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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.

Coal LSL workforce profile 2019–20

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.

Coal LSL workforce profile 2018–19

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

Coal LSL key management personnel remuneration

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

  1. 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.
  2. 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.
  3. Appointed as KMP from 1 October 2019.
  4. Appointed 20 January 2020.
  5. Appointed 28 January 2020. Appointed as Chief People Officer from 1 July 2020.
  6. Appointed 20 January 2020, resigned 1 May 2020.
  7. Appointed 24 September 2019, resigned 21 November 2019.
  8. Appointed as Chair from 1 January 2020.
  9. Resigned 31 December 2019.
  10. Appointed 27 February 2020.
  11. 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.
Coal LSL senior executive remuneration

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

  1. 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:

Coal LSL ARCC member remuneration

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

  1. Superannuation is not payable by Coal LSL where director fees are paid to a sponsoring organisation.
  2. Mr Matthews is also entitled to travelling and other expenses incurred while fulfilling his duties as Independent Chairman of the ARCC.