for the year ended 30 June 2023 FINANCIAL REPORT REMUNERATION REPORT (AUDITED) 40 Westgold Resources Limited Annual Report 2023 6. PERFORMANCE AND EXECUTIVE REMUNERATION OUTCOMES Remuneration earned by executives in 2023 The actual remuneration earned by executives in the year ended 30 June 2023 is set out in the Table on page 42. This provides shareholders with a view of the remuneration paid to executives for performance in FY2023 year. Use of board discretion over remuneration outcomes During the year the Remuneration and Nomination Committee – Considered the appropriateness of awarding STI in relation to performance outcomes and market conditions; – Reviewed the personal KPIs for all senior executives in line with the short term incentive arrangements; and – Determined the appropriate total remuneration packages for new appointments of senior executives to ensure alignment to the market and the Company’s stated objectives. STI performance and outcomes A combination of financial and non-financial measures was used to measure performance for STI rewards. As a result of the Group’s performance against those measures STIs rewarded for the FY2023 as disclosed in the Table on page 36, were paid in August 2023. LTI performance and outcomes Performance Rights were granted in FY2022 (Tranche 5) and FY2023 (Tranche 6). All LTI’s are subject to performance hurdles. – Tranche 5 has a three-year vesting period ending in June 2024. – Tranche 6 has a three-year vesting period ending in June 2025. The Managing Director WC Bramwell was granted 385,233 Tranche 6 LTI’s in October 2022. Senior Executives were granted a total 586,420 Tranche 6 LTI’s in October 2022. For further details of Performance Rights granted, cancelled, lapsed and vested refer to Table 3 below. Overview of Company performance The table below sets out information about Westgold’s earnings and movements in shareholder wealth for the past six years up to and including the current financial year. 30 June 183 30 June 193 30 June 20 30 June 21 30 June 22 30 June 23 Closing share price $1.85 $1.88 $2.09 $1.88 $1.19 $1.44 Profit/(loss) per share (cents) (0.34) 3.74 8.65 18.16 (25.32) 2.11 Net tangible assets per share1 $1.12 $1.14 $1.24 $1.43 $1.24 $1.26 Dividend paid per shares (cents)2 – – – 2 – – 1. Net tangible assets per share include right of use assets and lease liabilities. 2. FY21 cash dividend of 2 cents per share declared on 30 August 2021 and paid on 15 October 2021. 3. The comparatives have not been adjusted for changes due to the adoption of AASB 15, AASB 16 and AASB 9. Securities Trading Policy The Westgold Securities Trading Policy applies to all employees and directors. The policy prohibits employees from dealing in Westgold securities while in possession price sensitive information regarding the Company that is not generally available.
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