2021 Annual Report

Notes to the consolidated financial statements 30 June 2021 (continued) 28 Share-based payments (continued) (b) Recognition and measurement (continued) Equity-settled transactions (continued) No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition. Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award is treated as if it was a modification of the original award, as described in the previous paragraph. 29 Related party transactions (a) Transactions with other related parties During the financial year, a wholly-owned subsidiary paid dividends of $106,600,000 to IGO Limited (2020: $195,000,000). Any such amounts are eliminated on consolidation for the purposes of calculating the profit of the Group for the financial year. Loans were made between IGO Limited and certain entities in the wholly-owned group. The loans receivable from controlled entities are interest-free and repayable on demand. (b) Key management personnel Compensation of key management personnel 2021 $ 2020 $ Short-term employee benefits 7,325,162 5,851,169 Post-employment benefits 296,637 305,561 Long-term benefits 92,145 138,450 Share-based payments 2,782,708 2,614,857 10,496,652 8,910,037 Detailed remuneration disclosures are provided in the remuneration report on pages 50 to 70. IGO Limited 53 Notes to The Consolidated Financial Statements 30 June 2021 128 — IGO ANNUAL REPORT 2021