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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 41 Principle 8 -- Remunerate fairly and responsibly Whitehaven's remuneration policy and practices are designed to attract, motivate and retain high quality people. The policy is built around the following principles: • remuneration being competitive in the markets in which the Company operates; • remuneration being linked to Company performance and the creation of shareholder value. Whitehaven has a Remuneration Committee whose responsibilities include considering the Company's remuneration strategy and policy, overseeing the Company's human resources strategy and making recommendations to the Board that are in the best interests of the Company and its shareholders. The Committee is comprised of a majority of independent Directors, is chaired by an independent Director and has three members. The Remuneration Committee has a formal charter which sets out its roles and responsibilities, composition structure and membership requirements. A copy of this charter can be viewed on Whitehaven's website. The remuneration of non-executive Directors is fixed by way of cash and superannuation contributions. Non-executive Directors do not receive any options, bonus payments or other performance related incentives, nor are they provided with any retirement benefits other than superannuation. More information relating to the remuneration of non-executive Directors and senior managers is set out in the Remuneration Report on pages 42 to 62. As required by the Corporations Act, a resolution that the Remuneration Report be adopted will be put to the vote at the Annual General Meeting, however the vote will be advisory only and will not bind the Directors of the Company. 6. DIVIDENDS During the year the Company paid fully franked dividends of $272,265,000, representing a final 2011 dividend of 4.1 cents per ordinary share and a special dividend for 2012 of 50.0 cents per ordinary share. Declared after end of year After the balance date the following dividend was proposed by the Directors. Cents per share Total amount $'000 Franked amount per security Date of payment Final ordinary (Fully franked) 3.0 29,375 100% 28 September 2012 The record date for determining entitlement to the dividend will be 17 September 2012. The financial effect of these dividends has not been brought to account in the financial statements for the year ended 30 June 2012 and will be recognised in subsequent financial reports.
Annual Report 2011
Annual Report 2013