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Wool Stocktake : AWI Annual Report 2007-08
Directors’ report (continueD) Executive pay The executive pay consists of base pay, benefits and superannuation. These are structured at the executives’ discretion as a total employment cost package, which may be delivered as a mix of cash and non-cash benefits. The value of non-financial benefits is calculated on the basis of the total cost to the Group, so that the total expense to the Group is no more than it would have been had the Group paid cash salary plus statutory superannuation contributions. Superannuation payments are made in accordance with the Superannuation Guarantee legislation to the executive’s choice of superannuation fund. Australian Wool Innovation Limited does not offer a defined benefits retirement plan. There are no guaranteed pay increases in any senior executive contracts. Key management personnel compensation for the years ended 30 June 2008 and 2007 for executives are set out below. The key management personnel of Australian Wool Innovation Limited includes those executives who have the authority and responsibility for offices of the company, either directly or indirectly. Directors are also classed as key management personnel, however the total remuneration of directors is separately disclosed in the non-executive directors of Australian Wool Innovation Limited table below. The key management remuneration is reflected in the following table and excludes any director remuneration. Due to the acquisition of The Woolmark Company Pty Ltd on 5 October 2007, additional key management personnel are included in the remuneration totals for 2008. 2008 $ short-term employee benefits Post-employee benefits termination benefits 2,027,047 119,969 245,740 2,392,756 non-executive diRectoRs of austRalian wool innovation limited 2008 sHoRt-teRM eMPLoyee Benefits naMe B P van Rooyen c J abell K J Bell W B Merriman R J fletcher c R olsson K a Boundy R clubb J s Keniry i M McLachlan H P nivison P s sykes total Executive Service Agreements Remuneration and other terms of employment for the Executive Management Team are formalised in service agreements. These service agreements state a salary package (which is calculated on a total cost to the Group basis). None of these service agreements include bonus, share options or termination conditions in excess of six months. diRectoR’s Base fee $ 89,262 56,051 56,428 56,051 35,121 35,121 10,254 10,254 10,254 101,926 21,539 22,896 505,157 coMMittee fees $ 17,641 13,816 2,800 5,605 4,037 3,230 1,227 756 605 10,000 5,384 – 65,101 2007 $ 1,759,728 140,964 200,000 2,100,692 Post- eMPLoyMent Benefits suPeRannuation $ 9,621 6,288 4,912 5,549 3,524 3,452 1,033 991 977 10,074 2,423 2,523 51,367 totaL $ 116,524 76,155 64,140 67,205 42,682 41,803 12,514 12,001 11,836 122,000 29,346 25,419 621,625 70 FINANCIALS AWI 07/08
AWI Annual Report 2008-09
Annual Report 2006-07