Remuneration Principles
Remunerate Fairly and Responsibly
The objective of the Company’s remuneration policies is to ensure that directors and employees are remunerated fairly and responsibly. In particular, the Company's remuneration policies are designed to attract and retain talented and motivated directors and employees so as to encourage enhanced performance of the Company.
Disclosure of Remuneration Policies
The Broad structure of the Company’s remuneration policy is to provide employees with fixed remuneration together with the performance-based remuneration, consisting of the opportunity to earn short-term incentives dependent upon the achievement of individual and corporate goals and objectives. A long-term incentive is provided to a number of key senior executives which is also attributable to the achievement of individual and corporate longer-term goals and objectives.
The Company does not have any equity-based remuneration at the present time.
Details of the amount of the remuneration and all monetary and non-monetary components, for each of the five highest paid (non-director) executives during the year and for all directors are set out in the annual report.
Remuneration Committee
The Board considers that having regard to the size of the current board, it is not feasible for the Board to appoint a separate Remuneration Committee. The roles and functions of a Remuneration Committee are included by way of specific reference in the Board Charter (PDF 57kb).
Under the Company’s Board Charter, the Board has responsibility for reviewing the remuneration framework of the Board and senior executives, including the level and structure of the remuneration packages of senior management and the implementation and management of employee incentive schemes. The Board also has responsibility to review the company’s recruitment, retention and termination policies for senior management as well as the company’s superannuation arrangements.
Distinction Between Non-Executive Directors and Executives Remuneration
The Company’s non-executive directors are remunerated by way of fees in the form of cash and superannuation contributions. They do not participate in schemes designed for the remuneration of executives. With the exception of statutory superannuation, non-executive directors are not provided with retirement benefits.