IGO Interactive Annual Report 2018

Notes to the consolidated financial statements 30 June 2018 (continued) 26 Share-based payments (continued) (b) Recognition and measurement (continued) Equity-settled transactions (continued) The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the Directors of the Company, will ultimately vest. This opinion is formed based on the best available information at the reporting date. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition. Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award is treated as if it was a modification of the original award, as described in the previous paragraph. Upon the settlement of equity settled share awards, the balance of the share-based payments reserve relating to those rights and awards is transferred to share capital. The dilutive effect, if any, of outstanding rights is reflected as additional share dilution in the computation of diluted earnings per share. 27 Related party transactions (a) Transactions with other related parties No dividends were paid by wholly-owned subsidiaries to Independence Group NL during the year (2017: $33,000,000). Any such amounts are eliminated on consolidation for the purposes of calculating the profit of the Group for the financial year. Loans were made between Independence Group NL and certain entities in the wholly-owned group. The loans receivable from controlled entities are interest-free and repayable on demand. (b) Key management personnel Compensation of key management personnel 2018 $ 2017 $ Short-term employee benefits 4,335,929 4,278,428 Post-employment benefits 245,536 302,954 Long-term benefits 62,033 70,196 Share-based payments 1,357,043 709,746 6,000,541 5,361,324 Detailed remuneration disclosures are provided in the remuneration report on pages 46 to 62. Independence Group NL 54 118 — IGO ANNUAL REPORT 2018 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2018