Remuneration Policy

The remuneration of directors and executives is set with the overall objective for the retention of a high quality board and executive team, to maximise value of the shareholders’ investment. The full detail of directors’ and executives’ remuneration is set out in the Director’s Report and Financial Statements contained in this Annual Report.

Non-executive directors’ fees are determined within an aggregate directors’ fee pool limit of $350,000 approved by shareholders in 1990. Non executive directors are entitled to a retirement benefit which is calculated on years of service and capped at three times the director’s annual fee after nine years of service.

The executive salary can be packaged and includes cash component and other remuneration including superannuation and other benefits such as motor vehicles. External remuneration consultants provide analysis and advice to ensure executive remuneration packages reflect relevant employment market conditions.