Corporate Governance

Directors & Executives Performance Evaluation Policy

Board and individual directors

The process of evaluating the performance of the Board as a whole is the responsibility of the Board under the direction of the Chairman. The evaluation of Board performance involves:

  • at the start of a period, the Board discussing the objectives to be achieved;
  • at the end of the relevant period, the Board assessing the extent to which objectives were achieved by the Board.

Assessment of individual directors' performance is a process determined by the Chairman, and draws on a range of techniques, including:

  • discussion of Board and individual directors concerning their perceptions about the Board and director performance; and
  • one-on-one interviews of directors with the Chairman when perceived as necessary; and

Executives

All company executives (other than the Chief Executive Officer) are subject to annual performance review by the Chief Executive Officer and if applicable, in conjunction with another senior executive (the board will usually ratify these decisions). Executives are assessed according to various criteria, which may include:

  • Completion of key job specifications and goals; and
  • Contribution towards specific business plan objectives.

The outcomes of executive performance reviews are reported to the Board, which has overall responsibility for ensuring that adequate performance management processes are in place for all executives.

Remuneration for all executives other than the Chief Executive Officer is set by the Chief Executive Officer.

The Board also considers the overall amount of any short term incentive to be provided to eligible executives, and determines the specific amount of any short term incentive bonus awarded to particular executives. This takes into account the overall performance of the Company against a range of measures, and the contribution made by a particular executive.

The performance evaluation of the Chief Executive Officer is facilitated by the Chairman, with ultimate oversight by the Board. The evaluation of the Chief Executive Officer involves an assessment of a range of factors including the overall performance of the Company and the achievement of pre-determined goals.
Remuneration for the Chief Executive Officer is set by the Board.

Adopted by the Board on 28 June, 2004

Gregory John Platz
Chief Financial Officer

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