Stanwell Corporation Limited’s (Stanwell) strict governance arrangements for senior executive remuneration mean senior executives can not be paid more than the market median.
This means 50 per cent of senior executives in comparable roles in the energy and services industry, are paid more than Stanwell’s senior executives.
Remuneration recommendations are made by independent remuneration consultants using recognised salary scales.
Stanwell Chief Executive Officer Richard Van Breda said employees and senior executives had to meet strict corporate targets, in order for an ‘at-risk’ portion of their remuneration package to be paid.
“When an executive is contracted to work at Stanwell, they agree that a proportion of their total remuneration package is at-risk and will not be paid unless the company achieves certain stretch targets,” Mr Van Breda said.
At-risk performance incentive payments of Stanwell’s key management personnel are capped at 15 per cent of total fixed remuneration. Remuneration increases and performance payments for employees, including executives, are made according to guidelines approved by the Board and in line with Queensland Government policies.
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