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Whitehaven Coal Limited : Annual Report 2013
85 Whitehaven Coal Limited Annual Report 2013 The Remuneration Committee remains committed to ensuring that the Company's remuneration framework operates e ectively in order to appropriately incentivise and reward senior executives while being transparently aligned with shareholder interests. In this regard, throughout FY2013 the Remuneration Committee gave careful consideration to whether to introduce a second performance hurdle to apply to the long-term incentive awards. Whilst the Remuneration Committee reviewed and considered a number of possible additional hurdles, it was decided to defer the selection and implementation of a second hurdle given the current transformational circumstances of the Company. However the Remuneration Committee still contemplates introducing a second hurdle in the future. The Company will be seeking approval from shareholders at the upcoming Annual General Meeting for the grant of performance rights under the long-term incentive plan to the Managing Director and Chief Executive O cer, as well as approval of any deferred shares that may become payable to Mr Flynn in relation to the FY2014 short-term incentive. Full details of those grants (including the applicable performance hurdle and vesting schedule) will be set out in the Notice of Meeting. 8.2 Realised remuneration Details of the remuneration of the executive key management personnel (KMP) prepared in accordance with statutory obligations and accounting standards, are contained in section 8.8 of this Remuneration Report. To give shareholders a better understanding of the remuneration actually received by executive KMP, the table below sets out the cash and other bene ts executive KMP have received (or will receive) based on their performance in FY2013. The amounts disclosed in the table, while not in accordance with the accounting standards, are considered more helpful for shareholders in demonstrating the linkages between Company performance and remuneration outcomes for executives. Name Fixed1 STI2 LTI3 Cessation4 Other5 Total Paul Flynn $567,790 -- N/A -- $32,640 $600,430 Tony Haggarty $594,524 -- N/A $141,459 $7,920 $743,903 Timothy Burt $475,000 $69,298 N/A -- $11,264 $555,562 Brian Cole $650,100 $84,157 N/A -- $400,000 $1,134,257 Allan Davies $585,468 -- N/A -- -- $585,468 Jamie Frankcombe $364,583 $44,949 N/A -- $204,400 $613,932 Peter Kane $357,143 -- N/A $782,636 -- $1,139,779 Austen Perrin $650,000 $75,863 N/A -- $11,333 $737,196 1 Fixed remuneration comprises base salary and superannuation, as well as Directors' fees in respect of any period during the year for which the relevant individual served as a non-executive Director (in relation to Mr Flynn and Mr Haggarty). 2 STI represents the amount of the STI that will be paid to the executive for FY2013 performance (with 30% of this amount deferred into restricted shares in the Company and subjected to a continued service based vesting condition). 3 LTI represents the value of performance rights that vested during the year. No LTI was available for vesting during FY2013. 4 Section 8.7.3 sets out further details regarding the cessation arrangements and payments. 5 Other includes parking, long service leave accruals, and signing payments. Mr Flynn received $30,000 as a dislocation allowance upon his commencement as Managing Director and Chief Executive O cer in recognition of costs and expenses he had incurred as a result of foregoing another opportunity. Mr Frankcombe received a sign on grant of shares in the Company with a face value of $200,000 (subject to a one-year service- based vesting condition). Mr Cole received a sign on fee of $400,000 on joining the Company as compensation for long-term incentives that had vested but that he forfeited as a result of leaving his previous employer at a time convenient for the Company. Section 8.7.2 sets out further details of these payments. Directors' Report
Annual Report 2012