The key management personnel of Rockeby biomed Ltd during the year were:
Seet Lip Chai (Chairman, Non executive)
Sze Wee Tan (Managing Director)
Richard Casey (Non executive Director)
Tan Swan Jeng (Non executive Director)
Nicholas Samaras (Non executive Director) appointed 25 November 2005
Sam Di Giacomo (Non executive Director) appointed 5 April 2006
David Free (Non executive Director) resigned 30 November 2005
John Warmington (Non executive Director) resigned 31 March 2006
Roger Schmid (Vice President, Sales and Marketing) appointed 24 April 2006
Betty Lim (Financial Controller)
David Capes (Vice President, Research and Development)
Karl Mikschofsky (Sales and Marketing Manager) resigned 31 March 2006
Nick Plumeridge (Vice President, Marketing) resigned 10 April 2006
(a) Key management personnel remuneration
The Nomination and Remuneration Committee reviews the remuneration packages of all key management personnel on an annual basis and makes recommendations to the board. Remuneration packages are reviewed and determined with due regard to current market rates and are benchmarked against comparable industry salaries.
No specifi c service or performance criteria are used to determine the amount of compensation paid to key management personnel in the form of share based payments. Such payments are at the complete discretion of the Board following recommendations from the Nomination Remuneration Committee.
The compensation of each member of the key management personnel of the consolidated entity is set out below: Key management personnel remuneration
b) Contracts for services of key management personnel
Dr. Tan Sze Wee has a contract for services with Rockeby biomed (Singapore) Pte Ltd. Remuneration received under that contract during the year was SGD277,410 ($225,550) (2004 - SGD280,536 ($224,370)). The contract has a term of 1 year commencing 1 January 2006. It provides for a basic monthly salary, a transport allowance and applicable statutory superannuation contribution. The contract may be terminated by either party giving 6 months’ notice in writing.
One month’s salary for each completed year of service or part thereof since 1 July 2001 is payable to Dr. Tan on termination of the contract by the company.
Richard Casey has a consultancy agreement with Rockeby biomed (Singapore) Pte Ltd to provide advice in the area of identifying and selecting an appropriate marketing partner in the United States for the Company’s product, CanDia5. The agreement commenced on 15 November 2004 and was terminated on 31st March 2006. Amounts paid to Mr Casey under the consultancy agreement for the year to the point of its termination were $156,186 and have been included in directors’ remuneration for the year.
No termination payments were payable under this contract.
Dr. J Warmington, through United Research Trust of which he is Trustee, has an agreement with Rockeby biomed (Australia) Pty Ltd for the provision of his services relating to research and development. The agreement commenced on 1 February 2005 and was renewed on 1st February 2006 up to the point of his resignation on 31st March 2006. Remuneration received by Dr. Warmington under the agreement during the year was $54,000.
Following Dr. John Warmington’s resignation, the Company retained his services on a consultancy basis for a period of twelve months from 1st April 2006. The agreement may be terminated by either party on one month’s notice. Fees under the contract are payable at $2,625 per month and at the year end approximately $7,875 is outstanding. These amounts have not been included in directors’ remuneration and key management personnel renumeration for the year.
No termination payments were payable under this contract.
Dr. J Warmington, through Genetica Biotechnologies Pty Ltd, a company of which he has a controlling interest, has an agreement with Rockeby biomed (Australia) Pty Ltd for the hire of Genetica’s laboratory equipment. An equipment hire charge of $2,000 per month is payable to Genetica under the agreement up to the point of Dr. Warmington’s resignation on 31st March 2006 was $18,000 (2005: $24,000), of which $4,000 was outstanding at the year end. Following Dr, Warmington’s resignation, the Company acquired all assets being hired for a sum of $16,000 refl ecting the fair value of those assets at the time of acquisition by the Company. This amount remains unpaid at the year end.
All executive contracts are with either Rockeby biomed (Sinagpore) Pte Ltd or Rockeby biomed (Australia) Pty Ltd depending where the employee is located and provide for a base salary and applicable statutory superannuation contributions. Notice periods vary as follows:
- Roger Schmid - 3 months
- David Capes - 3 months
- Betty Lim - 1 month
