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Wool Stocktake : Annual Report 2006-07
Details of the nature and amount of each element of the emoluments of each Director of Australian Wo ol Innovation Limited are set out in the following table. Non-executive Directors of Australian Wool Innovation Limited Primary Post-employment Directors’ base fee Committee fees Superannuation Total Name $$$$ I M McLachlan, Chairman 112,000 18,200 11,718 141,918 B P van Rooyen 84,000 24,920 9,803 118,723 C J Abell 56,000 13,720 6,275 75,995 KJBell 56,000 5,040 61,040 W B Merriman 56,000 5,600 5,544 67,144 H P Nivison 56,000 14,000 6,300 76,300 P S Sykes 56,000 5,600 5,544 67,144 Total 476,000 82,040 50,224 608,264 Executive pay The executive pay consists of base pay, beneﬁts and superannuation. These are structured at the executives’ discretion as a total employment remuneration package, which may be delivered as a mix of cash and non-cash beneﬁts. The value of non-ﬁnancial beneﬁts is calculated on the basis of the “total cost to the Group”, so that the total expense to the Group is no more than it would have been had the Group paid cash salary plus statutory superannuation contributions. Superannuation payments are made in accordance with the Superannuation Guarantee legislation to the executives’ choice of superannuation fund. Australian Wo ol Innovation Limited does not offer a deﬁned beneﬁts retirement plan. There are no guaranteed pay increases in any senior executive contracts. Key management personnel compensation for the years ended 30 June 2007 and 2006 is set out below. The key management personnel of Australian Wo ol Innovation Limited include those executives who have the authority and responsibility for ofﬁces of the company, either directly or indirectly. Directors are also classed as key management personnel. However, the total remuneration of Directors is separately disclosed above in greater detail and accordingly excluded from the table below. 2007 2006 $$ Short-term employee beneﬁts 1,759,728 1,810,093 Post-employment beneﬁts 140,964 138,138 Termination beneﬁts 200,000 – 2,100,692 1,948,231 Executive Service Agreements Remuneration and other terms of employment for the Executive Management Te a m 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 bonus, share options or termination conditions in excess of six months. DIRECTORS’ REpORT ( CONTINUED)
AWI Annual Report 2007-08