In addition to the achievement of the KRAs on the scoreboard above, the CEO also had a number of individual KPIs to drive the strategic and culturing outcomes, which the Board rated at 95%. Culture 20%weighting 22% achieved Engagement, diversity and development metrics are designed to focus achievement on key strategic people enablers and programs of work that result in a workforce that has the balance of diversity of skills and capabilities to drive the delivery of the Company’s strategic plan. • Annual Engagement Survey Score • Metrics for the achievement of year‑onyear improvement for female employment and development across the business • Metrics for the achievement of yearon-year improvement of Aboriginal employment across the business; and • Learning and development plan completion. Our continuous process of culturing made a significant impact in FY22 with improvements to our employee value proposition, employee engagement, diversity and inclusion for all business units achieving the following: • Engagement Survey score = 74% (Threshold = 67%, Target = 69%, Stretch = 72%) (5% weighting) • female employees = 29% (Threshold = 27%, Target = 28%, Stretch = 28.5%) (5% weighting) • Aboriginal employees = 5.2% (Threshold = 3%, Target = 4.0%, Stretch = 4.5%) (5% weighting) • learning and development plans completed = 80.2% (Threshold = 80%, Target = 90%, Stretch = 95%) (5% weighting) Operations 20%weighting 22% achieved Delivery of strong and optimised production performance is a key enabler to funding the achievement of the Company’s strategic plan. • Achieve consolidated nickel production targets for Nova on a nickel metal equivalent basis. • Achieve key Lithium Joint Venture milestones The production outcome achieved at Nova represented another solid operational result with improvements in a range of operational metrics to produce the following results (15% weighting): • nickel metal production from Nova = 26,675t (Threshold = 25,000t, Target = 25,483t, Stretch = 26,247t) Within our joint venture relationships, our consistent support for programs of work at Greenbushes and Kwinana was material to achieving the following level of performance for agreed key milestones (5% weighting): • lithium joint venture milestones = 89% (Threshold = 90%, Target = 95%, Stretch = 100%) Financial Performance 20%weighting 21% achieved Delivery of strong financial performance is a key enabler to funding the achievement of the Company’s strategic plan. Achieve consolidated operating costs within budget (production and nonproduction) for the Group (excluding non-controlled operations). Group operating and capital costs = $352.5M (Threshold = $358M, Target = $353M, Stretch = $348M) Transformation1 20%weighting 30% achieved Assesses performance to plan to deliver a suite of strategic initiatives, brownfields/ greenfields opportunities and value accretive M&A opportunities important to growing shareholder value. Complete nominated number of agreed strategic priorities Planned progress against the FY22 business plan was achieved on a range of strategic priorities and timelines, along with the progression of the Company’s greenfields and brownfields exploration programs, and inorganic growth program. BP22 = 100% (Threshold = 90%, Target = 95%, Stretch = 100%) Total 100% Total outcome 110% 1. Due to the sensitive nature of some corporate KPIs the full detail on measures and achievement is confidential. Executive KMP Position Target Opportunity1 FY22 STI Declared2 FY21 Potential STI FY21 STI3 FY21 Discretionary Bonus4 % $ % $ $ Peter Bradford Managing Director and CEO 100 1,060,000 100 870,000 300,000 Kate Barker General Counsel and Head of Risk & Compliance 50 236,000 50 200,000 185,000 Matt Dusci Chief Operating Officer 80 594,000 80 504,000 120,000 Andrew Eddowes Head of Corporate Development 50 210,000 50 184,300 160,000 Joanne McDonald Company Secretary and Head of Corporate Affairs 50 210,000 50 171,500 50,000 Sam Retallack Head of People & Culture 50 210,000 50 181,300 50,000 Scott Steinkrug Chief Financial Officer 50 278,000 50 230,000 185,000 1. Target opportunity is based on a percentage of TFR. Executive KMP have the opportunity to earn up to a maximum of 150% of the target opportunity for the delivery of stretch targets. 2. To be paid in August 2022 - 50% in cash and 50% in service rights (vesting in equal parts in September 2023 and September 2024). 3. Paid in August 2021 - 50% in cash and 50% in service rights (vesting in equal parts in September 2022 and September 2023). 4. Discretionary bonus as approved by the Board for FY21 performance paid in August 2021. FY22 STIP Outcomes IGO LTIP Outline for FY22 An outline of the key elements of the Company’s Long-Term Incentive Program (LTIP), as it relates to the Company’s Executive KMP, is provided below: LTIP Opportunity The LTIP opportunity is determined by the Executive KMP’s role and reward grade within the business and is awarded by the offer of a number of performance rights based on a percentage of TFR. The LTIP opportunity for each individual Executive KMP is outlined on page 70. Performance Rights Hurdles For performance rights issued in FY22, there are six performance hurdles with weightings as follows: Performance Hurdle Weighting Relative TSR 20% Absolute TSR 20% Reserve Growth Per Share 20% EBITDA Average Margin 20% Climate Change Response Progress 10% Relative People & Culture Performance 10% Vesting of Performance Rights Vesting of the performance rights granted to Executive KMP is based on a continuous service condition and performance conditions as detailed below. Service Conditions for Performance Rights Performance rights are subject to a service condition. This condition is met if the Executive KMP’s employment with IGO is continuous for three years commencing on or around the grant date and is aimed at the retention of key personnel and to promote long-term stability in shareholder returns. IGO ANNUAL REPORT 2022— 67 66 —IGO ANNUAL REPORT 2022
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