IGO Interactive Annual Report 2019

DIRECTORS’ REPORT—REMUNERATION REPORT 30 JUNE 2019 SECTION 6. STATUTORY REMUNERATION DISCLOSURES EXECUTIVE CONTRACTS Remuneration and other terms of employment for the Executives are formalised in service agreements. The service agreements specify the components of remuneration, benefits and notice periods. Participation in the STI and LTI plans is subject to the Board’s discretion. Other major provisions of the agreements relating to remuneration are set out below. Name Position Term of agreement Base Salary including superannuation at 1 July 2019 Notice period Termination Benefit Peter Bradford Managing Director/CEO No fixed term 870,000 6 months 6 months 1 Keith Ashby Head of SHEQ & Risk No fixed term 370,000 3 months 6 months Kate Barker General Counsel No fixed term 350,000 3 months 6 months Matt Dusci Chief Operating Officer No fixed term 560,000 3 months 6 months Andrew Eddowes Head of Corporate Development No fixed term 380,000 3 months 6 months Joanne McDonald Company Secretary and Head of Corporate Affairs No fixed term 350,000 3 months 6 months Sam Retallack Head of People & Culture No fixed term 370,000 3 months 6 months Ian Sandl General Manager - Exploration No fixed term 400,000 3 months 6 months Scott Steinkrug Chief Financial Officer No fixed term 460,000 3 months 6 months 1. In addition to the above, Mr Bradford is entitled to a maximum termination benefit payable of up to 12 months of average annual base salary should the Company terminate the employment contract without cause, but only if such payment would not breach ASX Listing Rules. A termination benefit of three month’s remuneration is payable to Mr Bradford should the Company terminate the employment contract due to illness, injury or incapacity. (I) REMUNERATION EXPENSES FOR EXECUTIVE KMP The following table shows the value of earnings realised by executive KMP during FY19. The cash value of earnings realised includes cash salary, superannuation and cash bonuses earned during the year, plus the intrinsic value of service rights and performance rights vested during the financial year. This is in addition and different to the disclosures required by the Corporations Act and Accounting Standards, particularly in relation to share rights. As a general principle, the Accounting Standards require a value to be placed on share rights based on probabilistic calculations at the time of grant, which may be reflected in the Remuneration Report even if ultimately the share rights do not vest because performance and service hurdles are not met. By contrast, this table discloses the intrinsic value of share rights, which represents only those share rights which actually vest and result in shares issued to a KMP. The intrinsic value is the Company’s closing share price on the date of vesting. Remuneration received during the period Name TFR $ 1 STI Cash Component $ Value 2 STI Vested Service Rights Component $ Value LTI Vested Share Rights Component $ Value Total Actual Remuneration $ Value Peter Bradford 860,000 241,000 106,696 553,300 1,760,996 Keith Ashby 360,000 51,500 22,560 49,279 483,339 Kate Barker 340,000 49,000 20,345 20,698 430,043 Matt Dusci 530,000 108,500 42,370 158,244 839,114 Andrew Eddowes 370,000 53,000 30,200 48,469 501,669 Joanne McDonald 340,000 49,000 20,272 26,946 436,218 Sam Retallack 360,000 51,500 22,560 49,279 483,339 Ian Sandl 370,000 53,000 - - 423,000 Scott Steinkrug 450,000 92,500 40,240 158,244 740,984 1. Includes base salary and superannuation. 2. Represents the amounts to be paid in August 2019 for performance in FY19. IGO ANNUAL REPORT 2019 — 57