14. Related Party Transactions
(a) Key management personnel compensation
Disclosures relating to ANI's key management personnel are set out below:
June 2020 | June 2019 | |
$ | $ | |
Short-term employee benefits | 2,659,810 | 2,575,926 |
Post-employment benefits | 137,576 | 147,384 |
Other long-term benefits | 20,207 | 49,492 |
2,817,593 | 2,772,802 |
Detailed remuneration disclosures are provided in the REMUNERATION REPORT
(b) Directors
The following were directors of the Company during the whole of the financial year:
- Lucio Di Bartolomeo
- Peter Iancov
- Janice van Reyk
- Jeremy Schultz
- Alan (Jim) Whalley
The following were directors of the Company for part of the financial year:
- David Knox (retired 3 April 2020)
- Andrew Seaton (appointed 6 April 2020)
(c) Other related parties
(i) Australian Government Ministers
There have been no transactions with any Australian Government Ministers during the financial year.
(ii) Shareholders
The following transactions occurred with related parties:
June 2020 | June 2019 | |
$ | $ | |
Equity injections | ||
Equity injections from the Commonwealth Government | 320,750,000 | 301,450,000 |
(d) Loan from the Commonwealth of Australia and its related parties
June 2020 | June 2019 | |
$ | $ | |
Deferred purchase obligation | ||
Balance at beginning of period | 15,412,644 | 15,743,591 |
Fair value adjustment | ||
Finance (income) / expense | (17,053) | 487,424 |
Remeasurement of financial liability | (2,277,985) | (818,371) |
(2,295,038) | (330,947) | |
Closing balance at end of period | 13,117,606 | 15,412,644 |
Refer to Note 7(e)(i) in 7. Financial Assets and Financial Liabilities for further background on this financial liability.
Visit
https://www.transparency.gov.au/annual-reports/australian-naval-infrastructure-pty-ltd/reporting-year/2019-20-53