23 Related party disclosures
(a) Equity Interests In Related Parties
Detail of the percentage of ordinary shares held in controlled entities is disclosed in Note 21 to the financial statements.
(b) Key Management Remuneration
Key Management Personnel are those people who have authority and responsibility for planning, directing and controlling the activities of Snowy Hydro, including the directors of the parent entity. The aggregate remuneration made to key management personnel is set out below:
|
$ |
2019 |
2018 |
|---|---|---|
|
Short-term employee benefits |
7,488,944 |
6,998,154 |
|
Post-employment benefits |
279,814 |
261,561 |
|
Other long-term employee benefits |
2,099,326 |
2,682,713 |
|
Total remuneration |
9,868,084 |
9,942,428 |
During the year, Snowy Hydro reassessed key management personnel and comparative figures have been adjusted accordingly. Further details are contained in the Remuneration Report.
(c) Directors’ and Specified Executive Loans
No loans were made nor are any outstanding between Snowy Hydro and any director or director related entities.
(d) Directors’ Equity Holdings
No shares or options of the consolidated entity are held by any director or director related entities.
(e) Other Transactions With Directors
No other transactions, other than in the ordinary course of business on commercial terms, have been entered into between the consolidated entity and any director or director related entities.
(f) Transactions Within the Wholly-Owned Group
The wholly-owned group includes the ultimate parent entity and sixteen wholly-owned controlled entities.
The ultimate parent entity in the wholly-owned group is Snowy Hydro Limited. During the financial year Snowy Hydro provided management, accounting and administrative services to its controlled entities other than Valley Power and Lumo Generation SA on a cost free basis. Snowy Hydro also provides all personnel, operational and management services to Valley Power and Lumo Generation SA on a cost basis. All intercompany balances are at call, but the Directors have declared that they are not expected to be called in the current period. The balance of intercompany loans owed by the parent entity to the controlled entities to as at 30 June 2019 was $106.1 million (1 July 2018: $67.5 million owed by the parent entity).
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https://www.transparency.gov.au/annual-reports/snowy-hydro-limited/reporting-year/2018-2019-70