Page 48 - Sundance Resources 2014 Annual Report

46 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
12.6 Short Term Incentive (‘STI’) Payments
2013 Calendar Year STI Payments
Board approved STI payments were made in January 2014 based on the achievement of individual and Corporate KPI’s as
stated for the 2013 calendar year.
The 2013 Corporate KPI’s were derived from the following areas:
• In country Project Approvals;
• Partnerships;
• Asset and tenement maintenance;
• Project activities and progress;
• Health, Safety, Environment, Community and Security; and
• Company cash position
The NRC assessed the extent to which the Corporate KPI’s were met for the year in December 2013 and recommended
to the Board that an average of 41.9% of the STI awards be granted; resulting in the forfeiture of 58.1% of the potential
incentive awards attributed to Corporate KPI’s. All 2013 STI payments were made in ordinary fully paid shares, unless
indicated otherwise.
The MD/CEO voluntarily decided to forgo his 2013 STI payment.
The MD/CEO along with the NRC reviewed the individual performance of all other KMP.
Details of the payment values and resulting share issues to KMP for the 2013 calendar year STI’s are provided below:
2013
Calendar Year
(paid in
Jan 2014)
Potential Variable
Remuneration
STI
(% of base salary)
Maximum
Potential STI
$
% of
maximum
STI paid
Fair Value
$
Shares
issued
#
% of
maximum
STI forfeited
Mr G Casello(i) 25% 164,375 0% No payment No payment 100%
Mr R Longley 20% 90,000 57% 49,188 512,370 43%
Mr D Meehan 20% 129,200 53% 66,100 689,024 47%
(i) Mr Casello voluntarily decided to forgo his 2013 STI payment
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
12. Remuneration Report (continued)