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Wool Stocktake : AWI Annual Report 2017-18
NOTE 20: KEY MANAGEMENT PERSONNEL DISCLOSURES Consolidated 2018 2017 (a) Key management personnel remuneration $ $ Non-executive directors Short-term employee benefits 636,829 613,971 Post-employment benefits 60,004 58,327 696,833 672,298 Other key management personnel Short-term employee benefits 2,146,386 2,043,657 Post-employment benefits 203,906 172,706 Termination benefits 63,799 164,460 2,414,091 2,380,823 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. 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) 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. (ii) Executive employment contracts Remuneration and other terms of employment for the Executive Management Team are formalised in employment contracts. These employment contracts state a remuneration package (which is calculated on a total cost to the Group basis). None of these employment contracts include share options or termination notice period 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 2018 Directors' base fees paid Committee fees paid Superannuation Total Name $ $ $ $ Mr W B Merriman 140,632 21,876 15,438 177,946 Ms C Garnsey 75,524 8,661 7,503 91,688 Mr P Cocking 26,043 5,860 3,031 34,934 Mr J Laurie 62,503 15,625 7,422 85,550 Mr D Macdonald 38,717 3,255 3,987 45,959 Mr J Morgan 62,503 20,313 7,868 90,684 DrMLSheil 62,503 3,255 6,247 72,005 MrDAAWebster 62,503 27,056 8,508 98,067 Total 530,928 105,901 60,004 696,833 FINANCIAL REPORT 91
AWI Annual Report 2016-17