2021 Annual Report

SECTION 1. FY21 OVERVIEW The Company’s Total Rewards Philosophy is designed to provide Executive KMP and employees with a combination of remuneration and non-financial benefits to drive performance and, since its implementation, has provided a holistic approach to the IGO employee value proposition and connected the IGO strategy and purpose to remuneration. To this end, along with Company-wide salary benchmarking and the award of a group wide CPI increment (or consideration of) for all roles, the following remuneration initiatives were implemented at a Board and Executive KMP level for FY21: • No increases in Total Fixed Remuneration (TFR) for FY21, with the exception of Ms Barkers’ TFR which increased from $350,000 to $400,000 to reflect the broadened nature of her role. • No further increases to Executive KMP remuneration following a mid-year parity review of remuneration. The review was conducted to ensure that market expectations for Executive KMP remuneration, given the external economic conditions as a result of the ongoing influence of COVID-19, was balanced with a combination of competitive pay for retention of Executive KMP in an extremely competitive market. • No changes were made to total short-term and long-term incentive opportunities for Executive KMP in FY21. • To improve the mechanism by which the Board can make adjustments to Company Scorecard Gating, and hence to Executive KMP variable reward in an unpredictable environment, the Board introduced an additional level of discretion to the gating of KPIs as follows: – The discretion to reduce KPI outcomes by up to 100% of the cash component of variable incentives in the event of occurrence of any event that is classified as “catastrophic” in the Company’s Risk Matrix; and – The discretion to reward outstanding performance that falls outside of the existing KPI program for teams or individuals that have created significant additional value for shareholders and/or employees. • No changes were made to Board Chair, Committee Chair or Non-executive Director fees as a result of market benchmarking of the IGO peer group for FY21. IGO ANNUAL REPORT 2021— 51