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## REMUNERATION REPORT (AUDITED) (CONTINUED) 

## 1. Individual Key Management Personnel disclosures (continued) 

(ii) Directors who resigned or retired during the period 

<img src='content_image/253668.jpg'>

On 25 January 2013, Mr. P. Beale (Chief Financial Officer) tendered his resignation and ceased employment with the Company during the month of April 2013. Mr. Craig White was appointed Chief Financial Officer on 15 April 2013. Mr Adil Allana replaced Mr. Irfan Allana as an alternate director for Mr. Arunas Paliulis on 16 May 2013. There were no other changes to KMP after the reporting date and before the date the financial report was authorised for issue. 

## 2. Remuneration at a glance 

## Remuneration strategy and policy CEO and Key Management Personnel (KMP) 

Consistent with contemporary Corporate Governance standards the Company’s remuneration strategy and policies aim to set employee and executive remuneration that is fair, competitive and appropriate for the markets in which it operates and is mindful of internal relativities. The Company aims to ensure that the mix and balance of remuneration is appropriate to reward fairly, attract, motivate and retain senior executives and other key employees. 

Specific objectives of this policy include the following: 

$_{}$ Provide fair and competitive fixed remuneration for all positions under transparent policies and review procedures. This is tested on a regular basis by independent benchmark assessment. The Company aims to position fixed remuneration in the 3rd quartile of selected comparators; 

$_{}$ Link CEO rewards to shareholder value accretion by providing appropriate equity (or equivalent) incentives linked to long-term Company performance and core values; 

$_{}$Link senior executive rewards to achieving short and medium term key performance criteria; 

$_{}$ Provide Deferred Equity Awards (DEA) based on key short term objectives but defer vesting subject to service to support retention. The Board increased the service expectation under DEA from one and two years to two and three years for additional retention impact in 2013; 

$_{}$Provide competitive total rewards to attract and retain high calibre employees and executives; 

$_{}$ Have a meaningful portion of remuneration “at risk”, dependent upon meeting pre-determined performance benchmarks, both short term (annual), and long term (3+ years) for the CEO; and 

$_{}$ Establish appropriate, demanding performance hurdles for any executive incentive remuneration. 

The broad remuneration policy will be executed by the Company under a Total Targeted Reward framework. Appropriate remuneration policy settings will be achieved by consistently applying a clear remuneration strategy directed at supporting the Board approved business strategy with appropriate and flexible processes, policies and procedures established by the Board from time to time. 

