “malus and clawback” provisions have also been included to protect against misconduct, financial misstatement, or reputational damage.
The LTIP is structured to reward executives and critical talent with instruments including performance-linked units, phantom-linked units, or nil-cost options. Awards will vest over three to five years, subject to achieving defined performance targets such as total shareholder return, net asset value growth, and ESG milestones, including green building certifications
To balance shareholder interests, awards are capped at 2% of issued share capital per individual annually, with an overall scheme limit of 5% of the company’s share capital. Vesting is performance-dependent: no awards vest below 80% of target, partial vesting applies between 80–100%, and full or stretch vesting is possible for results exceeding expectations.
The plan also prioritises retention of scarce and critical skills while advancing diversity and succession planning. Shareholders will be required to approve the LTIP and any material amendments, in line with Botswana Stock Exchange (BSE) Listings Requirements.
Unitholders have until 17 October 2025 to submit comments on the proposals. The board will review the feedback, make refinements where appropriate, and present final versions for approval at the December AGM.
Board Chairperson Khuto Balosang said the consultation underlines LLR’s “dedication to incorporating shareholder perspectives into decision-making and ensuring that our remuneration arrangements support the delivery of sustainable long-term value for all stakeholders”