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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 49 The Board is satisfied that the recommendations were free from undue influence based on the following reasons: • The remuneration recommendations were provided directly to the members of the Remuneration Committee, none of whom are executive directors; • the engagement of Egan Associates was overseen by the Remuneration Committee and the Committee has no reason to believe that any inappropriate pressure was placed on Egan Associates by members of the management team with a view to influencing the recommendations provided; • Egan Associates have provided a declaration that the recommendations provided during FY2012 were free from undue influence by any members of the KMP to whom the recommendations related; and • aside from the recommendations described above, Egan Associates also provided ad hoc support and advice as requested by the Remuneration Committee, including attendance at Committee meetings and the provision of benchmarking data and technical advice on KMP remuneration.. This additional advice did not constitute remuneration recommendations. As required to be disclosed by the Corporations Act, within the context of the work described above, the fees paid to Egan Associates for the recommendations were $55,825 (excluding GST) and the fees for other services were $65,555 (excluding GST). 7.3.6 Employment contracts -- audited The Company entered into new employment contracts with some senior executives in FY2012 in order to align the contract terms with market practice and to ensure consistency across the executive group. A summary of the notice periods under senior executives' contracts (all of which are of ongoing duration) are set out in the table below. Name Position (at year-end) Notice Tony Haggarty Managing Director 1 month by either party Allan Davies Executive Director (who contracts his services to the Company through Dalara Management Services Pty Ltd) 1 month by either party Peter Kane Chief Operating Officer (Aston & Boardwalk Operations) Appointed 1 May 2012 3 months by employee 12 months by the Company Austen Perrin Chief Financial Officer and Joint Company Secretary Appointed 27 October 2008 3 months by employee 12 months by the Company Timothy Burt General Counsel and Joint Company Secretary Appointed 29 July 2009 3 months by employee 12 months by the Company The executive contracts do not provide for any termination benefits aside from payment in lieu of notice (where applicable). Treatment of unvested incentives is dealt with in accordance with the terms of grant. In general, under the new STI and LTI arrangements, 'bad leavers' (i.e. executives who resign or are terminated for cause) will forfeit their unvested entitlements while 'good leavers' will retain their entitlements (subject to any applicable performance conditions in the case of LTI arrangements). Tony Galligan ceased his role as General Manager Infrastructure on 31 May 2012 and commenced a new role as a consultant to the Company on 1 June 2012. Mr Galligan did not receive any termination benefits on ceasing his previous role as General Manager Infrastructure.
Annual Report 2011
Annual Report 2013