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Whitehaven Coal Limited : Annual Report 2013
97 Whitehaven Coal Limited Annual Report 2013 8.7.1 Appointment of new Managing Director and CEO (continued) Transitional payments In the period prior to commencing his role as Managing Director and Chief Executive O cer and before he was earning an executive salary, Mr Flynn worked closely with Mr Haggarty to ensure a smooth leadership transition. In particular, during this period Mr Flynn performed extra services including undertaking a cost review across Whitehaven's operations. In these circumstances, recognising the special exertion of Mr Flynn in addition to his usual role as a non-executive Director, the Board considered it appropriate to pay Mr Flynn a fee of $3,750 for each additional day of service. In aggregate $88,125 was paid to Mr Flynn prior to his formally commencing in an executive capacity. These transitional payments are captured in the realised remuneration table in section 8.2 and the statutory remuneration table in section 8.9.3. Treatment of previous non-executive Director service agreement Mr Flynn was previously appointed as a non-executive Director of Whitehaven and was entitled to Board and committee fees and statutory superannuation contributions. These fees were prorated to the date of Mr Flynn's appointment as Managing Director and Chief Executive O cer, and full details regarding what Mr Flynn was paid in his capacity as a non-executive Director during FY2013 are set out in section 8.9.3 of this Remuneration Report. No termination bene ts were payable under his non-executive Director services agreement. Other key terms Other key terms of Mr Flynn's service agreement include the following: • his employment is ongoing, subject to twelve months' notice of termination by Whitehaven or six months' notice of termination by Mr Flynn. • the Company may terminate without notice in certain circumstances, including serious misconduct or negligence in the performance of duties. Mr Flynn may terminate immediately in the case of fundamental change to his role (i.e. there is a substantial diminution to his responsibilities), in which case his entitlements will be the same as if the Company terminated him without cause. • the consequences for unvested incentive awards on termination of Mr Flynn's employment will be in accordance with the Company's STI and LTI plans. • Mr Flynn will have post-employment restraints for a period of three months. No additional amounts will be payable in respect of this restraint period. 8.7.2 Senior executive contracts A summary of the notice periods and key terms of the current executive KMP contracts are set out in the table below. All of the contracts below are of ongoing duration. Name and position (at year-end) Notice Timothy Burt General Counsel and Joint Company Secretary Appointed 29 July 2009 3 months by employee 12 months by the Company Brian Cole Executive General Manager -- Project Delivery Appointed 1 July 2012 6 months by employee or the Company Jamie Frankcombe Executive General Manager -- Operations Appointed 4 February 2013 3 months by employee 6 months by the Company Austen Perrin Chief Financial O cer and Joint Company Secretary Appointed 27 October 2008 3 months by employee 12 months by the Company Directors' Report
Annual Report 2012