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Whitehaven Coal Limited : Annual Report 2012
50 7. REMUNERATION REPORT (CONTINUED) 7.4 Remuneration during FY2012 -- audited 7.4.1 Remuneration principles in FY2012 (Pre-merger -- 1 July 2011 to 30 April 2012) As outlined in section 7.3, a new executive remuneration framework was developed during FY2012 and is being progressively rolled out (with the fixed remuneration and STI components taking effect from 1 May 2012). For the period between 1 July 2011 and 30 April 2012, the Company's previous remuneration arrangements applied. This section describes the remuneration approach that applied during this period for the Company's senior executives. For convenience, this period will be referred to as FY2012 even though it does not align with the full financial year. As described in the FY2011 Remuneration Report, the Remuneration Committee's overall objective for FY2012 was to ensure that remuneration provided to the senior executives was set competitively to attract and retain appropriately qualified and experienced directors and executives. The key remuneration principles in place during FY2012 took into account: • the appropriateness of remuneration packages of both the Company and the consolidated entity given trends in comparative companies both locally and internationally and the objectives of the Company's remuneration strategy; • the achievement of strategic objectives and the broader outcome of creation of value for shareholders; • the capability and experience of the executives; • the executive's ability to control performance; and • the consolidated entity's performance including: -- the consolidated entity's earnings; -- the growth in share price and delivering constant returns on shareholder wealth; and -- the amount of incentives within each executive's remuneration. Remuneration included a mix of fixed compensation and short and long-term incentives, as described below. The remuneration for certain key employees also included retention grants that were made in August 2010 and which vested in February 2012 (for those participants who remained in employment). As noted above, the remuneration outcomes for FY2012 were significantly impacted by the Merger in May 2012, which resulted in unvested incentive entitlements crystallising for the senior executives. DIRECTORS' REPORT
Annual Report 2011
Annual Report 2013