Axiom 2014 Annual Report - page 39

Directors’ Report
37
2014 Annual Report
continued
The fair value at grant date is independently determined
using a Black-Scholes option pricing model that takes
into account the exercise price, the term of the rights,
the impact of dilution, the share price at grant date
and expected price volatility of the underlying share,
the expected dividend yield and the risk free interest
rate for the term of the rights. No performance rights
were granted during the year. Details relating to fair
value calculations for performance rights issued in the
prior year were included in September 2013 Annual
Financial report.
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 for three years commencing
1 March 2013.
––
Total Remuneration Package of $400,000 plus
superannuation per annum to be reviewed annually
by the remuneration committee.
––
Mr Mount is required to be frequently based in the
Solomon Islands and accommodation and living
expenses in Honiara are met by the Company.
––
Non cash benefits include health insurance cover
in the Solomon Islands and a company vehicle.
––
No provision for Short Term Incentive was made
in respect of 2014.
––
As a Long Term Incentive Mr Mount has been
granted Rights pursuant to the Director and Senior
Executive Performance Rights Plan.
––
Mr Mount is also entitled to an additional bonus
which may from time to time be approved at the
discretion of the Board. No additional bonus has
been granted for the 2014 year.
––
Notice period six 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 2014.
––
Notice period three months.
John Donald Macansh, Manager Exploration – Oceania
––
Terms of agreement – Appointed as Manager
Exploration, Oceania with no fixed term commencing
8 August 2014.
––
Total Remuneration Package of $205,000 plus
superannuation per annum.
––
Bonus scheme at the Board’s discretion includes
invitation to participate in the Employee
Performance Rights Scheme.
––
No bonus was issued in 2014.
––
Notice period three months.
Hans Vulker, Human Resources Manager
––
Terms of agreement – Appointed with no fixed term
commencing 4 August 2014.
––
Total Remuneration Package of $150,000 plus
superannuation per annum.
––
Bonus scheme at the Board’s discretion includes
invitation to participate in the Employee
Performance Rights Scheme.
––
No bonus was issued in 2014.
––
Notice period of one month.
Neil Jensen, General Manager Project Development -
Isabel Nickel Project (appointed 13 October 2014)
––
Terms of agreement – Fixed term six months to
12 April 2015.
––
Total Remuneration Package is $125,000 plus
superannuation for the six month term of service.
––
Notice period of one month.
Key management personnel employed during the
current financial year but not at the date of this report:
Jess Timothy Oram, General Manager – Exploration
(until 22 July 2014)
––
Mr Oram was General Manager, Exploration with
no fixed term commencing 29 April 2013.
––
Total Remuneration Package paid for the period from
1 October 2013 until 22 July 2014 was $172,270 plus
superannuation.
GROUP FINANCIAL REPORT
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