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Wool Stocktake : AWI Annual Report 2016-17
NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2017 (CONTINUED) NOTE 20: KEY MANAGEMENT PERSONNEL DISCLOSURES Consolidated 2017 2016 (a) Key management personnel remuneration $ $ Non-executive directors Short-term employee benefits 613,971 593,134 Post-employment benefits 58,327 55,357 672,298 648,491 Other key management personnel Short-term employee benefits 2,043,657 1,960,528 Post-employment benefits 172,706 196,775 Termination benefits 164,460 564,675 2,380 ,823 2,721,978 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 10 individuals. The above key management personnel remuneration table includes both non executive directors and other key management personnel amounts for the period in which they held a key management personnel position. Remuneration includes salaries, wages, superannuation and other employee provisions paid, payable or provided to or on behalf of Australian Wool Innovation Limited. (b) Remuneration principles and policies (i) Principles used to determine the nature and amount of remuneration The objective of the Group's executive remuneration 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. (iii) Executive pay remuneration The executive remuneration consists of base salary, 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 base 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. 82 FINANCIAL REPORT
AWI Annual Report 2015-16
AWI Annual Report 2017-18