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DIRECTORS’ REPORT
84 Independence Group NL
Directors' report
30 June 2015
Remuneration report (continued)
(e) Remuneration expenses for KMP's (continued)
1 Cash salary and fees includes movements in annual leave provision during the year.
2 Long service leave relates to movements in long service leave provision during the year.
3 Rights to shares granted under the PRP are expensed over the performance period, which includes the vesting period of the rights, in
accordance with AASB 2
Share-based Payment
. Refer to note 31 for details of the valuation techniques used for the PRP.
4 Mr Buck was appointed a Non-executive Director effective 3 October 2014.
5 Mr Marston retired as a Non-executive Director effective 20 November 2014.
6 Mrs Ross retired as a Non-executive Director effective 24 December 2014.
7 Mr Spence was appointed a Non-executive Director effective 17 December 2014.
8 Mr Ashby commenced employment as Sustainability Manager with the Company on 7 April 2015.
9 Mr Dusci commenced employment as General Manager, New Business with the Company on 27 July 2014.
10 Following a review of the organisational structure, Mrs Retallack (Human Resources Manager) became a KMP effective 1 July 2014.
11 In addition to his base fee for the previous financial year, the Board approved that Mr Bilbe be paid an additional once-off payment of
$20,000 for the extra services provided by him during that year for the benefit of the Company.
12 Mr Bradford commenced employment with the Company effective 17 March 2014.
13 Mr Bonwick resigned from his position as Managing Director effective 15 November 2013. Amounts accrued for annual leave
($25,210) and long service leave ($161,279) were paid out on termination, these amounts have been offset against the movement in the
provisions for the previous financial year.
14 Following a review of the organisational structure and the appointment of Matt Dusci as General Manager, New Business in July
2014, Andrew Eddowes, Rodney Jacobs and Tim Kennedy were no longer considered KMP's of the Group from 1 July 2014.
(f) Contractual arrangements with executive KMPs
Remuneration and other terms of employment for the executives 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.
Name
Term of agreement and
notice period
Base salary including
superannuation
Termination
payments
Peter Bradford
No fixed term
Managing Director
6 months
$750,000
6 months *
Matt Dusci
No fixed term
General Manager, New Business (from 27
July 2014)
3 months
$390,000
6 months
Brett Hartmann
No fixed term
General Manager, Operations
3 months
$455,000
6 months
Sam Retallack
No fixed term
Human Resources Manager
3 months
$223,963
6 months
Scott Steinkrug
No fixed term
Chief Financial Officer
3 months
$390,000
6 months
Tony Walsh
No fixed term
Company Secretary and General Manager,
Corporate
3 months
$390,000
6 months
Keith Ashby (from 7 April 2015)
No fixed term
Sustainability Manager
3 months
$333,213
6 months
* 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.
Independence Group NL
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