NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 37
37. Related party transactions
  The company has no holding company. Subsidiaries, associates, joint ventures, and the group pension and provident funds, are considered to be related parties. During the year the company and its subsidiaries, in the ordinary course of business, entered into various sale and purchase transactions with associates and joint ventures. These transactions occurred under terms that are no less favourable than those arranged with third parties.

From time to time, in the normal course of business, Imperial and its divisions make use of private aircraft hired from competitively selected charter companies, two of which operate aircraft indirectly beneficially owned by the Group’s Chief Executive, Mark Lamberti.

Interest of directors in contracts

The directors have confirmed that they were not interested in any transaction of any significance with the company or any of its subsidiaries. Accordingly, a conflict of interest with regard to directors’ interest in contracts does not exist.

Subsidiaries

Details of interests in principal subsidiaries are disclosed in note 39.1.

Shareholders

The top 10 shareholders of the company at 30 June 2014 were as follows:

  Share class Number of
shares (000)		 % of issued
voting capital		  
Public Investment Corporation Ltd Ordinary 25 613 12,1  
Lynch Family Holdings Ordinary 8 542 4,0  
Ukhamba Holdings (Pty) Ltd Ordinary 11 730 5,6  
Ukhamba Holdings (Pty) Ltd Deferred Ordinary 11 025 5,2  
Lazard Asset Management LLC Group Ordinary 13 865 6,6  
Fidelity International Ltd Ordinary 9 235 4,4  
JP Morgan Asset Management Ordinary 7 507 3,6  
Coronation Asset Management (Pty) Ltd Ordinary 7 148 3,4  
Trilogy Global Advisors LP Ordinary 6 269 3,0  
Lereko Mobility (Pty) Ltd Ordinary 6 008 2,8  
BlackRock Inc Ordinary 4 826 2,3  

A director has shareholdings in certain subsidiaries and receives dividends.

Associates and joint ventures

Details of material investments in associates and joint ventures are disclosed in note 39.5.

Details of revenue derived from associates and joint ventures are outlined in note 26.2.
    2014
Rm		     2013
Rm		  
  Purchase of goods and services from associates and joint ventures 863     1 054  
  Key management personnel          
  Key management personnel are directors and those executives having authority and responsibility for planning, directing and controlling the activities of the Group.          
  The Group reassessed the number of people that constitutes key personnel and adjusted the numbers accordingly.          
  At a Group level, key personnel are the executive committees for the six divisions and for the Group.          
  Key management personnel remuneration comprises:          
  Non-executive directors’ fees* 22     5  
  Short-term employee benefits 214     981  
  Long-term employee benefits 13     61  
  Termination benefits       2  
    249     1 049  
  Number of key management personnel 54     603  
  Net gains on share options 103     390  
  The Group has many different operations, retail outlets and service centres where the Group’s staff may be transacting.          
  Key management have to report any transactions with the group in excess of R100 000. The total value of the goods and services supplied to or from key management on an arm’s length basis amounted to: 32     38  
  The Group received insurance premiums on an arm’s length basis from the group pension and provident funds to the amount of: 10     70  
  The Group pays for legal services on an arm’s length basis from a firm of attorneys in which a director of the company has an interest, amounting to: 14     13  
  * HR Brody served as an executive director until 28 February 2014. His full remuneration is included in Non-executive directors’ fees.