Work health and safety

Under the Work Health and Safety Act 2011 (WHS Act) we are required to report certain information. During 2018–19 we had zero notifiable incidents and were not involved in any statutory enforcement or investigations.

Ecological sustainable development

Within our office environment, we encourage a range of initiatives to assist in reducing our environmental footprint. These include:

• Follow Me printing (with default settings set to double-sided greyscale)
• Encouraging electronic meeting papers and scanning to reduce the volume of paper
• Shutting down computers outside of working hours
• Energy efficient lighting, including sensor lighting throughout the office
• Recycling of paper, cardboard, plastics, glass and print cartridges
• Encouraging the use of local public transport hubs and cycling to work.

Advertising and market research

Under section 311A of the Commonwealth Electoral Act 1918, we are required to disclose payments of $13,800 or more (inclusive of GST) to specific types of organisations. These organisations are advertising agencies, market research organisations, polling organisations, media advertising organisations and direct mail organisations. We have no payments requiring disclosure for 2018–19.

Related party transactions of accountable authority

Apart from the remuneration of the directors as disclosed in the notes to the 30 June 2019 Financial Statements, no further related party transactions occurred between Coal LSL and the accountable authority.

Indemnities and insurance premiums

For 2018–19 we renewed an Investment Managers Insurance (IMI) package which covers directors’ and officers’ liability insurance, professional indemnity, employment practices liability and statutory liability. The cost of our IMI package for 2018–19 is $62,415 (including GST).

The insurances provide coverage for all staff including the CEO, executive officers and all staff officially engaged as employees of Coal LSL. Directors’ and officers’ liability insurance covered the consequences of any wrongful act of these officers. Directors’ and officers’ liability does not cover any wilful breach of duty.

There were no claims against our liability insurances for 2018–19.

Workforce profile

The following table represents our workforce profile for the period 2018–19. All employees were based in NSW, Australia.

The following table represents our workforce profile for the period 2017–18. All employees were based in NSW, Australia.

Executive remuneration

Coal LSL is committed to providing transparency of our remuneration for executive and other highly paid employees. For the purpose of this disclosure:

• Key management personnel (KMP) refers to those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise). Coal LSL has determined the key management personnel to be the Chief Executive Officer, Chief Investment Officer and Board of Directors.
• Senior executives refer to those persons who are responsible for making decisions, or having substantial input into decisions, that affect the operations of Coal LSL but are not considered KMP. Coal LSL has determined that the Executive Committee and certain senior managers are senior executives.
• Coal LSL had no other highly paid staff for the current reporting period.

A key principle for remuneration at Coal LSL is designed to offer and maintain competitive remuneration. When setting or reviewing remuneration for a role, factors such as market median, target remuneration for a role, factors such as market median, target remuneration for the role, the market conditions for similar roles, remuneration surveys and other factors deemed relevant are taken into consideration to determine the total fixed remuneration (TFR) of employees other than directors. TFR includes base salary plus superannuation and any benefits salary sacrificed by the employee.

The remuneration framework includes a short-term incentive program for eligible employees, providing a mechanism for recognising employees for meeting and/or exceeding strategic business objectives. The program rewards behaviours which drive a collaborative outcome while allowing acknowledgement for individual performance. Short-term incentives are at-risk and are payable in addition to TFR. Details of remuneration paid, including at-risk incentives, are provided in the table below.

Directors are remunerated at predetermined rates based on preparation and attendance on a per meeting basis. All directors, other than the Chair, are remunerated at the same rate for each meeting.

The Remuneration Committee provides the directors a forum for discussion on the remuneration frameworks and policies, making recommendations to the Board for approval.