Stanwell Corporation Limited’s (Stanwell’s) strict governance arrangements for senior executive remuneration mean senior executives cannot 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. However, in line with the Queensland Government policy, the at-risk portion of executives’ pay was foregone in 2019/20.
“In June 2020, Stanwell received advice of temporary changes to Government policy, requiring implementation of a 12-month pay freeze as a result of the health and economic impacts of the COVID-19 pandemic,” Mr Van Breda said.
“Accordingly, in line with this advice incentive payments for Stanwell’s Executive Leadership Team have been forgone for the 2019/20 financial year.”
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.
Media enquiries: Ph 1800 531 877 or email@example.com