3.8 Non-Executive Director RemunerationPolicy
The Non-Executive Director Remuneration Policy applies to Non-Executive Directors of the Company in their capacity as
Directors and as members of committees, and may be summarised as follows:
– Board fees
– Committee fees
– Other benefits
– Securities (if appropriate at the time).
Remuneration will be managed within the aggregate fee limit (AFL) or fee pool approved by shareholders of the Company.
The Non-Executive Director Remuneration Policy contains guidelines on when the Board should seek adjustment to the
AFL such as in the case of the appointment of additional Non-Executive Directors.
Remuneration should be reviewed annually.
Non-Executive Directors are not entitled to termination benefits.
A policy level of Board Fees (being the fees paid for membership of the Board, inclusive of superannuation and exclusive
of committee fees) will be set with reference to the median of comparable ASX listed companies.
Committee fees may be used to recognise additional contributions to the work of the Board by members of committees, but
in a manner that, when combined with Board Fees, will not exceed the 75th percentile of comparable ASX listed companies.
The Company does not currently provide securities as part of Non-Executive Director remuneration.
The document also outlines the procedure that should be undertaken to review Non-Executive Director remuneration and
determine appropriate changes.
4. EMPLOYMENT TERMS FOR DIRECTORS AND SENIOR EXECUTIVES
On appointment to the Board, all Non-Executive Directors enter into a service agreement with the Company in the form of a
letter of appointment. The letter summarises the Board policies and terms, including compensation relevant to the office of the
All of the current Non-Executive Directors carry an initial contract duration of three years (subject to re-election by shareholders).
The employment contracts for the Non-Executive Directors do not carry notice period provisions, nor do they provide for any
Directors must retire from office at the third annual general meeting after the Director was last elected and will then be eligible
for re-election. Upon cessation of a Director’s appointment, the Director will be paid his or her Director’s fees on a pro-rata
basis, to the extent that they are unpaid.
Remuneration and other terms of employment for the Chief Executive Officer and other key management personnel are also
formalised in service agreements.
The CEO’s base salary package remained consistent at $1.32 million for FY19 and FY20. Since his app
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