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Whitehaven Coal Limited : Annual Report 2013
90 Whitehaven Coal Limited Annual Report 2013 The diagram below shows timing for determining and delivering executive remuneration for FY2013 and FY2014. FY2013 FY2013 Senior Executive Remuneration FY2014 Senior Executive Remuneration FY2014 FY2015 FY2016 FY2017 Vesting period for Tranche 3 Restriction period for Tranche 2 of STI Deferred Shares Restriction period for Tranche 2 of STI Deferred Shares Vesting period for Tranche 2 Restriction period for Tranche 1 of STI Deferred Shares Restriction period for Tranche 1 of STI Deferred Shares Vesting period for Tranche 2 Total Fixed remuneration Determined based on: • market benchmarking • FY2013 performance Total Fixed remuneration Determined based on: • market benchmarking • 2012 performance Long-term incentive At risk based on performance against a relative TSR measure Long-term incentive At risk based on performance against a relative TSR measure Short-term incentive At risk based on nancial and non- nancial KPIs Short-term incentive At risk based on nancial and non- nancial KPIs Vesting period for Tranche 1 Vesting period for Tranche 1 1/5/12 8.5.3 Fixed remuneration Fixed remuneration received by executive KMP comprises base salary, superannuation and other bene ts and is subject to approval by the Remuneration Committee. Fixed remuneration and total target remuneration will typically be positioned at around the median percentile of the relevant market. The objective of this target positioning is to recognize the need to meet the market in order to attract and retain the best talent in a sector where demand for skilled labour is high while still ensuring appropriate restraint in respect of executive remuneration. Actual market positioning for each individual may deviate from (above or below) the positioning policy due to consideration of internal relativities, experience, tenure in role, individual performance and retention considerations. In the case of the incoming CEO, his total remuneration package was benchmarked against comparable ASX100 resources sector companies. The remuneration package agreed with Mr Flynn was the benchmarked CEO package originally recommended by an external remuneration consultant, Egan Associates, for Mr Haggarty, but Mr Haggarty elected not to take that package at the time due to his signi cant shareholding in the Company. While this resulted in Mr Flynn receiving a higher remuneration package than that paid to the previous CEO, this is a re ection of the fact that Mr Haggarty's remuneration package was signi cantly below the benchmark level for CEOs of peer companies. 8. REMUNERATION REPORT CONTINUED 8.5 Detail of components of executive KMP remuneration -- audited (continued) 8.5.2 Mix and timing of remuneration in FY2013 (continued) Directors' Report
Annual Report 2012