22. Directors and key management personnel disclosures
a. Directors
All directors of MIC are non-executive, appointed by the Shareholder Ministers. The CommonwealthRemuneration Tribunal determines annual fees for the Chair and directors.
The following table sets out the non-executive director fee entitlements:
|
Position |
Entitlement |
|
|---|---|---|
|
From July 2019 |
From 1 July 2018 |
|
|
Chair |
119,180 |
116,840 |
|
Deputy Chair |
95,350 |
- |
|
Non-executive director |
59,590 |
58,420 |
The following persons were directors of Moorebank Intermodal Company Limited during the financial year:
i. Chair
- K Schott AO
ii. Non-executive director
- P Binsted (Resigned: 7 May 2019)
- L Di Bartolomeo (Appointed Deputy Chair: 26 March 2019)
- C Filson (Resigned: 12 December 2018)
- R Wilson
- J Briggs
- C Holman (Appointed: 26 July 2018)
- A Harrison (Appointed: 26 July 2018)
- E Flaherty (Appointed: 26 March 2019)
- J Lloyd (Appointed: 1 June 2019)
b. Key management personnel
The Remuneration Tribunal also determines a Total Remuneration Reference Rate for Principal Executive Officers. The Company’s board has the discretion to determine remuneration from 10 per cent below to 5 per cent above the reference rate, and can also award a performance bonus of up to 20 per cent of the reference rate. For the period until June 2019, the annual reference rate for the Chief Executive Office was $599,046.
The remuneration of the Company’s other senior executives is determined by the CEO annually, based on the Australian Public Service Commissions review guidance, an evaluation of current market rates for roles involving similar responsibilities and capabilities, and the performance of the person in the past year against pre-determined personal performance indicators.
Chief Executive Officer - P Hicks
General Counsel / Company Secretary - J Webster
Delivery Director - A Vaccaro
Chief Financial Officer - J Latham Hall
The CEO is eligible for an annual 20% bonus.
|
Position |
Year |
Short term benefit |
Post employee super |
Total renumeration |
||
|---|---|---|---|---|---|---|
|
Base salary / fees $ |
STI / bonuses $ |
Non-cash benefits $ |
||||
|
Chief Executive Officer |
FY 17-18 |
540,911 |
76,000 |
- |
20,049 |
636,960 |
|
Chief Executive Officer (26 November 2018 to 30 June 2019 |
FY 18-19 |
300,864 |
- |
- |
20,049 |
320,913 |
|
Chief Financial Officer |
FY 17-18 |
178,073 |
10,000 |
- |
16,927 |
205,000 |
|
FY 18-19 |
191,111 |
9,000 |
- |
19,010 |
219,121 |
|
|
General Counsel |
FY 17-18 |
329,874 |
42,000 |
18,882 |
20,049 |
410,805 |
|
FY 18-19 |
330,793 |
40,000 |
19,386 |
20,049 |
410,228 |
|
|
Delivery Director |
FY 17-18 |
329,951 |
25,000 |
- |
20,049 |
375,000 |
|
FY 18-19 |
338,703 |
30,000 |
- |
20,049 |
388,752 |
|
|
Total executive management |
FY 17-18 |
1,717,512 |
183,000 |
18,882 |
97,123 |
2,016,517 |
|
FY 18-19 |
1,161,471 |
79,000 |
19,386 |
79,157 |
1,339,014 |
|
From 1 July 2018 to 26 November 2018 David Jurd was Interim CEO on a short-term contract. His total remuneration as Interim CEO was $250,200.
Ian Hunt was the CEO from 1 July 2017 to 30 June 2018.
Peter Hicks was appointed as CEO and commenced on the 26 November 2018.
c) Remuneration of directors and key management personnel
|
2019 $ |
2018 $ |
|
|---|---|---|
|
Short-term employee benefits |
2,013,834 |
1,913,000 |
|
Post-employment benefits |
127,016 |
102,000 |
|
Total |
2,140,850 |
2,015,000 |
Visit
https://www.transparency.gov.au/annual-reports/moorebank-intermodal-company-limited/reporting-year/2018-2019-105