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DIRECTORS’ REPORT
Annual Report 2015 85
Directors' report
30 June 2015
Remuneration report (continued)
(g) Non-executive director remuneration policy
The remuneration of non-executive directors is determined by the Board within the maximum amount approved by
shareholders in general meeting. Non-executive directors are not entitled to retirement benefits other than statutory
superannuation or other statutory required benefits. Non-executive directors do not participate in share or bonus
schemes designed for executive directors or employees.
The remuneration of non-executive directors is fixed to encourage impartiality, high ethical standards and independence
on the Board. The available non-executive directors’ fees pool is $1,000,000 which was approved by shareholders at
the Annual General Meeting on 24 November 2014, of which $590,000 was being utilised at 30 June 2015 (2014:
$490,000).
Non-executive directors may provide additional consulting services to the Group, at a rate approved by the Board. No
such amounts were paid to Directors during the current year.
From 1
September 2014
From 1 January
2014 to 30
September 2014
$
$
Base fees
Chairman
230,000
190,000
Other non-executive directors
120,000
100,000
(h) Additional statutory information
(i)
Relative proportions of fixed vs variable remuneration expense
The following table shows the relative proportions of remuneration that are linked to performance and those that are
fixed, based on the amounts disclosed as statutory remuneration expense:
Name
Fixed remuneration
1
At risk - STI
At risk - LTI
2015
%
2014
%
2015
%
2014
%
2015
%
2014
%
Executive Directors of
Independence Group NL
Peter Bradford
2
83
100
-
-
17
-
Christopher Bonwick
-
37
-
29
-
34
Other key management personnel
of the group
Keith Ashby
100
-
-
-
-
-
Matt Dusci
93
-
-
-
7
-
Andrew Eddowes
-
81
-
6
-
13
Brett Hartmann
71
75
7
6
22
19
Rodney Jacobs
-
77
-
-
-
23
Tim Kennedy
-
73
-
5
-
22
Sam Retallack
78
-
6
-
16
-
Scott Steinkrug
71
73
6
5
23
22
Tony Walsh
76
93
8
-
16
7
1. Fixed remuneration paid is not based upon any measurable performance indicators. Non-performance based remuneration is based
on relative industry remuneration levels and is set at a level designed to retain the services of the director or senior executive.
2. Mr Bradford commenced employment with the Company on 17 March 2014. Eligibility for short term and long term incentives was not
assessed at 30 June 2014, therefore 100% of Mr Bradford’s remuneration was considered fixed for the previous year.
(ii) Performance based remuneration granted and forfeited during the year
A reference to share rights is a reference to share rights granted under the PRP.
The details of each grant of share rights affecting remuneration in the current or future reporting period are as follows:
Independence Group NL
20