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Remuneration of directors


Director fees are varied by resolution in a meeting of members.

Page 17 - 2008 Annual Report

13. REMUNERATION REPORT (continued)
Non-Executive Directors’ Remuneration Policy

The Board’s principal responsibility is the oversight of the management of the Company and providing strategic direction for and approving the Company’s business strategies. Non-executive Director remuneration is not linked to the Company’s short-term financial performance and these Directors do not receive short term incentives as part of their remuneration.

The Remuneration Committee takes into account the level and structure of fees being paid by peer group companies as well as recognising the evolving needs of the Company. In making its recommendation to the Board, the Remuneration Committee usually seeks independent advice to ensure market relativity. Non-executive Directors’ fees are determined within an aggregate Directors’ fee pool limit, which is periodically recommended for approval by shareholders. This maximum currently stands at $650,000 as approved at the Company’s AGM in October 2007. The current base remuneration was last reviewed with effect from 1 January 2008.

The Chairman’s fees are determined independently of the fees of non-executive Directors, based on comparative roles in the external market. The Chairman is not present during discussions about their remuneration. Non-executive Directors do not receive conditional share entitlements.

The Company does not provide retirement allowances for non-executive Directors. However, they may salary sacrifice an amount of their fees to superannuation.


Page 22 - 2008 Annual Report

C. Service agreements
Non-Executive Directors

Non-Executive Directors are subject to ordinary election and rotation requirements as stipulated in the ASX listing rules and the Company’s Constitution. Accordingly, there are no specific contracts of employment with non-executive Directors.