Page 62 - Sundance Resources Ltd Annual Report 2013

60 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013
12.6 Short Term Incentive (‘STI’) Payments
2012 Calendar Year STI Payments
Board approved STI payments were made in January 2013 based on the achievement of individual and
Corporate KPI’s as stated for the 2012 calendar year.
The 2012 Corporate KPI’s were derived from the following Key Performance Areas
• Approvals, which included
- Congo Mining Permit
- Congo Convention
- Cameroon Convention
- Bilateral Agreement
• Cash Position
• Project Progress
• Safety & Compliance
• Corporate Risk Management
• JORC Resource
The NRC assessed the extent to which the Corporate KPI’s were met for the year in December 2012 and
recommended to the Board that 77.5% of the STI awards be granted; resulting in the forfeiture of 22.5%
of the potential incentive payments attributed to Corporate KPI’s.
It is important to note the above KPI’s and the related achievement applied to the calendar year up to December
2012. The progression and growth of the project during that period was substantial. They included increases to
High Grade Hematite and Itabirite Resources, the upgrade of the High Grade Ore Reserve, successfully signing the
Convention, receiving the Congo Mining Permit, preparing for the Declaration of Utility Publique (‘DUP’) in-country,
and advancing community engagement programmes in both Cameroon and Congo all whilst maintaining excellent
health & safety standards. Payments made in relation to individual objectives were assessed through individual
performance appraisals.
The Managing Director and Chief Executive Officer individual KPI’s covered the areas of
- Strategic partnership relations;
- Executive and key personnel retention; and
- Shareholder and investor Relations
Final approval of the Managing Director and Chief Executive Officer performance review was made by the Board.
The NRC also reviewed the achievement of the Executive Committee members’ individual objectives.
directors’ report (continued)
FOR THE YEAR ENDED 30 JUNE 2013
12. REMUNERATION REPORT OVERVIEW (continued)