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Remuneration Report

This report covers ANI’s Key Management Personnel (KMP) who have authority and responsibility for planning, directing and controlling the activities of the Company directly and indirectly throughout the year.

Title

Status

Appointment date

Directors

Lucio Di Bartolomeo

Independent, Non-Executive Chair

Current

26 June 2017

Peter Iancov

Independent, Non-Executive Director

Current

13 February 2017

Janice van Reyk

Independent, Non-Executive Director

Current

14 August 2017

Jeremy Schultz

Independent, Non-Executive Director

Current

13 February 2017

Alan (Jim) Whalley

Independent, Non-Executive Director

Current

26 June 2017

Senior executives

David Knox

Managing Director and Chief Executive Officer

Current

13 June 2017

Paul Bates

General Manager, Operations

Current

1 December 2017

Phil Cornish

Project Director

Current

15 January 2018

Sally McLennan

General Counsel and Company Secretary

Current

21 August 2017

Andrew Seaton

Chief Financial and Commercial Officer

Current

20 July 2017

Non-executive director fees

All non-executive directors of ANI are appointed by the Commonwealth Government through the Shareholder Ministers.

Fees for non-executive directors are set through the determinations of the Commonwealth Remuneration Tribunal, an independent statutory body overseeing the remuneration of key Commonwealth offices. ANI is obligated to comply with the Tribunal’s determinations and plays no role in the consideration or determination of non-executive director fees.

Remuneration for non-executive directors for FY 2019 and FY 2018 is shown in the table below:

Short-term benefits

Post-employment benefits

Total remuneration

Directors' fees

Superannuation contributions

Non-executive directors

$

$

$

Lucio Di Bartolomeo

2019

121,245

11,518

132,763

2018

116,743

11,091

127,834

Peter Iancov

2019

68,924

6,548

75,472

2018

66,359

6,304

72,663

Janice van Reyk

2019

77,226

7,336

84,562

2018

64,532

6,130

70,662

Jeremy Schultz

2019

66,420

0

66,420

2018

66,166

0

66,166

Alan (Jim) Whalley

2019

60,623

5,759

66,382

2018

58,371

5,545

63,916

Total non-executive directors

2019

394,438

31,161

425,599

2018

372,171

29,070

401,241

Managing Director/Chief Executive Officer remuneration

ANI’s Managing Director and Chief Executive Officer (MD/CEO) was appointed by the Commonwealth Government through the Shareholder Ministers.

The MD/CEO role has been declared by the Commonwealth Remuneration Tribunal as a Principal Executive Office (PEO) Band D under the Remuneration Tribunal Act 1973 (Cth). ANI’s MD/CEO remuneration has been determined and paid in accordance with the Remuneration Tribunal’s guidance and comprised two components - total fixed remuneration (TFR) and at-risk performance pay (Short Term Incentive or STI). TFR for FY 2019 was paid at the Remuneration Tribunal’s “Total Remuneration Reference Rate” (RR) for the office, and the MD/CEO was eligible for STI of up to a maximum of 20% of TFR.

Senior Executive remuneration

ANI’s approach to remuneration is designed to attract and retain the right people with the right expertise to deliver on ANI’s objectives and targets set out in its Corporate Plan. In particular, ANI’s executive team is comprised of individuals with the breadth and depth of experience required to deliver on ANI’s major projects and commercial outcomes, and to build a performance culture.

Remuneration of executive KMPs reporting to the MD/CEO (Senior Executives) is set by the MD/CEO and the ANI Board. For FY 2019, Senior Executive remuneration comprised TFR, and STI of up to a maximum of 20% of TFR.

TFR is set having regard to market factors, technical expertise, role scope and industry benchmarks, and has been informed by external benchmarking undertaken by remuneration consultants, AON Hewitt.

STI for the MD/CEO and Senior Executives is determined by the ANI Board having regard to company and individual performance in the achievement of the company scorecard. The company scorecard is set by the Board at the start of the financial year, and is aligned to the measures in ANI’s Corporate Plan endorsed annually by the Shareholder Ministers. For FY 2019, performance was assessed against the following measures:

Deliverable

Weighting

Outcome

Corporate KPIs set out in the Corporate Plan

20%

Achieved

Operations and safety

15%

Scored at 0% due to one high potential incident

OSDP on schedule

20%

Achieved

OSDP on budget

10%

Achieved

Future Submarine Yard planning progressing to plan

15%

Achieved

Access agreements signed

10%

Achieved

Financial (EBITDA)

10%

Achieved

Remuneration for MD / CEO and Senior Executives for FY 2019 and FY 2018 is shown in the table below (1):

Short term benefits

Post employment benefits

Other long term benefits

Total remuneration

Base Salary

(2)

STI

Superannuation contributions

Long service leave

(3)

Senior executives

$

$

$

$

$

David Knox

2019

558,798

91,392

20,531

15,499

686,220

2018

510,529

81,348

54,066

3,957

649,900

Paul Bates

(4)

2019

238,554

41,811

26,192

14,722

321,278

2018

131,783

36,822

15,591

3,778

187,974

Phil Cornish

(5)

2019

336,097

57,699

25,000

4,695

423,491

2018

149,630

24,110

15,504

515

189,759

Sally McLennan

(6)

2019

265,468

46,473

25,000

5,334

342,275

2018

204,893

38,388

22,182

736

266,199

Andrew Seaton

(7)

2019

469,347

75,849

19,500

9,242

573,938

2018

442,127

70,155

22,335

1,492

536,109

Total executives

2019

1,868,264

313,224

116,223

49,492

2,347,203

2018

1,438,962

250,823

129,678

10,478

1,829,941

Total KMP

2019

2,262,702

313,224

147,384

49,492

2,772,802

2018

1,811,133

250,823

158,748

10,478

2,231,182

  1. No payments were made to Senior Executives in relation to other benefits and allowances, other long-term benefits or termination benefits during the periods shown.
  2. Base salary includes accrued annual leave entitlements.
  3. Long service leave amounts relate to the movement in the provision for long service leave during the relevant period, which is calculated in accordance with Australian Accounting Standards.
  4. Paul Bates became a KMP on 1 December 2017. His part-year remuneration for 2018 is shown.
  5. Phil Cornish became a KMP on 15 January 2018. His part-year remuneration for 2018 is shown.
  6. Sally McLennan became a KMP on 21 August 2017. Her part-year remuneration for 2018 is shown.
  7. Andrew Seaton became a KMP on 20 July 2017. His part-year remuneration for 2018 is shown.