Remunerate Fairly and Responsibly
Remunerate Fairly and Responsibly
The Board is responsible for remuneration policies and packages applicable to Board members and to other executives of the Company. The Board establishes and reviews:
- Remuneration and the conditions of service of the managing director;
- Performance of the managing director and other executives;
- Remuneration policies of the Company;
- Proposals for new issues under, or changes to, the Company’s option plans;
- Succession plans for senior management;
- Other related matters.
Full details of remuneration policies and director and executive remuneration are provided in the Remuneration Report of the Annual Financial Report. In view of its size, the Board does not have a separate remuneration committee.
Executive directors receive fixed remuneration in the form of salary and statutory superannuation or where engaged through service companies, a fixed consulting fee per month. Employee and director incentive option plans have been established with the approval of shareholders in the past as the incentive pay element of director and executive remuneration, full details of which are set out in the Remuneration Report and financial statements.
Non-executive directors receive fees determined by the Board, but within the aggregate limit approved by Shareholders. In addition, non-executive directors are also entitled, subject to prior shareholder approval, to the grant of incentive based options. Such an approach is considered appropriate having regard for the size and nature of the Company and that the use of forms of non-cash remuneration assists in; attracting and retaining appropriately qualified and experienced non-executive directors, and the preservation of the Company’s financial resources.