Remuneration report | Contents
Executive remuneration mix The remuneration mix is designed to achieve a balanced reward for achievement of short-term objectives and the creation of long-term sustainable value. The amount of remuneration received by Executive KMP each year depends on the achievement of business and individual performance. Fixed remuneration (TEC) was set with reference to the market median, using the
ASX30 companies as the primary reference. Remuneration packages (including TEC levels) are reviewed by the Remuneration, People and Culture Committee taking into consideration an individual’s role, experience and performance, as well as relevant comparative market data provided by remuneration consultants. TEC levels are also reviewed after a change in role. The following diagrams show the minimum, target and maximum total remuneration
opportunity for the CEO and other Executive KMP. Each component is determined as a percentage of the total remuneration package. Base salary and superannuation received by each Executive KMP are disclosed on page 99. The maximum opportunity represented below is the most that can be awarded to any individual under the Group’s STI Plan and is only achieved in exceptional circumstances.
Remuneration mix
TEC
STI
LTI
CEO and other Executive KMP Fixed 100.0% CEO Target 29.0%
14.5%
14.5%
42.0%
Maximum 25.0%
19.0%
19.0%
37.0%
Other Executive KMP Target
39.0%
15.0%
15.0%
31.0%
Maximum 34.0%
19.5%
19.5%
27.0%
KMP Remuneration
Target 1
Maximum 1
Maximum 1 (face value)
Base salary and statutory superannuation
Opportunity
CEO
100% of TEC
150% of TEC
CEO
147% of TEC
Other KMP
75% of TEC
113% of TEC
Other KMP 80% of TEC
Performance awards tested end of year four; 50% relative TSR; and 50% FCF
50% – Securities deferred for two years
Delivery
Cash
50% – Cash
1 The potential impact of future security price movements is not included in the value of deferred STI awards or LTI awards
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