2021 Annual Report

Directors’ Report — Remuneration report 30 June 2021 SECTION 6. STATUTORY REMUNERATION DISCLOSURES EXECUTIVE KMP CONTRACTS Remuneration and other terms of employment for Executive KMP are formalised in service agreements. The service agreements specify the components of remuneration, benefits and notice periods. Participation in the STI and LTI plans is subject to the Board’s discretion. Other major provisions of the agreements relating to remuneration are set out below. Executive KMP Position Term of Agreement Base Salary including Superannuation at 1 July 2022 $ Notice Period Termination Benefit Peter Bradford Managing Director & CEO No fixed term 1,000,000 6 months 6 months 1 Kate Barker General Counsel and Head of Risk & Compliance No fixed term 450,000 3 months 6 months Matt Dusci Chief Operating Officer No fixed term 700,000 3 months 6 months Andrew Eddowes Head of Corporate Development No fixed term 400,000 3 months 6 months Joanne McDonald Company Secretary and Head of Corporate Affairs No fixed term 400,000 3 months 6 months Sam Retallack Head of People & Culture No fixed term 400,000 3 months 6 months Scott Steinkrug Chief Financial Officer No fixed term 525,000 3 months 6 months 1. In addition to the above, Mr Bradford is entitled to a maximum termination benefit payable of up to 12 months of average annual base salary should the Company terminate the employment contract without cause, but only if such payment would not breach ASX Listing Rules. A termination benefit of three month’s remuneration is payable to Mr Bradford should the Company terminate the employment contract due to illness, injury or incapacity. (I) Remuneration expenses for Executive KMP The following table shows the value of earnings realised by Executive KMP during FY21. The value of earnings realised includes cash salary, superannuation and cash bonuses earned during the year, plus the intrinsic value of service rights and performance rights vested during the financial year. This is in addition and different to the disclosures required by the Corporations Act and Accounting Standards, particularly in relation to share rights. As a general principle, the Accounting Standards require a value to be placed on share rights based on probabilistic calculations at the time of grant, which may be reflected in the Remuneration Report even if ultimately the share rights do not vest because performance or service hurdles are not met. By contrast, this table discloses the intrinsic value of share rights, which represents only those share rights which actually vest and result in shares issued to an Executive KMP. The intrinsic value is the Company’s closing share price on the date of vesting. Remuneration received during the period Executive KMP TFR $ Value 1 STI Cash Component $ Value 2 Discretionary Cash Bonus $ Value Vested Service Rights Component $ Value Vested Performance Rights Component $ Value Total Actual Remuneration $ Value Peter Bradford 870,000 435,000 300,000 184,433 1,011,279 2,800,712 Keith Ashby 3 334,163 - - 39,508 201,109 574,780 Kate Barker 400,000 100,000 185,000 34,996 65,874 785,870 Matt Dusci 630,000 252,000 120,000 81,893 459,675 1,543,568 Andrew Eddowes 380,000 92,150 160,000 41,150 83,927 757,227 Joanne McDonald 350,000 85,750 50,000 35,163 67,575 588,488 Sam Retallack 370,000 90,650 50,000 39,127 201,109 750,886 Ian Sandl 400,000 94,000 - 37,861 84,121 615,982 Scott Steinkrug 460,000 115,000 185,000 71,083 413,705 1,244,788 1. Includes base salary and superannuation. 2. Represents the amounts to be paid in August 2021 for performance in FY21. 3. Mr Ashby resigned effective 27 November 2020. TFR amount includes amounts paid on termination but excludes pay out of annual leave balances. 64 —IGO ANNUAL REPORT 2021