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Wool Stocktake : AWI Annual Report 2009-10
2009 2009 $ $ Short-term employee benefits 701,724 701,724 Post-employment benefits 63,055 63,055 764,779 764,779 Short-term employee benefits 3,387,070 2,249,808 Post-employment benefits 205,701 155,701 Termination benefits 1,402,707 1,402,707 4,995,478 3,808,216 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. (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 benefits 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. FINANCIAL REPORT
AWI Annual Report 2008-09
AWI Annual Report 2010-11