The Remuneration and Performance Evaluation Policy applies to Directors and to Senior Managers and its aim is to develop a:
- Remuneration scheme that will attract, retain and motivate Directors and Senior Managers of the appropriate quality and skills and to link such remuneration directly to corporate and individual performance; and
- Performance evaluation process which ensures that performance of both the Board and of individual Directors is regularly reviewed and that strengths are maximised and weaknesses identified and addressed.
Under the Remuneration and Performance Evaluation Policy the Board via its delegate will oversee the performance evaluation of the Board (including the Chairman), and ensure that the overall performance evaluation process of individual Directors is carried out whilst the performance evaluation of individual Senior Managers (including Executive Directors) will be conducted by the Chief Executive Officer and the performance evaluation of individual Non-executive Directors will be conducted by the Chairman.
It is intended that performance evaluations and remuneration assessments will occur in tandem, at least annually and in accordance with the Remuneration and Performance Evaluation Policy.
The Remuneration and Performance Evaluation Policy establishes separate criteria for the performance evaluation of the Chairman, the Board as a whole, individual Directors and Senior Management.
In assessing remuneration levels the Remuneration and Performance Evaluation Policy requires that, for Non-executive Directors, regard is had to a number of factors including the scale and complexity of their responsibilities. Non-executive Directors are remunerated by way of fees and statutory superannuation contributions: they do not receive any additional retirement benefits and nor do they currently participate in any of the Company’s incentive arrangements.
In assessing remuneration levels of Executive Directors and other Senior Managers under the Remuneration and Performance Evaluation Policy regard is had to a number of factors, including the individual’s specific responsibilities and performance, market benchmarking and the Company’s overall performance. Executive Directors and Senior Managers are remunerated by way of salary packages which comprise a base component with, potentially, a combination of variable components including shares, options and, for the satisfactory meeting of short term performance goals, cash bonuses.
The Remuneration and Performance Evaluation Policy is administered by the Infomedia Board of Directors through its Remuneration and Nomination Committee.