On behalf of the WSA Board, I am pleased to present our FY2018-19 Remuneration Report, which summarises the achievements of the past year and the associated remuneration outcomes for the Company’s Chief Executive Officer and Senior Executives. Board member fees are also presented.
The year in review
FY2018-19 is WSA’s second year since inception. A key objective was to establish the Company as an employer of choice by focusing on delivering a positive employee value proposition and an engaged workforce.
To achieve this, the Company has continued to build capability by attracting and retaining key talent to create an experienced and high performing workforce. As part of this strategy, WSA welcomed an additional KMP to its leadership team — Tom McCormack as the Chief Information Officer, who complements and strengthens the Senior Executive team.
FY2018-19 has been a successful year for the Company with significant progress towards delivering Western Sydney Airport’s business plan. Key achievements are:
- development of a safety-first culture, resulting in the achievement of the Company’s safety KPI;
- significant progress with the enabling earth works;
- construction of the Experience Centre and site accommodation;
- recruitment of a total workforce comprising over 50% local employment, well over the target of 30% for the construction phase; and
- building a culture and engagement baseline and forward-plan to embed our cultural charter ‘empowered to deliver’.
WSA remains focused on the generation of social and economic prosperity in the Western Sydney region, supporting the creation of thousands of jobs.
The Committee’s work in FY2018-19
The role of the People, Remuneration and Nomination Committee is to ensure that Western Sydney Airport has the people management processes, and remuneration policies and frameworks in place to ensure we can attract and retain quality people, and reward their contributions.
During FY2018-19, the PRNC has focused on the oversight of key enabling initiatives for the Company, including:
- cultivating and reinforcing our safety-first mindset;
- establishing the core people processes to enable sustainable growth; and
- embedding performance management throughout the Company.
The remuneration work of the Committee has focused on the execution of the remuneration strategy established for WSA. This has enabled our ability to attract new talent to the Company. Our governance process has continued to focus on the application of rigorous and prudent decision making as it relates to executive remuneration, including performance-based pay.
During FY2018-19, the remuneration framework introduced a short-term incentive deferral for Senior Executives. The deferral aligns Senior Executives with the CEO by deferring 50% of their earned STI payment for 12 months.
We expect that we will continue to test and evolve our approach to remuneration as Western Sydney Airport continues to mature and the business plan is fully implemented.
Chair People, Remuneration and Nomination Committee
30 August 2019