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Wool Stocktake : Annual Report 2006-07
21 Australian Wool Innovation Limited 2006/07 mEETINGS OF DIREcTORS The numbers of meetings of the company’s Board of Directors and each Board committee held during the year ended 30 June 2007, and the numbers of meetings attended by each Director, were: Committees Intellectual Full meeting Finance Remuneration Property and Director of Directors and Audit and Appointments* Commercialisation Integration** AB ABABAB AB I M McLachlan 17 16*1 ––4432 1 10 10* B P van Rooyen 17 161 10 10 * 44 * –– 10 91 C J Abell 17 161 10 10 ––33 11 KJBell 17 161 –– –– –– –– W B Merriman 17 17 ––44–– –– H P Nivison 17 151 10 10 ––33 * –– P S Sykes 17 161 –– ––33 1– An u m b e r of meetings held Bn u m b e r of meetings attended 1 leave of absence granted * denotes Chairman ** After the Memorandum of Understanding was signed between AWI and AWS, the Integration Committee formed and delegated its tasks to a subcommittee to urgently deal with the integration. REmuNERATION REPORT 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. 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 also has agreed to the advice of independent remuneration consultants to ensure Directors’ fees and payments are appropriate and in line with the market. The Chairman’s fees are determined independently of the fees of Directors based on comparable roles in the external market. The Chairman and other 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