Principle 9: Remunerate fairly and responsibly

The Board is committed to ensuring that the level and composition of remuneration is sufficient and reasonable and that its relationship to corporate and individual performance is defined.

Executive Remuneration Policy

The Company remunerates its senior executives in a manner that is market competitive, consistent with best practice and aligned to the interests of shareholders. Remuneration comprises a fixed salary, determined from a market review, to reflect core performance requirements and expectations of the relevant position, statutory superannuation, and participation in the Company’s employee share option plan as approved by shareholders.

The Board is considering the adoption of a bonus plan for senior executives which will be designed to reward actual achievement against specific performance objectives.

Non-Executive Remuneration Policy

Non-executive Directors are paid a fixed fee out of the maximum aggregate amount which has been approved by shareholders. Non-executive Directors are entitled to statutory superannuation but do not participate in the employee share option plan. They may be issued options subject to shareholder approval.

Director remuneration and equity holdings have been disclosed in the Company's annual report.  There are no schemes for retirement benefits, other than statutory superannuation, for any non-executive Director.

Remuneration Committee and Share Option Plan

Given the size and composition of the Board, the remuneration committee comprises of only two members (Mr Mews, Chairman, and Mr Crossley) who are non-executive Directors who fulfil the independence criteria outlined in the guidelines. The details of the member’s qualifications and details of the meetings held are set out in the Company’s annual report. A copy of the terms of reference of the remuneration committee has been placed on the Company’s website.

The Company has an employee share option plan which was approved by shareholders. Details are disclosed in the Company's annual report.  All options issued under the plan are issued in accordance with the thresholds outlined in the shareholder approved plan.