33 / 112
AXIOM MINING LIMITED
ANNUAL REPORT 2015
31
Directors’ report
continued
GROUP FINANCIAL REPORT
Remuneration report (continued)
d. Service agreements
The Group has service agreements with the CEO, CFO
and other key management personnel (‘KMP’). The CEO’s
agreement contains provisions for payment of a cash
bonus, other benefits including accommodation and
living expenses in Honiara, and participation in the Senior
Executive Performance Rights Plan. Key management
personnel agreements contain provisions for participation
where eligible in the Company’s Performance Rights Plan.
Ryan Richard Mount, Chief Executive Officer
and Executive Director
–
Terms of agreement: Appointed as CEO and
Executive Director — extended for a further five years
commencing 1 March 2015.
–
Total Remuneration Package of $750,000 plus
superannuation per annum to be reviewed annually by
the Board.
–
Mr Mount is required to be frequently based in Solomon
Islands, and accommodation and living expenses in
Honiara are met by the Company.
–
Non-cash benefits include life insurance cover,
accommodation and a company vehicle whilst in
Solomon Islands.
–
2.4 million Performance Rights were granted as short
term incentives pursuant to the Director and Senior
Executive Performance Rights Plan during the year.
–
9.6 million Performance Rights were granted as long
term incentives pursuant to the Director and Senior
Executive Performance Rights Plan.
–
Mr Mount is also entitled to an additional bonus that
may from time to time be approved at the discretion of
the Board. No additional bonus has been granted for
the 2015 year.
–
Notice period by the Company: 24 months.
–
Notice period by the employee: 12 months.
Sailesh Solanki, Chief Financial Officer
–
Terms of agreement: Appointed as CFO with no fixed
term commencing 8 September 2014.
–
Total Remuneration Package of $185,000 plus
superannuation per annum.
–
Non-cash benefits represent car parking near the
corporate office.
–
Bonus scheme at the Board’s discretion includes
invitation to participate in the Employee Performance
Rights Scheme.
–
No bonus was issued in 2015.
–
Notice period three months.
Vivian Lim, Corporate Affairs Manager
–
Terms of agreement: Appointed with no fixed term
commencing 1 May 2014.
–
Total Remuneration Package of $155,606 plus
superannuation per annum.
–
Short term incentive scheme: Invitation to earn in
66,667 Performance Rights under the Employee
Performance Rights Scheme.
–
Long term incentive scheme: Entitled to 266,667
Performance Rights over the next three years, starting
1 May 2015 under the Employee Performance Rights
Scheme at the Board’s discretion.
–
No bonus was issued in 2015.
–
Notice period one month.
Juan Jeffery, Executive General Manager
Mining Operations
–
Terms of agreement: Appointed with no fixed term
commencing 29 July 2015.
–
Total Remuneration Package of $250,000 plus
superannuation per annum.
–
Long term incentive scheme: Invitation to participate
in the Employee Performance Rights Scheme at
the Board’s discretion, with the opportunity to earn
500,000 Performance Rights over the next three years,
starting 29 January 2016.
–
No bonus was issued in 2015.
–
Notice period of three months.
Andrew Barber, Corporate Development
and Strategy Manager
–
Terms of agreement: Appointed with no fixed term
commencing 3 March 2015.
–
Total Remuneration Package of $182,648 plus
superannuation per annum.
–
Non-cash benefits represent car parking near the
corporate office.
–
Long term incentive scheme: Invitation to participate
in the Employee Performance Rights Scheme at
the Board’s discretion, with the opportunity to earn
266,667 Performance Rights over the next three years,
starting 4 September 2015.
–
No bonus was issued in 2015.
–
Notice period one month.