DIRECTORS’ REPORT (cont.)
AUDITED REMUNERATION REPORT (CONT.) REMUNERATION OF EXECUTIVE OFFICERS AND KEY MANAGEMENT PERSONNEL
Post-employment Benefits
Short-term Benefits
Long-term employee benefits
Percentage of remuneration related to performance
Cash Bonus as a percentage of maximum achievable 4
Cash settled share based payments
Equity settled share-based payments
Cash Fees/Salary
Cash Bonus 4
Non-monetary Benefit 5
2023
Superannuation
Total
$
$
$
$
$
$
$
%
%
Non-executive Directors Timothy Burnett
110,481 72,118 72,118
- - - - -
- - - - -
11,601
- - - - -
- - - - -
122,082 79,691 79,691
Greg Fletcher
7,573 7,573
Nick Yates
Brendan York
-
-
-
TOTAL
254,717
26,747
281,464
Executive Officers Mark Benson 1
548,239 184,384
353,243 67,242
14,427
27,132 13,256
-
107,601
1,050,642
43.9% 36.9%
82.0% 82.0%
-
48,516
-
313,398
Brett Gregory 2
Former Executive Officers Rudy Sheriff 3
289,245
80,000 500,485
3,303
16,862 57,250
-
-
389,410
20.5%
98.0%
Total
1,021,868
17,730
48,516
107,601
1,753,450
Grand total 2,034,914 1 Managing Director & Chief Executive Officer, 2 Appointed Interim Chief Financial Officer from 9 January 2023, 3 Resigned as Chief Financial Officer 28 February 2023, 4 Cash bonuses are disclosed on an accruals basis and represent the amount earned in respect of the current financial year. Cash bonuses are discretionary, are determined by the Board in August of each year and exclude equity settled share based payments. Mark Benson’s 2023 bonus includes $60,000 that was paid in January 2023 but which related to FY22, 5 Non-monetary benefits relate to motor vehicle or other expenses packaged within the employee’s salary package. No director or senior management person appointed during the year received a payment as part of his or her remuneration for agreeing to hold the position. Non-executive directors have no entitlement to cash bonus or non-monetary benefits. The key management personnel are the Executive Officers of the Group. The value of the options and rights granted to key management personnel as part of their remuneration is calculated as at the grant date using a Black-Scholes-Merton pricing model. The amounts disclosed as part of remuneration for the financial year have been determined by allocating the grant date value on a straight-line basis over the period from grant date to vesting date. 1,276,585 500,485 17,730 83,997 48,516 107,601
Post-employment Benefits
Short-term Benefits
Long-term employee benefits
Percentage of remuneration related to performance
Cash Bonus as a percentage of maximum achievable 4
Total
Cash settled share based payments
Equity settled share-based payments
Cash Fees/Salary
Cash Bonus 3
Non-monetary Benefit 4
Superannuation
2022
$
$
$
$
$
$
$
%
%
Non-executive Directors Timothy Burnett
104,545 68,182 68,182 240,909
- - - -
- - - -
10,455
- - - -
- - - -
115,000 75,000 75,000 265,000
Greg Fletcher
6,818 6,818
Nick Yates
TOTAL
24,091
Executive Officers Mark Benson 1
516,813 326,637 843,450
280,404 97,141 377,545
13,185
23,568 23,568 47,136
- - -
111,300 34,932 146,232
945,270 488,470
41.4% 27.0%
86.0% 90.0%
6,192
Rudy Sheriff 3
TOTAL
19,377
1,433,740
Grand total 1,698,740 1 Managing Director & CEO, 2 Chief Financial Officer, 3 Cash bonuses are disclosed on an accruals basis and represent the amount earned in respect of the current financial year. Cash bonuses are discretionary, are determined by the Board in August of each year and exclude equity settled share based payments. 4 Non-monetary benefits relate to motor vehicle or other expenses packaged within the employee’s salary package. 1,084,359 377,545 19,377 71,227 - 146,232
Annual Report 2023 43
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