Remuneration Report (audited) KMP of the Group are detailed in the table below and are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, either directly or indirectly, including any Director, whether executive or otherwise of the Company. Section 1 FY22 Overview Section 1 details organisational developments and outcomes in FY22. Section 2 Remuneration at IGO Section 2 provides an overview of key elements of the Company’s remuneration governance and philosophy. Section 3 Executive KMP Remuneration in FY22 Section 3 details remuneration arrangements in FY22 for the following Executive KMP: Peter Bradford – Managing Director and CEO Kate Barker – General Counsel and Head of Risk & Compliance Matt Dusci – Chief Operating Officer Andrew Eddowes – Head of Corporate Development Joanne McDonald – Company Secretary and Head of Corporate Affairs Sam Retallack – Head of People & Culture Scott Steinkrug – Chief Financial Officer Section 4 Non-executive Director Remuneration Section 4 details remuneration and benefits for the Company’s Non-executive Directors (see pages 54 to 56 for details about each Director) including: Debra Bakker – Non-executive Director Peter Bilbe – Non-executive Director (Chair until 1 July 2021 and transitioned to Non-executive Director until his retirement on 18 November 2021) Kathleen Bozanic – Non-executive Director Peter Buck – Non-executive Director Michael Nossal – Non-executive Chair (appointed to the role of Chair effective from 1 July 2021) Keith Spence – Non-executive Director Xiaoping Yang – Non-executive Director Section 5 Planned Remuneration Changes for FY23 Section 5 provides an overview of the planned changes in remuneration and reward in FY23 for the Executive KMP and the wider organisation. Section 6 Statutory Remuneration Disclosures Section 6 provides an update for all relevant statutory remuneration disclosures as required by the Corporations Act 2001 . Section 1 FY22 Overview The Company’s total rewards philosophy is designed to provide Executive KMP and employees with a strategic, purpose driven approach designed to drive optimal business performance. It is delivered through a combination of financial (fixed and variable remuneration) and non-financial benefits to provide a holistic employee value proposition, and connect the IGO strategy and purpose to individual remuneration and reward outcomes. Given the ongoing influence of COVID-19, together with the concurrent local and global economic conditions, the Board and People, Performance & Culture Committee (Committee) predicted FY22 as a year in which competition for talent and pressure on salaries would continue to be a significant risk to business. To this end, along with Company-wide salary benchmarking and the award of a group wide CPI increment (or consideration of) for all roles, the following remuneration initiatives were implemented at a Board and Executive KMP level for FY22: • the TFR of the CEO and Managing Director was increased from $870,000 to $1,000,000 to reflect the change in complexity of the role and market benchmarking • the TFR of the COO was increased from $630,000 to $700,000 and the TFR of the CFO was increased from $460,000 to $525,000 acknowledging the broadened responsibilities anticipated for FY22 • other KMP were awarded increases to TFR in line with market benchmarking and commensurate with roles of similar breadth and complexity within the IGO comparator group and broader industry groups • no changes were made to the quantum, delivery mechanisms or weighting (as a percentage of TFR) to the short-term and long-term incentive opportunities for Executive KMP. However, the short-term incentive performance measures were modified to incorporate a stretch component beyond target, as discussed below • to maintain alignment with both the mining industry and ASX peer groups, the Board introduced a change to the way in which the STI opportunity is measured. Each Executive KMP has a target STI opportunity with the ability to earn up to maximum of 150% of the target opportunity for the delivery of stretch outcomes • in recognition of the changing nature of the IGO business and the importance of ESG programs of work within the business, the Board approved the addition of two new measures for the long-term incentive program i.e., Climate Change Response Progress (10%) and People and Culture Performance (10%). All other existing measures remained in place and were reweighted to accommodate the new performance measures. In addition, the calculation of the existing Reserve Growth per Share performance measure was broadened to include assets managed and unmanaged by IGO, and a simplified straight-line, pro-rata vesting schedule over the achievement of 100% of baseline ore reserves, in recognition of IGO’s growing portfolio of upstream and downstream assets; and • following an extensive benchmarking process in FY21, the Board approved changes to the Board fees for FY22 which included an increase in the Board Chair fees from $250,000 to $260,000, an increase in Non-executive Director fees from $120,000 to $140,000, and an increase in Committee Chair fees from $20,000 to $25,000. IGO ANNUAL REPORT 2022— 61 60 —IGO ANNUAL REPORT 2022
RkJQdWJsaXNoZXIy MjE2NDg3