Section 6 Statutory Remuneration Disclosures Executive KMP Contracts Remuneration and other terms of employment for Executive KMP 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. Executive KMP Position Term of Agreement Notice Period Termination Benefit Peter Bradford Managing Director and CEO No fixed term 6 months 6 months1 Kate Barker General Counsel and Head of Risk & Compliance No fixed term 3 months 6 months Matt Dusci Chief Operating Officer No fixed term 3 months 6 months Andrew Eddowes Head of Corporate Development No fixed term 3 months 6 months Joanne McDonald Company Secretary and Head of Corporate Affairs No fixed term 3 months 6 months Sam Retallack Head of People & Culture No fixed term 3 months 6 months Scott Steinkrug Chief Financial Officer No fixed term 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 FY22. The 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 or 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 an Executive KMP. The intrinsic value is the Company’s closing share price on the date of vesting. Remuneration received during the period Executive KMP TFR Value1 STI Cash Component2 Vested Service Rights Component Vested Performance Rights Component Total Actual Remuneration $ $ $ $ $ Peter Bradford 1,000,000 530,000 541,800 1,690,907 3,762,707 Kate Barker 450,000 118,000 110,095 334,250 1,012,345 Matt Dusci 700,000 297,000 291,094 852,601 2,140,695 Andrew Eddowes 400,000 105,000 118,799 365,703 989,502 Joanne McDonald 400,000 105,000 109,009 334,250 948,259 Sam Retallack 400,000 105,000 116,490 353,908 975,398 Scott Steinkrug 525,000 139,000 168,036 643,470 1,475,506 1. Includes base salary and superannuation. 2. Represents the amounts to be paid in August 2022 for performance in FY22. The following table shows details of the remuneration expense recognised for the Group’s KMP for the current and previous financial year measured in accordance with the requirements of the Accounting Standards. Executive KMP Year Cash salary1 Cash bonus2 Super- annuation Long service leave3 Share rights4 Total Performance related $ $ $ $ $ $ % Executive Directors Peter Bradford 2022 1,047,934 530,000 27,500 47,647 1,138,200 2,791,281 60 2021 871,240 735,000 25,000 34,478 892,073 2,557,791 64 Other Executive KMP Keith Ashby5 2021 345,180 - 17,309 (36,099) 90,350 416,740 22 Kate Barker 2022 428,076 118,000 27,500 20,253 233,151 826,980 42 2021 387,543 285,000 25,000 18,313 187,878 903,734 52 Matt Dusci 2022 676,235 297,000 27,500 36,758 596,023 1,633,516 55 2021 609,826 372,000 25,000 24,905 485,779 1,517,510 57 Andrew Eddowes 2022 377,774 105,000 27,500 15,588 227,289 753,151 44 2021 371,486 252,150 25,000 8,898 199,849 857,383 53 Joanne McDonald 2022 374,425 105,000 27,500 19,404 213,388 739,717 43 2021 336,345 135,750 25,000 11,547 183,256 691,898 46 Sam Retallack 2022 386,100 105,000 27,500 15,550 223,377 757,527 43 2021 365,000 140,650 25,000 8,652 194,687 733,989 46 Ian Sandl6 2021 377,995 94,000 25,000 10,544 203,767 711,306 42 Scott Steinkrug 2022 518,315 139,000 27,500 28,664 392,408 1,105,887 48 2021 440,977 300,000 25,000 10,907 345,069 1,121,953 57 Total Executive Directors and other Executive KMP’s 2022 3,808,859 1,399,000 192,500 183,864 3,023,836 8,608,059 2021 4,105,592 2,314,550 217,309 92,145 2,782,708 9,512,304 Total NED remuneration (see page 72) 2022 1,010,079 - 104,011 - - 1,114,090 2021 905,020 - 79,328 - - 984,348 Total KMP remuneration 2022 4,818,938 1,399,000 296,511 183,864 3,023,836 9,722,149 2021 5,010,612 2,314,550 296,637 92,145 2,782,708 10,496,652 1. Cash salary and fees includes movements in annual leave provision during the year. 2. Cash bonus represents bonuses that were awarded to each Executive KMP in relation to FY22 performance and will be paid in August 2022 (2021: Related to FY21 and paid in August 2021). 3. Long service leave relates to movements in long service leave provision during the year. 4. Rights to shares granted under the EIP are expensed over the performance period, which includes the vesting period of the rights, in accordance with AASB 2 Share-based Payment . Refer to note 29 for details of the valuation techniques used for the EIP. 5. Mr. Ashby resigned effective 27 November 2020. An amount of $58,693 accrued for annual leave was paid out on termination, this amount was offset against the movement in the provision for FY21. 6. Mr. Sandl ceased as a KMP as at 30 June 2021. IGO ANNUAL REPORT 2022— 77 76 —IGO ANNUAL REPORT 2022
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