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Whitehaven Coal Limited : Annual Report 2013
83 Whitehaven Coal Limited Annual Report 2013 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 xed 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 bene ts 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 84 to 102. 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. 7. DIVIDENDS During the year the Company paid fully franked dividends of $29,375,000, representing a nal 2012 dividend of 3.0 cents per ordinary share. Declared after end of year Directors have resolved not to declare a dividend in respect of FY2013. Directors' Report
Annual Report 2012