6.5 Remuneration Received(Non-statutory)
Remuneration received in FY20
The amounts disclosed below as Senior Executive remuneration for FY20 reflect the actual benefits received by each Senior
Executive during the reporting period. The remuneration values disclosed have been determined as follows:
Fixed remuneration includes base salaries received, paid leave, payments made to superannuation funds, and the taxable
value of non-monetary benefits received, and excludes any accruals of annual or long service leave.
Cash STI represents bonuses that were awarded to each Senior Executive in relation to FY20 performance, which will be
paid in FY21. Starting from FY18, 50% of the STI bonuses awarded are deferred for 12 months, with employees being able
to elect whether the award will be delivered incash or equity.
Long term incentives
The value of vested rights was determined based on the intrinsic value of the rights at the date of vesting, being the difference
between the share price on that date, and the exercise price payable by the Senior Executive. The performance rights that
vested in FY20 were granted in 2017.
TABLE 11: REMUNERATION RECEIVED IN FY20
Vested LTI Total Value
Craig Scroggie 1,321,792 495,000 1,377,915 3,194,707
Simon Cooper 491,792 183,750 516,719 1,192,261
Oskar Tomaszewski 470,000 176,250 493,754 1,140,004
Adam Scully* 292,473 109,836 430,598 832,907
David Dzienciol 470,000 176,250 459,307 1,105,557
Total 3,046,057 1,141,086 3,278,293 7,465,436
*Ceased as KMP on 24 March 2020
The amounts disclosed above are not the same as the remuneration expensed in relation to each KMP in accordance with
accounting standards. The Directors believe that the remuneration received is more relevant to users for the following reasons:
The statutory remuneration expensed is based on historic cost and does not reflect the value of the equity instruments
when they are actually received by the SeniorExecutives
The statutory remuneration shows benefits before they are actually received by the Senior Executives
Where rights do not vest because a market-based performance condition is not satisfied (eg. TSR), the company must
still recognise the full amount of expenses even though the Senior Executives will never receive any benefits
Share based payment awards are treated differently under the accounting standards depending on whether the
performance conditions are market conditions (no reversal of expense) or non-market conditions (reversal of expense
when shares fail to vest), even though the benefit received by the Senior Executives is the same (nil where equity
instruments fail to vest).
The information in this section has been audited together with the rest of the remuneration report.
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