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Sefalana’s remuneration policy separates non-executive director pay into two components: monthly retainers for ongoing responsibilities and sitting fees for attendance at board and committee meetings.
The group reviewed its non-executive director fees in 2022 and adjusted them based on benchmarking against comparable organisations. A review by Khokhela Remuneration Advisors found that the fees were around the 25th percentile of the market and recommended moving them closer to the 50th percentile.
The latest schedule in the report sets the board chair’s monthly retainer at P40,000 from 1 May 2025, while ordinary non-executive directors receive P15,000 a month. The standard sitting fee is P18,000, rising to P22,000 for subcommittee chairs. The Audit Committee chair receives P28,000 per sitting, reflecting meeting length and the complexity of the matters considered.
The report also sets out further increases effective 1 January 2027, subject to shareholder approval. Under that schedule, the board chair’s monthly retainer will rise to P44,000, the ordinary non-executive director retainer to P16,500 and the standard sitting fee to P19,800. Subcommittee chairs’ sitting fees will increase to P24,200, while the Audit Committee chair’s fee will rise to P30,800 per sitting.
Jennifer Marinelli (P696,000)
Marinelli, Sefalana’s board chair, received P696,000, comprising P480,000 in monthly retainers and P216,000 in sitting fees. Her total was the highest among the non-executive directors.
As board chair, Marinelli leads the board and oversees its effectiveness in providing strategic direction, governance, and accountability. The position carries responsibilities beyond those of an ordinary non-executive director, including ensuring the board's work is coordinated and that directors appropriately oversee management.
Mahube Mpugwa (P547,000)
Mpugwa received P547,000, making him the second-highest-paid non-executive director. His remuneration included P243,000 in retainers and P304,000 in sitting fees.
He joined the board in March 2022 and became lead independent director in 2023. He chairs the Remuneration Committee and also serves on the Audit Committee and Risk & Sustainability Committee.
Mpugwa brings approximately 25 years of experience in Botswana’s oil and retail industries. He has held several directorships and currently serves as a director of First Capital Bank Limited. He holds an MBA from the University of Strathclyde Graduate School of Business and participated in an executive leadership development programme at HEC Paris.
His committee responsibilities place him at the centre of decisions concerning executive pay, financial oversight and risk management.
Sipho Ziga (P458,000)
Ziga received P458,000, including P180,000 in retainers and P278,000 in sitting fees.
A senior attorney with nearly 30 years of legal experience, Ziga specialises in business law, corporate and commercial law, securities regulation, financial services regulation and project finance.
He joined Sefalana’s board in June 2024 and became chair of the Risk & Sustainability Committee in October 2025. He also serves on the Audit Committee and Remuneration Committee.
His experience supports the board’s oversight of regulatory compliance, corporate governance, risk management and sustainability obligations across the group’s operations.
Susanne Swaniker-Tettey (P444,000)
Swaniker-Tettey earned P444,000, consisting of P180,000 in retainers and P264,000 in sitting fees.
She is a fellow chartered accountant with expertise in financial management, reporting, financial analysis, strategic planning, governance and compliance. She is the global financial controller of De Beers Group and previously served as chief financial officer at De Beers Global – Sightholder Sales and Okavango Diamond Company, among other mining businesses in Botswana.
She chairs Sefalana’s Audit Committee and sits on the Nominations Committee. She joined the board in October 2020.
Her financial and governance expertise is particularly relevant to the audit committee’s oversight of financial reporting, internal controls and the integrity of the group’s financial statements.
Keith Jefferis (P426,000)
Jefferis received P426,000, comprising P180,000 in retainers and P246,000 in sitting fees.
An economist with experience in monetary policy, financial markets, and economic development, Jefferis understands the macroeconomic environment in which Sefalana operates.
He chairs the Nominations Committee, which oversees board composition, director appointments and succession planning. The committee also evaluates whether the board has the right mix of skills, experience, and independence to guide the business.
His role helps ensure that board appointments and succession decisions support the group’s strategic priorities and governance requirements.
Paula Disberry (P184,000)
Disberry received P184,000 before retiring from the board on 31 October 2025. Her remuneration comprised P90,000 in retainers and P94,000 in sitting fees.
Her lower total than the other directors reflects his departure during the financial year, rather than a full year of service. Therefore, her remuneration should be considered in the context of her shorter tenure during the reporting period.