20974 29Metals AR23 WEB V1 - Flipbook - Page 116
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29Metals 2023 Annual Report
Directors’ Report continued
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
37
Directors’ Report
Remuneration Report
2. 2023 Remuneration snapshot
2.1 Summary of KMP remuneration outcomes for Reporting Period
‘
’
o changes to on executive irector
remuneration.
T R for executives, including the
Managing irector C , was
reviewed as part of the Company’s
annual remuneration review process.
ollowing that review, T R was
increased by 2.2 2.3 for executive
KMPs, with effect on and from 1 uly
2023.
Refer to sections 2.2,
3.3 and 4.1 of this Report
for further information
regarding fixed
remuneration.
STI award outcome of .
. of
target for executive KMPs, is to be
delivered as a combination of
Award of performance rights1 to all
executive KMPs, including Mr Albert2,
under the 2023 LTI.
▪
cash Managing irector
0 3, other executives 1
C
) and
▪
e uity in the form of performance
rights Managing irector C
100 3, other executives
).
Refer to sections
2.2, 3.3, 4.4 and 4. for
further information
regarding the LTI.
uring the Reporting Period, the second
tranche of performance rights awarded
to executive KMPs under the 2021 Staff
ffer Incentive vested, resulting in the
issue of ordinary shares on a one for
one basis).
Refer to sections 2.2,
4. , 4. and 4. for further
information regarding the
2021 Staff ffer Incentive.
2023 STI outcomes were determined by
the Board’s assessment of the
Company’s performance against
Company KPIs set by the Board
of
2023 STI outcome) and the Board’s
assessment of each executive KMPs
personal performance 1 of the 2023
STI outcome).
Refer to sections
2.2, 3.3, 4.3 and 4. for
further information
regarding the STI.
1.
2.
All performance rights awarded to executive KMPs under the 2023 LTI are unvested as at the date of this Remuneration Report.
The award of 42 ,3 performance rights to Mr Albert under the 2023 LTI was approved by shareholders under ASX Listing Rule 10.14 at the Company’s 2023 AGM. Refer to
section 3. for information regarding the treatment of unvested performance rights under the terms of the C Transition.
n 14 ecember 2023, 2 Metals announced a C Transition whereby Mr Albert will retire as Managing irector C on 30 April 2024. The award of performance rights to
Mr Albert as part of the 2023 STI outcome is sub ect to shareholder approval to be sought at the 2024 AGM. If shareholder approval is not obtained, the e uity component
will be delivered as cash consistent with the outcome that would have applied to previous awards to Mr Albert had shareholder approval been not obtained), which payment
would also sub ect to the 2023 STI vesting period.
3.
The remuneration outcomes ‘mix’ for executive KMPs in the Reporting Period is summarised below.
Reporting Period remuneration mix expressed as a percentage of total remuneration1
Executive KMP
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Peter Albert2
d Cooney
Peter erbert
Clifford Tuc
1.
2.
3.
37
Sub ect to rounding. or the purposes of presenting remuneration delivered in the form of performance rights, the nominal cash value of the award at the time of award has
been applied. Remuneration outcomes presented are sub ect to rounding.
The remuneration outcomes mix for Mr Albert Managing irector C ) for 2023
excludes the award of performance rights under the 2022 STI, which award was approved by shareholders at the Company’s 2023 AGM and
includes the proposed award of performance rights under the 2023 STI, which award is sub ect to shareholder approval to be sought at the Company’s 2024 AGM.
The percentage of performance based remuneration on a statutory basis is set out in section of this Remuneration Report. Performance based remuneration shown above
includes awards of e uity in the form of performance rights) that were unvested at 31 ecember 2023 and applies nominal face value at the time of award and
excludes one off incentives awarded in 2021 in connection with the 2 Metals IP which vested in 2023. Refer to section 4. for further information regarding one off
incentives awarded to executive KMPs in prior periods that vested in 2023.
