Page 27 - Sun Resources 2014 Annual Report

Remuneration consists of the following key elements:
a) Fixed remuneration: being base salary, superannuation
and other benefits (including non-monetary);
b) Share based incentives as determined.
Fixed Remuneration
Fixed remuneration is reviewed annually by the remuneration
committee. The process consists of a review of group and
individual performance, relevant comparative remuneration
information for a variety of sources including industry
associations, and where considered appropriate, external
advice on policies and practices.
C Service agreements (audited)
Prof I Plimer
Term of agreement: Retires as determined by director
rotation.
Director fees: $60,000 per annum
Incentives: Share based incentives as
determined.
Prof I Plimer was appointed as Non-Executive Chairman
on 7 November 2013 and Non-Executive Director on 23
September 2013.
Mr M A Battrick
Term of agreement: Three years commencing on the 20
March 2013.
Base Salary: $375,000 per annum, inclusive of
statutory superannuation.
Director fees: None.
Incentives: Share based incentives as
determined.
Mr M A Battrick was appointed as Acting Chief Executive
Officer on 9 July 2014.
Mr D Kestel
Term of agreement: Retires as determined by director
rotation.
Director fees: $50,000 per annum
Incentives: Share based incentives as determined.
Dr W G Martinick
Term of agreement: Retires as determined by director
rotation.
Director fees: $50,000 per annum
Incentives: Share based incentives as
determined.
Hon A Downer
Term of agreement: Retires as determined by director
rotation.
Director fees: $50,000
Incentives: Share based incentives as
determined.
Hon A Downer was appointed as Non-Executive Director on
23 September 2013 and resigned on 17 April 2014.
Mr J D Kenny
Term of agreement: Retires as determined by director
rotation.
Director fees: $50,000 per annum
Incentives: Share based incentives as
determined.
Mr J D Kenny resigned as Non-Executive Director effective
19 November 2013.
Dr G van Ek
Term of agreement: Three years commencing on 20
March 2013
Base Salary: $390,000 per annum, inclusive of
statutory superannuation.
Director fees: None.
Incentives: Share based incentives as
determined.
Dr G van Ek resigned as Managing Director effective 9 July
2014.
Mr C Basson
Term of agreement: Two years commencing 1 July 2012.
Base consultancy: $164,000
Incentives: Share based incentives as
determined.
Mr S Bayford
Term of agreement: Three years commencing on the 8
August 2011.
Base Salary: $290,000
Incentives: Tranche 1 1,000,000 options issued
14 August 2011.
Tranche 2 1,000,000 options issued
14 August 2012.
Mr S Bayford ceased employment as Exploration Manager
effective 1 July 2013.
Mr S D Smith
Service contract
Term of agreement: 11 October 2013 to 10 February 2014
Base consultancy: U$2,000 per day
Employment contract
Base salary: U$30,000 per month
Incentives: As agreed from time to time
Term of employment: Commencing on 11 February 2014
with thirty days written termination
notice by either party
D Share-based compensation (audited)
The Board does not have any specific criteria when deciding
on the terms of option incentives, but will look at conditions
prevailing in the market for executives in other companies.
Whilst the Consolidated Entity does not have a formal
ownership-based compensation scheme for Directors and
employees of the Company, certain share options may
be granted to Directors and employees as part of their
remuneration at the discretion of the Board. Each option
converts into one ordinary share of the Company on exercise.
No amounts have been paid for any options by the recipient
upon receipt of the options. The options neither carry rights
to dividends or voting rights. Options may be exercised at any
time from the date of vesting to the date of their expiry.
During the current and previous financial year the following
options were granted to Directors and Executive Officers.
DIRECTORS’ REPORT
SUN RESOURCES ANNUAL REPORT 2014  25