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Wool Stocktake : AWI Annual Report 2008-09
Notes to the financial statements 30 June 2009 ( c o n t i n u e d ) NOTE 26: Key management personnel disclosures (continued) 2008 2008 $ $ Short-term employee benefits 570,258 570,258 Post-employment benefits 51,367 51,367 621,625 621,625 Short-term employee benefits 2,027,047 1,912,975 Post-employment benefits 119,969 119,969 Termination benefits 245,740 245,740 2,392,756 2,278,684 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. During 2009 AWI was restructured, the CEO position replaced and executive roles rationalised. This resulted in the reduction from three to two layers of management and created additional key management personnel directly reporting to the CEO. (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 Board obtains advice from independent remuneration consultants to ensure directors' fees and payments are appropriate and in line with the market. 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.
AWI Annual Report 2007-08
AWI Annual Report 2009-10