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Wool Stocktake : AWI Annual Report 2015-16
NOTE 22: Key management personnel disclosures (continued) (b) Remuneration principles and policies (continued) (iii) 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 in Australia and per overseas jurisdictions, to the executive’s choice of superannuation fund. Australian Wool Innovation Limited does not offer a defined benefit retirement plan. There are no guaranteed pay increases in any senior executive contracts. (iv) 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 share options or termination conditions in excess of six months. (c) Details of remuneration (i) Non executive Directors of Australian Wool Innovation Limited Short-term employee benefits Post-employment benefits 2016 Directors' base fees paid Committee fees paid Superannuation Total Name $ $ $ $ Mr W B Merriman 122,666 21,467 13,693 157,826 Mr P Cocking 61,333 10,943 6,858 79,134 Ms C Garnsey 61,333 8,499 6,634 76,466 Mr J Laurie 37,652 6,554 3,035 47,241 Mr J Morgan 61,333 16,866 7,393 85,592 DrMLSheil 61,333 3,067 6,118 70,518 Mr B P van Rooyen 23,852 8,354 3,278 35,484 MrDAAWebster 61,333 26,548 8,349 96,230 Total 490,835 102,298 55,358 648,491 Short-term employee benefits Post-employment benefits 2015 Directors' base fees paid Committee fees paid Superannuation Total Name $ $ $ $ Mr W B Merriman 121,452 21,254 13,557 156,263 Mr P Cocking 60,726 7,591 6,490 74,807 Ms C Garnsey 60,726 8,414 6,568 75,708 Mr J Morgan 60,726 7,591 6,490 74,807 DrMLSheil 60,726 12,145 6,923 79,794 Mr B P van Rooyen 60,726 21,254 7,788 89,768 MrDAAWebster 60,726 26,285 8,266 95,277 Total 485,808 104,534 56,082 646,424 FINANCIAL REPORT 83
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