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46 Independence Group NL
DIRECTORS’ REPORT
Directors' report
30 June 2016
(continued)
Remuneration report (continued)
2016 Executive remuneration
Remuneration for FY16 consisted of a mix of:
• fixed remuneration; and
• variable remuneration, comprising STIs and LTIs.
Fixed remuneration
Individual executives’ TFR for FY16 were as follows:
TFR
(30/6/2015)
TFR
(30/6/2016)
TFR change
in FY16
Name
Position
$
$
%
Peter Bradford
Managing Director
750,000
750,000
-
Keith Ashby
Sustainability Manager
333,975
333,975
-
Rob Dennis
Chief Operating Officer (appointed 1 March 2016)
n/a
498,225
n/a
Matt Dusci
Chief Growth Officer
390,000
390,000
-
Joanne McDonald Company Secretary (appointed 5 October 2015)
n/a
280,000
n/a
Sam Retallack
1
Organisational Capability Manager
223,963
333,975
49.6%
Scott Steinkrug
Chief Financial Officer
390,000
390,000
-
Brett Hartmann
General Manager, Operations (ceased 29
February 2016)
455,000
n/a
n/a
Tony Walsh
Company Secretary and General Manager,
Corporate (ceased 9 October 2015)
390,000
n/a
n/a
1. Effective 1 July 2015, TFR increase due to change in role from Human Resources Manager to Organisational Capability Manager.
The Committee and Board consider the remuneration for Executive Management on an annual basis to ensure that the
Company remains competitive and is able to attract and maintain key personnel.
In prior years, remuneration reviews have been based upon benchmark surveys or targeted market research on an
alternating basis. For the 2016 review recommendations, the Committee relied upon benchmark surveys, including Aon
McDonald, AusRem and Godfrey Remuneration Group. Further to this review, the following recommendations were
approved by the Board for FY17:
• TFR for Managing Director increased by 6.7% to $800,000;
• TFR for Chief Growth Officer increased by 7.8% to $420,000; and
• TFR for Chief Financial Officer increased by 7.8% to $420,000.
The following table reflects remuneration components available to executives effective 1 July 2016:
TFR Potential STI Potential LTI
Name
Position
$
%*
%*
Peter Bradford
Managing Director
800,000
70
70
Keith Ashby
Sustainability Manager
333,975
35
20
Rob Dennis
Chief Operating Officer (COO)
498,225
50
40
Matt Dusci
Chief Growth Officer (CGO)
420,000
50
40
Joanne McDonald Company Secretary
280,000
35
20
Sam Retallack
Organisational Capability Manager
333,975
35
20
Scott Steinkrug
Chief Financial Officer (CFO)
420,000
50
40
* Potential STI and LTI are based on a % of TFR comprising base salary and superannuation only.
Independence Group NL
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