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Key Management Personnel Remuneration

ASC’s key management personnel (KMP) are the Non-Executive Directors, the Managing Director and those Senior Executives whom hold authority and responsibility for planning, directing and controlling ASC’s strategic direction. ASC's KMP include KMP for both ASC Pty Ltd and its former subsidiary ASC Shipbuilding Pty Limited.

Fees for Non-Executive Directors are set by the relevant determination of the Remuneration Tribunal.

A summary for KMP remuneration for the financial year 2019/20 is included at Table 8.

ASC’s approach to senior executive remuneration is at Table 7.

Table 7 - Remuneration for Senior Executives for FY 18/19 and FY 19/20

Base salary (1)

Bonuses (3)

Other benefits and allowances

Superannuation contributions (2)

Long Service Leave (4)

Other long-term benefits (5)

(6)

Name

Position title

Note

$

$

$

$

$

$

$

KMP

ASC Pty Ltd

Stuart Whiley

Managing Director and Chief Executive Officer

2019/2020

648,286

129,515

0

25,000

16,000

0

0

818,801

2018/2019

579,614

135,993

0

25,000

15,043

0

0

755,650

Martin Edwards

Executive Manager Maritime Services Group

2019/2020

447,463

74,764

13,087

46,307

10,668

74,764

0

667,053

2018/2019

435,002

91,947

16,888

25,000

10,171

0

0

579,008

Paul Gay

Executive Manager CCSM Group

2019/2020

409,995

74,884

0

25,000

9,769

74,884

0

594,532

2018/2019

380,077

80,738

0

25,000

9,217

0

0

495,032

Christian Hamilton

Executive Manager Strategy & Communications

2019/2020

301,298

52,086

0

27,567

7,207

52,086

0

440,244

2018/2019

287,223

51,499

0

31,462

6,995

0

0

377,179

Wendy Hoad

General Counsel

2019/2020

7

5,930

0

0

731

100

0

0

6,761

2018/2019

305,338

66,073

12,144

25,000

7,309

0

0

415,864

Ashley Menadue

Chief Financial Officer

2019/2020

440,887

82,712

0

30,886

10,491

82,712

0

647,688

2018/2019

409,992

86,700

0

25,000

9,897

0

0

531,589

Total

2019/2020

2,253,859

413,961

13,087

155,491

54,235

284,446

0

3,175,079

2018/2019

2,397,246

512,950

29,032

156,462

58,632

0

0

3,154,322

ASC Shipbuilding

Jim Cuthill

Acting CEO ASC Shipbuilding

2018/2019

8

198,911

45,515

0

34,950

3,430

0

0

282,806

Total

2018/2019

198,911

45,515

0

34,950

3,430

0

0

282,806

Grand Total

2019/2020

2,253,859

413,961

13,087

155,491

54,235

284,446

0

3,175,079

2018/2019

2,596,157

558,465

29,032

191,412

62,062

0

0

3,437,128

1. Base salary includes annual leave accrued in the year and allowances paid.

2. ASC's policy is to pay superannuation at 9.5% on all applicable ordinary time earnings (e.g. salary, bonuses, allowances). Where the superannuation concessional cap (currently $25,000) would be exceeded, Senior Executives may request that the superannuation be converted to a cash payment. Where this has occurred the cash payment is included in base salary, bonuses or other long term benefits as applicable.

3. Amounts totalling $48,351 relating to superannuation on bonuses taken as cash due to concessional caps being exceeded have been reclassified from base salary to bonuses in the 2019 prior year comparatives to align with the current year and provide greater transparency.

4. Long service leave relates to amounts accrued during the relevant period.

5. Other long term benefits includes deferred component of incentive scheme which is payable 12 months after it is earnt.

6. Termination benefits exclude payment of statutory benefits for long service leave and annual leave, which have previously been accrued.

7. Wendy Hoad ceased employment on 5 July 2019.

8. J Cuthill ceased to be a Senior Executive of the ASC Group on 13 December 2018 with the transfer of ASC Shipbuilding Pty Ltd to separate government ownership.

Table 8 Remuneration for Non-Executive Directors for FY 18/19 and FY 19/20

Short-term benefits

Post-employment benefits

Other long-term benefits

Termination benefits

Total remuneration

Base salary

Bonuses

Other benefits and allowances (1)

Superannuation contributions

Long Service Leave

Name

Position title

Note

$

$

$

$

$

$

$

ASC Pty Ltd

Bruce Carter

Chairman

2019/2020

0

0

166,290

15,798

0

0

182,088

2018/2019

0

0

163,020

15,487

0

0

178,507

Rosalind Dubs

Director

2019/2020

2

0

0

85,460

8,119

0

0

93,579

2018/2019

0

0

83,770

7,958

0

0

91,728

Gary Gray

Director

2019/2020

3

0

0

59,471

5,650

0

0

65,121

2018/2019

0

0

83,770

7,958

0

0

91,728

Joycelyn Morton

Director

2019/2020

4

0

0

93,940

8,924

0

0

102,864

2018/2019

0

0

92,090

8,749

0

0

100,839

Loretta Reynolds

Director

2019/2020

5

0

0

85,780

8,149

0

0

93,929

2018/2019

0

0

84,090

7,989

0

0

92,079

Paul Rizzo

Director

2019/2020

6

0

0

101,450

9,638

0

0

111,088

2018/2019

0

0

99,450

9,448

0

0

108,898

Geoffrey Rohrsheim

Director

2019/2020

7

0

0

85,460

8,119

0

0

93,579

2018/2019

0

0

24,787

2,355

0

0

27,142

2019/2020

0

0

677,851

64,397

0

0

742,248

2018/2019

0

0

630,977

59,943

0

0

690,920

1. Director fees have been classified as Other benefits and allowances.

2. Rosalind Dubs is a member of the Business Assurance and Security Committee.

3. Gary Gray is a member of the Business Assurance and Security Committee. Gary Gray ceased to be a Director on 11 March 2020.

4. Joycelyn Morton is the Chair of the Audit Committee.

5. Loretta Reynolds is a member of the Audit Committee.

6. Paul Rizzo is the Chair of the Business Assurance and Security Committee and a member of the Audit Committee.

7. Geoffrey Rohrsheim is a member of the Business Assurance and Security Committee.

Senior Executive Remuneration Overview

ASC Pty Ltd’s Senior Executive remuneration structure has been developed to ensure that its Senior Executives are remunerated commensurate with the market and incentivised to deliver against the corporate objectives. ASC’s Senior Executive remuneration is structured with a total fixed remuneration (TFR) amount, together with a short term incentive (STI) payment, should the required company performance and individual objectives be achieved.

The remuneration of the ASC Pty Ltd Managing Director is in accordance with the relevant determination of the Remuneration Tribunal and the role is currently classified as a Principal Executive Office B and E and includes an at risk amount of up to 20% of total remuneration.

Setting Senior Executive Remuneration

ASC Senior Executive remuneration packages are developed so as to ensure as much as is possible, that the total remuneration amount is competitive when compared to similar organisations.

ASC Senior Executive TFR consists of salaries and wages, allowances and other non-monetary benefits, annual leave and superannuation. When establishing an appropriate TFR for an ASC Senior Executive the following elements are considered:

  • Market data;
  • Risk and complexity of the role;
  • The Executive’s experience and skills;
  • Performance;
  • Internal relativity within the Senior Executive.

Benchmarking and review of Senior Executive remuneration

ASC Senior Executive roles are independently benchmarked against reference market data gathered from market research and augmented with survey data. The most recent benchmarking exercise was conducted in November 2019.

As a result of the November 2019 benchmarking activity, a new incentive program was introduced which resulted in changes to the application of the short term incentive scheme. Of note was the inclusion of a deferred component which is payable 12 months after it is earnt.

The ASC Board’s Human Resource and Remuneration Committee reviews Senior Executive remuneration packages annually to ensure they are reflective of company and individual performance and market conditions, as well as any relevant Remuneration Tribunal determinations. The ASC Board is responsible for the approval of Senior Executive remuneration packages and the award of annual individual STI’s following recommendations from the Human Resource and Remuneration Committee.

Linking company and individual performance to STI payments

To ensure that ASC’s strategic objectives are achieved each Senior Executive remuneration package contains a portion of ‘at risk’ remuneration paid as an STI payment. The STI program is a core element of ASC’s Senior Executive remuneration package as it is tied directly to the successful completion of both company and individually assigned objectives which are directly aligned to ASC’s strategy and are set out in relevant Board approved Game Plans.

The STI allows ASC to:

  • Incentivise the delivery of corporate objectives aligned to ASC’s strategy.
  • Reward Senior Executives that have contributed to ASC’s success during the performance period.

Non-Executive Director Fees

All Non-Executive Directors of ASC Pty Ltd are appointed by the Minister for Finance.

Fees for Non-Executive Directors are set through the determinations of the Commonwealth Remuneration Tribunal (the Tribunal). The Tribunal makes the Determination in accordance with subsections of the Remuneration Tribunal Act 1973.

The Tribunal sets annual Chair and Board Member fees (exclusive of superannuation contributions) for all activities undertaken by Non-Executive Directors on behalf of ASC Pty Ltd. Board member fees are not payable to the Chair.

The following table details the fees for Non-Executive Directors for the financial year (FY) 2019/2020 and financial year 2018/2019.

Table 6 Fees for Non-Executive Directors for the financial year 2019/20 and financial year 2018/19

Non-Executive position

From 1 July 2019

From 1 July 2018

Chair

$166,290

$163,020

Member

$77,620

$76,090

Chair – Audit Committee

$16,320

$16,000

Member – Audit Committee

$8,160

$8,000

Chair – Business Assurance and Security Committee

$15,670

$15,360

Member – Business Assurance and Security Committee

$7,840

$7,680