Page 49 - Sundance Resources 2014 Annual Report

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014 47
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
2012 Calendar Year STI Payments
Board approved STI payments were made in January 2013 based on the achievement of individual and Corporate KPI’s as
stated for the 2012 calendar year.
The 2012 Corporate KPI’s were derived from the following areas:
• Approvals, which included
• Congo Mining Permit
• Congo Convention
• Cameroon Convention
• Bilateral Agreement;
• Cash Position;
• Project Progress;
• Safety & Compliance;
• Corporate Risk Management; and
• JORC Resources
The NRC assessed the extent to which the Corporate KPI’s were met for the year in December 2012 and recommended
to the Board that an average of 77.5% of the STI awards be granted; resulting in the forfeiture of 22.5% of the potential
incentive payments attributed to Corporate KPI’s.
STI payments made to KMP for the 2012 calendar year are provided below:
2012
Calendar Year
(paid in Jan 2013)
Potential Variable
Remuneration
STI
(% of base salary)
Maximum
Potential
STI
$
% of
maximum
STI paid
Fair
Value
$
% of
maximum
STI forfeited
Mr G Casello 25% 156,250 82% 128,125 18%
Mr P Canterbury 20% 71,000 82% 58,327 18%
Mr R Longley 20% 90,000 83% 74,475 17%
Mr D Meehan 20% 122,400 79% 96,880 21%