Company’s Remuneration Policies
Executive Directors’ Remuneration
The board is responsible for determining and reviewing compensation ar-
rangements for the directors and executives. The Board assesses the ap-
propriateness of the nature and amount of emoluments of such offi cers on an annual basis by reference to the recommendations of the Managing Director and industry and marketing conditions. In determining the nature and amount of offi cer’s emoluments, the Board takes into consideration the Company’s financial and operational performance.
Remuneration packages contain the following key elements:
• Primary benefi ts - salary/fees, bonuses and non monetary benefits including the provision of transport allowance and health benefits;
• Post-employment benefi ts - including superannuation and prescribed retirement benefits;
• Equity - shares and share options granted under the Company’s Incentive Option Scheme; and
• Other benefits
Non-Executive Directors’ Remuneration
The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain directors of the highest calibre, while incurring a cost which is acceptable to shareholders. The Company’s constitution provides that this remuneration may be divided among the nonexecutive Directors in such a fashion as the Board may determine. Notice of any proposed increase in the non-executive Directors’ remuneration and the total amount of the remuneration payable to the non-executive Directors as a result of the proposed increase must be given to members in the notice convening the general meeting at which the increase is to be proposed. A full detail of remuneration is included in the Remuneration Report for the year ended 30th June 2006.
Names of Remuneration Committee Members and their attendance at Committee Meetings
The Board convened as a remuneration committee three times during the Reporting Period. A Remuneration Committee has now been established and its members are Richard Casey (Chair), Sam Di Giacomo (Independent) and Dr Nicholas Samaras (Independent).
