INDEPENDENCE GROUP NL ANNUAL REPORT 2017

Directors' report 30 June 2017 (continued) Remuneration report The Remuneration Report for the year ended 30 June 2017 outlines the Director and executive remuneration arrangements of the Company in accordance with the requirements of the Corporations Act 2001 and its regulations. Key Management Personnel (KMP) of the Group (also referred to as Executive Management) are detailed in the table below and are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any Director, whether executive or otherwise of the Company. Details of KMP covered in this report Non-executive and executive Directors (see pages 43 to 44 for details about each Director) Peter Bilbe Non-executive Chairman Peter Bradford Managing Director Debra Bakker Non-executive Director Peter Buck Non-executive Director Geoffrey Clifford Non-executive Director Keith Spence Non-executive Director Neil Warburton Non-executive Director Other key management personnel Name Position Keith Ashby Head of Governance & Risk Rob Dennis Chief Operating Officer Matt Dusci Chief Growth Officer Joanne McDonald Company Secretary Sam Retallack Head of People & Culture Scott Steinkrug Chief Financial Officer Remuneration Committee Overview The Company’s Remuneration Committee (Committee) is made up entirely of non-executive directors, the majority of whom are independent. The Committee is charged with assisting the Board by reviewing, on an annual basis, and making appropriate recommendations on the following: • the Company’s remuneration policy and structure, to ensure that it remains aligned to business needs and meets the Company’s remuneration principles; • executive remuneration policy for KMP; • equity based remuneration plans for KMP and other employees; • superannuation arrangements for the organisation; and • remuneration equity. The Committee, chaired by Peter Buck, held four meetings during the year. Ms Bakker and Messrs Bilbe, Clifford, Spence and Warburton are also Committee members. The Managing Director is invited to attend those meetings which consider the remuneration strategy of the Group and recommendations in relation to Executives. Further information on the Committee’s role, responsibilities and membership can be found at www.igo.com.au. Use of remuneration consultants The Committee undertakes a broad review of data derived from remuneration consultants who track industry levels to ensure it is fully informed when making remuneration decisions. During the year ended 30 June 2017 no remuneration recommendations, as defined by the Corporations Act , were provided by remuneration consultants. However, the Committee did utilise data provided by AON Hewitt McDonald ($5,030), Mercer Consulting ($4,500) and BDO Reward (WA) Pty Limited ($15,000) regarding salaries and benefits across the organisation. Independence Group NL 15 46 — IGO ANNUAL REPORT 2017 DIRECTORS’ REPORT 30 JUNE 2017 (continued)