Page 63 - Sundance Resources Ltd Annual Report 2013

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013 61
directors’ report (continued)
FOR THE YEAR ENDED 30 JUNE 2013
12. REMUNERATION REPORT OVERVIEW (continued)
12.6 Short Term Incentive (‘STI’) Payments (continued)
2012 Calendar Year STI Payments (continued)
Details of the payments are provided below:
2012 Calendar Year
(paid in Jan 2013)
Potential Variable
Remuneration
STI
(% of base salary)
Potential Incentive
Entitlement
$
Actual Payment
$
Incentive
Forfeited
$
Mr G Casello 25% 156,250 128,125 28,125
Mr P Canterbury 20% 71,000 58,327 12,673
Mr B Conrick 20% 47,000 38,399 8,601
Mr P De Nardi 20% 71,000 55,558 15,442
Ms N Gill 20% 63,000 47,786 15,214
Mr R Longley 20% 90,000 74,475 15,525
Mr D Meehan 20% 122,400 96,880 25,520
Mr T Sewell 20% 73,450 56,373 17,077
2011 Calendar Year STI Payments
STI payments were made in January 2012 upon the recommendation of the NRC the Chief Executive Officer, based
on the achievement of individual and Corporate KPI’s as stated for the 2011 calendar year. Employees were entitled
to elect to receive STI payment in cash or share rights.
The 2011 Corporate KPI’s covered the areas of:
• Completion of a viable Definitive Feasibility Study by a defined time, which included:
- Targeted capital and operating costs
- Targeted reserve (Mt)
- Approved Project Implementation Plan;
• Engagement of a Strategic Partner;
• Government Conventions signed;
• Governance policies and procedures in place; and
• Achieving a resource target above 450 Mt for high grade hematite.
The NRC assessed the extent to which the Corporate KPI’s were met for the year and recommended that 60%
of the STI awards be granted, resulting in the forfeiture of 40% of the potential incentive payments attributed to
Corporate KPIs. Payments made in relation to individual objectives were assessed through individual performance
appraisals.
The Managing Director and Chief Executive Officer individual KPI’s, which covered the areas of
- improvement of the capabilities of the Company;
- government relations; and
- investor relations,
were assessed by the NRC and referred to the full Board for approval.