Disclosures
Work health and safety
Under the Work Health and Safety Act 2011 (WHS Act) we are required to report certain information. During 2019–20 we had zero notifiable incidents and were not involved in any statutory enforcement or investigations.
Advertising and market research
Under section 311A of the Commonwealth Electoral Act 1918, we are required to disclose payments of more than $14,000 (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 2019–20.
Ecologically sustainable development and environmental performance
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 to reduce the volume of paper
- Shutting down computers outside of working hours
- Energy efficient lighting, including sensor lighting throughout the office
- Sensor cooling/heating for energy efficiency
- Recycling of paper, cardboard, plastics, glass and print cartridges
- Recyclable items used when hosting events.
When restocking materials, we investigate more cost-effective and ecologically sustainable options before purchasing.
Related party transactions of accountable authority
Apart from the remuneration of the directors as disclosed in the notes to the 30 June 2020 financial statements, no further related party transactions occurred between Coal LSL and the accountable authority.
Indemnities and insurance premiums
For 2019–20 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 2019–20 was $106,645 (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 do not cover any wilful breach of duty.
There were no claims against our liability insurances for 2019–20.
Workforce profile
The following table represents our workforce profile for the period 2019–20. All employees were based in NSW, Australia.
Male | Female | |||||
Full time | Part time | Total | Full time | Part time | Total | |
Ongoing | 31 | - | 31 | 51 | 13 | 64 |
Non-ongoing | 2 | 2 | 4 | 6 | 2 | 8 |
Coal LSL workforce profile 2019–20
The following table represents our workforce profile for the period 2018–19. All employees were based in NSW, Australia.
Male | Female | |||||
Full time | Part time | Total | Full time | Part time | Total | |
Ongoing | 19 | - | 19 | 42 | 8 | 50 |
Non-ongoing | 1 | - | 1 | 10 | - | 10 |
Coal LSL workforce profile 2018–19
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 Executive Leadership Team 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 members of the Business Leadership Team 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, 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.
Director remuneration is set at Australian Government remuneration rates, as defined by the Remuneration Tribunal.
The Remuneration Committee provides the directors a forum for discussion on the remuneration frameworks and policies, making recommendations to the Board for approval.
Remuneration of Coal LSL executives
Key management personnel remuneration | Short term benefits | Post employment benefits | Other long term benefits | Termination benefits | Total remuneration | ||||
Name | Position title | Base salary | Bonuses | Other benefits and allowances | Superannuation contributions | Long service leave | Name | Position title | Base salary |
Ms Darlene Perks1 | Chief Executive Officer | 325,431 | 60,638 | 622 | 32,007 | 11,489 | 0 | 0 | 430,187 |
Ms Lisbeth Rasmussen2 | Chief Investment Officer | 257,204 | 22,440 | 1,187 | 24,957 | 5,500 | 0 | 0 | 311,288 |
Ms Suzanne Jenkins2,3 | Chief Governance Officer | 160,176 | 16,675 | 560 | 15,922 | 3,347 | 0 | 0 | 196,680 |
Mr Phillip Berner2,4 | Chief Operating Officer | 122,414 | 9,581 | 230 | 10,539 | 1,705 | 0 | 0 | 144,469 |
Mr Chris Radvan2,5 | General Manager People & Culture | 83,241 | 7,250 | 209 | 8,020 | 1,185 | 0 | 0 | 99,905 |
Mr Charles Dowsett6 | Chief Commercial Officer | 87,740 | 0 | 89 | 12,323 | 0 | 0 | 47,500 | 147,652 |
Ms Marie Hanson-Kentwell7 | General Manager People & Culture | 17,351 | 0 | 0 | 4,427 | 0 | 0 | 30,441 | 52,219 |
Ms Christina Langby8,11 | Chair/Director | 21,605 | 0 | 0 | 2,052 | 0 | 0 | 0 | 23,657 |
Mr Bradley Neven9,11 | Chair/Director | 12,548 | 0 | 0 | 1,192 | 0 | 0 | 0 | 13,740 |
Mr Grahame Kelly11 | Deputy Chair/Director | 7,592 | 0 | 0 | 0 | 0 | 0 | 0 | 7,592 |
Mr Mark Klasen11 | Director | 18,688 | 0 | 0 | 1,775 | 0 | 0 | 0 | 20,463 |
Ms Anne Donnellan11 | Director | 18,688 | 0 | 0 | 0 | 0 | 0 | 0 | 18,688 |
Ms Jennifer Short11 | Director | 10,512 | 0 | 0 | 0 | 0 | 0 | 0 | 10,512 |
Mr Scott Faragher10,11 | Director | 2,336 | 0 | 0 | 222 | 0 | 0 | 0 | 2,558 |
Total key management personnel remuneration | $ 1,145,526 | $ 116,584 | $ 2,897 | $ 113,436 | $ 23,226 | $ 0 | $ 77,941 | $ 1,479,610 | |
- An at-risk incentive payment of 25% of total fixed remuneration was available. 70% of the at-risk portion relating to established strategic business objectives which had been met prior to 30 June 2020 has been included in remuneration above. The remaining available at-risk component was subject to further assessment and approval and has not been included as remuneration in this reporting period.
- An at-risk incentive payment of 10% of total fixed remuneration was available. Up to 80% of the at-risk portion relating to established strategic business objectives which had been met prior to 30 June 2020 has been included in remuneration above. The remaining available at-risk component was subject to further assessment and approval and has not been included as remuneration in this reporting period.
- Appointed as KMP from 1 October 2019.
- Appointed 20 January 2020.
- Appointed 28 January 2020. Appointed as Chief People Officer from 1 July 2020.
- Appointed 20 January 2020, resigned 1 May 2020.
- Appointed 24 September 2019, resigned 21 November 2019.
- Appointed as Chair from 1 January 2020.
- Resigned 31 December 2019.
- Appointed 27 February 2020.
- By the nature of their appointment by sponsoring organisations, director fees are paid to either their sponsoring organisation or directly to the director based on an agreement between the relevant director and their sponsoring organisation. Superannuation is not payable by Coal LSL where director fees are paid to a sponsoring organisation.
Senior executive remuneration | Short term benefits | Post employment benefits | Other long term benefits | Termination benefits | Total remuneration | ||||
Remuneration band | Number of senior executives | Average base salary | Average bonuses1 | Average other benefits and allowances | Average superannuation contributions | Average long service leave | Average other long term benefits | Average termination benefits | Average total remuneration |
$0 - $220,000 | 6 | 121,203 | 0 | 824 | 11,392 | 654 | 0 | 0 | 134,073 |
$220,001 - $245,000 | 3 | 192,474 | 9,382 | 931 | 19,015 | 4,039 | 0 | 0 | 225,841 |
- An at-risk incentive payment of 10% of total fixed remuneration was available to some senior executives. Where available, up to 73% of the at-risk portion relating to established strategic business objectives which had been met prior to 30 June 2020 has been included in remuneration above. The remaining available at-risk component was subject to further assessment and approval and has not been included as remuneration in this reporting period.
Remuneration of Audit, Risk Management and Compliance Committee (ARCC) members
The following was paid to the ARCC members for ARCC duties only (i.e. excluding Board and other subcommittee remuneration) in 2019–20:
Member name | Role | Remuneration exclusive of super | Super paid1 |
Mr Martin Matthews2 | Independent Chair | $30,000 | No |
Ms Anne Donnellan | Director | $5,840 | No |
Ms Christina Langby | Director | $4,672 | Yes |
Mr Scott Faragher | Director | $1,168 | Yes |
- Superannuation is not payable by Coal LSL where director fees are paid to a sponsoring organisation.
- Mr Matthews is also entitled to travelling and other expenses incurred while fulfilling his duties as Independent Chairman of the ARCC.
Visit
https://www.transparency.gov.au/annual-reports/coal-mining-industry-long-service-leave-funding-corporation/reporting-year/2019-20-33