Ann: Notice of Annual Meeting and Proxy Form, page-2

At the AGM, answering questions, Mr Michael Fraser (Chairman) said there were seven non-executive Directors, a claimed 'relatively modest number' for a company of that size, while fees (said by two questioners to be large) were 'in line with market if not slightly below market', having not been increased since 1 January 2019.

Performance rights are used and subsequently granted because typically, securityholders want more equity and less cash as the remuneration, aligning them to the fortunes of the company's share price. The Australian Shareholders' Association agrees with a greater focus on share-based remuneration.