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Annual Report 2016 53
DIRECTORS’ REPORT
Directors' report
30 June 2016
(continued)
Remuneration report (continued)
Executive Contracts (continued)
Name
Position
Term of
agreement
Base salary
including
super-
annuation
Notice
period
Termination
benefit
$
Peter Bradford Managing Director
No fixed term 800,000
6 months 6 months
1
Keith Ashby
Sustainability Manager
No fixed term 333,975
3 months
6 months
Rob Dennis
Chief Operating Officer
No fixed term 498,255
3 months
6 months
Matt Dusci
Chief Growth Officer
No fixed term 420,000
3 months
6 months
Joanne McDonald Company Secretary
No fixed term 280,000
3 months
6 months
Sam Retallack
Organisational Capability Manager No fixed term 333,975
3 months
6 months
Scott Steinkrug Chief Financial Officer
No fixed term 420,000
3 months
6 months
1. In addition to the above, Mr Bradford is entitled to a maximum termination benefit payable of up to 12 months of average annual base
salary should the Company terminate the employment contract without cause, but only if such payment would not breach ASX Listing
Rules. A termination benefit of three month's remuneration is payable to Mr Bradford should the Company terminate the employment
contract due to illness, injury or incapacity.
Remuneration expenses for KMP's
The following table shows the cash value of earnings realised by executive KMP during FY16. The cash value of
earnings realised include cash salary, superannuation and cash bonuses received in cash during the year and the
intrinsic value of LTI vesting during the financial year.
This is in addition and different to the disclosures required by the
Corporations Act
and Accounting Standards,
particularly in relation to share rights. As a general principle, the Accounting Standards require a value to be placed on
share rights based on probabilistic calculations at the time of grant, which may be reflected in the remuneration report
even if ultimately the share rights do not vest because performance and service hurdles are not met. By contrast, this
table discloses the intrinsic value of share rights, which represents only those share rights which actually vest and result
in shares issued to a KMP. The intrinsic value is the Company’s closing share price on the date of vesting.
Name
Fixed
Remuneration
1
STI
2
LTI
3
Total Actual
Remuneration
$
$
$
$
Peter Bradford
750,000
270,000
-
1,020,000
Keith Ashby
333,975
-
-
333,975
Rob Dennis
4
171,690
-
-
171,690
Matt Dusci
390,000
90,000
-
480,000
Joanne McDonald
5
187,345
-
-
187,345
Sam Retallack
333,975
35,000
42,732
411,707
Scott Steinkrug
390,000
90,000
161,147
641,147
Brett Hartmann
6
305,062
90,000
173,696
568,758
Tony Walsh
7
123,847
75,000
-
198,847
1. Includes base salary and superannuation.
2. Represents the amount paid in the financial year for performance in FY15.
3. Value of share rights granted in FY12 and vesting on 6 August 2015 at a market price of $3.44.
4. Appointed to KMP on 1 March 2016.
5. Appointed to KMP on 5 October 2015.
6. Ceased to be a KMP on 29 February 2016.
7. Ceased employment with the Company on 9 October 2015.
Independence Group NL
24