Download - ABN Newswire

More documents

Recommendations

Info

Bounty Oil & Gas NL Annual Report - 2011 • the nature of the services provided do not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board. The following fees for non-audit services were paid/payable to the company’s former external auditors DFK-Richard Hill; Chartered Accounts during the year ended 30 June 2011: 2011 2010 $ $ Taxation services 7,150 5,370 Remuneration of Directors and Management Information on the remuneration of directors and other key management personnel is contained in the Remuneration Report which forms part of this Directors Report and is set out on the following page. Auditor’s Independence Declaration The auditor’s independence declaration for the year ended 30 June 2011 has been received and can be found on Page 14. Signed in accordance with a resolution of the Board of Directors made pursuant to s. 298(2) of the Corporations Act 2001. On behalf of the Directors. J. GARY HIGGINBOTHAM Director/Company Secretary Dated: 26 September, 2011 27
Bounty Oil & Gas NL Annual Report - 2011 REMUNERATION REPORT This remuneration report forms part of the Directors Report for the year ended 30 June 2011 and details the nature and amount of remuneration for the Bounty Oil & Gas NL non-executive directors and other key management personnel of the group. The prescribed details for each person covered by this report are detailed below under the following headings: • Director and senior management details • Remuneration policy • Non-executive directors policy • Senior management personnel policy • Remuneration of directors and key management • Key terms and employment contracts Directors and key management details The term “key management” as used in this remuneration report to refers to the following directors and executives. Directors The following persons acted as directors of the company during or since the end of the financial year: • Mr. G. C. Reveleigh (Chairman) • Mr. C. Ross (Non-Executive Director) • Mr. J. G. Higginbotham (Non-Executive Director ) Executives The following persons acted as senior management of the company during or since the end of the financial year: • Mr. P. F. Kelso (Chief Executive Officer) The company does not consider other employees and consultants to be Key Management Personnel. Remuneration policy The remuneration policy of Bounty Oil & Gas NL has been designed to align key management personnel objectives with shareholder and business objectives by providing a fixed remuneration component and bonuses issued at the discretion of the board of the company. The board of Bounty Oil & Gas NL believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best key management personnel to run and manage the company, as well as create goal congruence between directors, executives and shareholders. All remuneration paid to key management personnel (directors and others) is valued at the cost to the company and expensed or where appropriate transferred to capital items.. Shares given to key management personnel are valued as the difference between the market price of those shares and the amount paid by the key management person. Share options are valued using the Black- Scholes methodology. Shares and options granted to key management personnel (directors and others) are subject to any necessary approvals required by the ASX Listing Rules. Performance-based remuneration Remuneration of directors or other key management personnel is not performance based. Non executive directors policy The board policy is to remunerate non-executive directors at market rates for time, commitment and responsibilities. The maximum aggregate amount of fees that can be paid to non-executive directors is within the maximum amount specified in the company's Constitution. Any increase of that amount is subject to approval by shareholders at the Annual General Meeting. Fees for non-executive directors are not linked to the performance of the company. Remuneration of non-executive directors is determined by the Board exclusive of the director under consideration after considering the individual time commitment, duties and function of the subject Director. Further considerations of the amount of remuneration are made by referral to amounts paid to Directors, both executive and non executive, by other listed entities of comparable size to the Company in the oil and gas exploration industry. The board of directors as a whole determines the proportion of any fixed and variable compensation for each other key management person. 28
Page 1 and 2: Bounty Oil & Gas NL ANNUAL REPORT 2
Page 3 and 4: Key Outcomes Australia Bounty acqui
Page 5 and 6: Bounty Oil & Gas NL Annual Report -
Page 29: Bounty Oil & Gas NL Annual Report -
Page 37 and 38: Bounty Oil & Gas N.L. Annual Report

Download - ABN Newswire

Create successful ePaper yourself

Delete template?

Save as template?