2001 Annual Report - OneSteel

Directors’ Report (continued)Details of remuneration paid (in dollars) to directors and the most highly remunerated officers are:Base Other RetirementDirectors Salary Fees Benefits Incentives Super Contribution Benefits TotalP J Smedley (1) 172,715 13,825 186,540R L Every (1) 1,110,051 29,321 290,137 163,177 1,592,686E J Doyle (1) 55,269 4,422 59,691C R Galbraith (1) 55,269 4,422 59,691D E Meiklejohn (1) 55,269 4,422 59,691D A Pritchard (1) 55,269 4,422 59,691N J Roach (1) 55,269 4,422 59,691B L Carrasco (2) 419,506 8,451 73,389 61,667 563,013G M Day (2) 4,136 1,378 608 6,122C R Keast (2) 5,629 1,358 827 7,814M E Hedges (2) 52,425 40,795 7,706 100,926Total 1,591,747 449,060 81,303 363,526 269,920 2,755,556Base Other TerminationOfficers (3) Salary Fees Benefits Incentives Super Contribution Benefits TotalP L Muller (4) 331,591 12,166 18,400 48,743 964,743 1,375,643R J Moore (4) 307,461 48,415 52,420 45,197 596,936 1,050,429G J Plummer 256,002 50,935 66,300 37,632 410,869L J Selleck 240,780 15,903 62,600 35,394 354,677W J Gately 190,008 15,752 33,200 27,931 266,891Total 1,325,842 143,171 232,920 194,897 1,561,679 3,458,509(1) Appointed during year.(2) Resigned during year.(3) All officers were employed by subsidiaries of OneSteel Limited. Total remuneration paid to the following officers exceeded the total paid to each of the continuing executives shownin the table by virtue of benefits paid on the termination of their contracts:P F Greatrex $885,463M Clements $751,329J C Dulhunty $750,614P Keating $697,353(4) Contracts terminated during year; termination benefits include annual leave and long service leave entitlements.OPTIONSDuring the financial year, the Company granted performance rights to shares and options over unissued ordinary shares to the followingexecutive directors and the five most highly remunerated officers as part of their remuneration:Number of Number of Exercise PriceRights Granted Options Granted for OptionsR L Every 1,847,052 2,462,735 92.58 centsB L Carrasco 704,796 939,728 92.58 centsP L Muller 135,645 180,860 92.58 centsR J Moore 125,209 166,945 92.58 centsG J Plummer 105,315 140,420 92.58 centsL J Selleck 93,163 124,217 92.58 centsW J Gately 76,961 102,614 92.58 centsAll performance rights and options were granted during the financial year. No rights and options have been granted since the end of thefinancial year.The performance rights to shares and the options to shares were granted in accordance with the executive long term incentive share andoption offer outlined in the scheme of arrangement approved by BHP Limited shareholders for the spin-out of the Company. One ordinaryshare in the Company may be obtained for each performance right and for each option from 16 December 2003, or on earliertermination in special circumstances, subject to the company achieving specific performance hurdles. The options have a maximum life ofnine years.The issue price for each right was 92.58 cents, the same as the exercise price for each option. The price was calculated based on theweighted average price of OneSteel shares traded on the Australian Stock Exchange over the five days ended 29 November 2000.The performance hurdles relate to two comparative groups (the Australian Consumer Price Index plus 5%, and the ASX All IndustrialsAccumulation Index excluding banks, media and telecommunications) which are measured against OneSteel’s performance in terms oftotal shareholder return. Due to the nature of the performance hurdles and the short period that the company has been in operation, thevalue of these rights and options is considered to be indeterminable.32