Axiom 2014 Annual Report - page 37

Directors’ Report
35
2014 Annual Report
continued
Negotiations are occurring with nickel industry
participants and mining services providers over mine
development and operation, processing of ore and
off-take agreements.
On 16 December 2014 Axiom announced initial results
from the drilling program on the Isabel Nickel Project.
Drilling has produced excellent results that identify
significant grade and extension of mineralisation to
depths that had not been evaluated by previous studies
or exploration.
Apart from the matters mentioned above, no
other matters or circumstances have arisen since
30 September 2014 that significantly affected or could
significantly affect the operations of the Consolidated
Group in future years.
Proceedings on behalf of Company
Apart from the matters discussed under Note 23
Subsequent Events
to the financial statements, no person
has applied for leave of court to bring proceedings on
behalf of the Company or intervene in any proceedings
to which the Company is a party for the purpose of
taking responsibility on behalf of the Company for all
or any part of such proceedings.
Remuneration report
The Remuneration Report sets out information
relating to the remuneration of the Company’s non-
executive Directors and key management personnel.
Key management personnel include the CEO as
Executive Director, the Chief Financial Officer (“CFO”),
General Manager Exploration, General Manager Project
Development and Human Resources Manager.
a. Details of specified Directors and specified
executives
i. Specified Directors
Mr Stephen Ray Williams Non-Executive Director and
Chairman
Mr Ryan Richard Mount Executive Director and
Chief Executive Officer
ii. Specified Executives
Mr Sailesh Solanki
Chief Financial Officer
(appointed 8 September 2014)
Mr John Donald Macansh Exploration Manager
(appointed 8 August 2014)
Mr Hans Vulker
Human Resources Manager
(appointed 4 August 2014)
Mr Neil Jensen
General Manager Project
Development (appointed
13 October 2014)
iii. Former Directors and Specified Executives
Mr Anthony Faillace
Non-Executive Director
(resigned 21 February 2014)
Mr Jess Timothy Oram General Manager Exploration
(until 22 July 2014)
Mr Eamonn Dare
Chief Geologist (until
15 December 2013)
Ms Valerie Valdez
Chief Financial Officer (until
28 November 2012)
b. Remuneration of specified Directors and specified
executives
The constitution of the Company provides that
non-executive Directors may collectively be paid
as remuneration for their services, a fixed sum not
exceeding the aggregate maximum sum per annum
as from time to time determined by the Company at a
general meeting, which is currently set at US$300,000.
The chairman’s fees are determined independently
of the fees of the non-executive Directors based on
comparative roles in the market place.
The Chairman’s fees have been set at $50,000 per
annum (2013 – $50,000) and Non-Executive Directors
are remunerated at $35,000 per annum (2013 – $35,000).
Directors may be paid fees or other amounts as the
Directors determine where a Director performs special
duties or otherwise perform services outside the scope
of the ordinary duties of a Director. A Director may also
be reimbursed for out of pocket expenses incurred in
carrying out their duties as a Director.
c. Performance rights plan
Director, Executive and Employee Performance
Rights Plan
The establishment of the Axiom Director and Executive
Performance Right Plan was approved by shareholders
at the 30 July 2010 Extraordinary General meeting and
refreshed at the Annual General Meeting held on 22 April
2013. The Director and Executive Performance Right
Plan provides appropriate incentives for the Board and
management:
––
to align the economic interests of the Board and
management with shareholders;
––
to keep the Board and management focused on the
long term growth of the Company; and
––
to increase shareholder value by achieving certain
milestones.
GROUP FINANCIAL REPORT
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