for the year ended 30 June 2024 FINANCIAL REPORT REMUNERATION REPORT (AUDITED) 42 Westgold Resources Limited Annual Report 2024 2. HIGHLIGHTS FOR FY24 FY24 Remuneration quantum review and changes 10% to 22% increase in base salary To support the Company’s growth plans focusing on enhanced profitability, capital growth and shareholder returns and recognise ongoing expanding role scope / responsibilities, the Board considered it critical to ensure executive remuneration package is set at desired market position to support retention and outperformance. Within the above context, a KMP remuneration review was conducted in January 2024 whereby each incumbent’s remuneration package (including both fixed and at-risk remuneration elements) was assessed against relevant external market comparators, together with individual performance and capabilities, impact on key results areas and internal relativity. As a result, the following key remuneration changes were applied to ensure appropriate alignment with desired market positioning policy for executive KMP: – the Managing Director (MD)’s base salary increased 22% from $531,450 to $650,000 per annum during FY24, the incentive opportunity was adjusted from 50% to 100% of fixed remuneration for short term incentive (STI), and from 80% to 150% of fixed remuneration for long term incentive (LTI). – Other senior executives received annual base salary increases ranging from 10% to 15% of fixed remuneration. STI opportunity was adjusted from 40% to 60% of fixed remuneration to ensure market alignment. LTI opportunity remained at 80% of fixed remuneration. These changes were considered appropriate to ensure a market competitive remuneration package against relevant peers so that the Company continues to attract and retain high calibre talent supporting the Company’s strategic and business objectives and the creation of shareholder value. See Section 9 Details of Executive Remuneration for more details. Short Term Incentive (“STI”) outcomes 62.5% to 75% of maximum payout The Board reviewed the KPI performance for FY24 and approved between 62.5% to 75% of STI payout. This payout was determined considering the underlying core business performance and achievement of the key business value drivers of Environmental, Health & Safety (stretch target achieved) and All-in Cost (AIC) (target achieved), along with outperformance against of personal KPIs linked to the execution of FY24 business plans. The Production target was not achieved, primarily as a result of the operational pause at the Paddy’s Flat underground at Meekatharra. See Section 6.2 STI Outcomes for more details. Long Term Incentive (“LTI”) outcomes 50% of maximum As a result of performance testing undertaken, the Board approved vesting of the FY2022 LTI award at 50%. This was based on the achievement of 100% for the relative Total Shareholder Return (TSR) hurdle (weighted 25%) and 100% for the Absolute Earnings Per Share hurdle (weighted 25%), and 0% for the absolute TSR and Ore Reserve Growth hurdles (weighted 50% in total). See Section 6.3 LTI Outcomes for more details. Non-Executive Directors (NEDs) remuneration increases 3% to 11% increase As part of the above KMP remuneration review, the Board also reviewed the NED fee structure and level against relevant peers (those of a similar nature, commodity and mining cycle to Westgold) and approved the following policy fee adjustments considering relevant benchmarking data and responsibilities of individual members, effective 1 July 2023: – NED Chair base fee increased from $175,000 to $180,000 (3% increase from FY23); and – NED member base fee increased from 95,000 to $105,000 (11% increase from FY23). See Section 8 Non-Executive Director (NED) Remuneration for more details.
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