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Loans to KMP
No loans have been made to the Directors of WHSP or other KMP of the Consolidated Entity.
Other transactions with KMP
The KMP and their related entities received dividends during the year in respect of their shareholdings in Group
companies consistent with other shareholders.
Unsecured deposits are accepted from some Directors of WHSP and their related entities and interest is paid
at normal commercial rates. Interest paid during the current financial year amounted to $1,228,178 (2015:
$1,590,264). The balance of deposits at 31 July 2016 was $48,200,787 (2015: $47,326,145). Deposits were received
from Mr R D Millner, Mr T C D Millner and Mr R G Westphal and/or their related entities.
Reliance on external remuneration consultants
During the year the Remuneration Committee engaged PricewaterhouseCoopers (PwC) to provide advice on the
executive long-term incentive plan design and prepare the necessary plan documentation. PwC was paid $39,386
for these services.
PwC has confirmed that all remuneration advice has been made free from undue influence by members of the
Group’s KMP.
The following arrangements were made to ensure that the remuneration advice was free from undue influence:
4
PwC was engaged by, and reported directly to, the chair of the remuneration committee. The agreement
for the provision of the services was executed by the chair of the remuneration committee under delegated
authority on behalf of the board; and
4
the report containing the remuneration advice was provided by PwC directly to the chair of the remunera-
tion committee.
As a consequence, the Board is satisfied that the advice was made free from undue influence from any members
of the KMP.
Voting on the 2015 Remuneration Report
The Parent Company’s Remuneration Report for the 2015 financial year was adopted at its 2015 Annual General
Meeting on a show of hands with no votes against.
This is the end of the Remuneration Report
Directors’ Report
Options
The Parent Company did not issue any options over its unissued shares during the financial year or in the period
to the date of this report. There are no such options on issue at the date of this report.
Indemnification of Officers and Auditors
Indemnification
The Parent Company’s constitution provides for an indemnity of Directors, Secretaries and Executive Officers (as
defined in the
Corporations Act 2001
) where liability is incurred in the performance of their duties in those roles,
other than conduct involving a wilful breach of duty in relation to the Company. The Constitution further provides
for an indemnity in respect of any costs and expenses incurred in defending proceedings in which judgement is
given in their favour, they are acquitted, or the Court grants them relief under the
Corporations Act 2001
.
Insurance
In accordance with the provisions of the Corporations Act, the Parent Company has a Directors’ and Officers’
Liability policy covering Directors and officers of the Parent Company and some of its controlled entities. The
insurance policy prohibits disclosure of the nature of the liability insured against and the amount of the premium.