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Wool Stocktake : AWI Annual Report 2014-15
Notes to the financial statements 2014 $'000 Retained surplus at the beginning of the financial year 97,035 Net surplus attributable to the shareholders of Australian Wool Innovation Limited (14,324) Retained surplus at the end of the financial year 82,711 2014$ Short-term employee benefits 591,776 Post-employment benefits 54,739 646,515 Short-term employee benefits 1,862,140 Post-employment benefits 172,637 Termination benefits 18,957 2,053,734 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, being 8 individuals. The above key management personnel compensation table includes both non executive directors and other key management personnel amounts for the period in which they held a key management personnel position. Compensation includes salaries, wages, superannuation and other employee provisions paid, payable or provided to or on behalf of Australian Wool Innovation Limited. (i) Principles used to determine the nature and amount of remuneration The objective of the Group's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives and the innovation of value for shareholders, and conforms with market best practice for delivery of reward. The Board ensures that executive reward satisfies the following key criteria for good reward governance practices: • competitiveness and reasonableness • acceptability to shareholders • transparency In consultation with external remuneration consultants from time to time, the Group has structured an executive remuneration framework that is market competitive, attracts and retains high calibre executives and is complementary to the reward strategy of the organisation. (ii) Directors' fees All directors are non executive, and fees and payments to directors reflect the demands which are made on, and the responsibilities of, the directors. All directors' fee payments are reviewed by the Board. The Chairman's fees are determined independently to the fees of directors based on comparative roles in the external market. Both the Chairman and non executive directors receive additional fees for their membership on committees. Superannuation payments are made in accordance with the Superannuation Guarantee legislation to the director's choice of superannuation fund. FINANCIAL REPORT
AWI Annual Report 2013-14
AWI Annual Report 2015-16