Directors’ Report
49
Directors’ Report
Remuneration Report
Dear Shareholder
I am pleased to present our Remuneration Report for 2013.
As you would be aware, at last year’s Annual General Meeting (“AGM”) 30% of the votes cast in respect of the resolution to adopt 
the 2012 Remuneration Report voted ‘against’ the resolution. As this was greater than the 25% threshold under the executive 
remuneration legislation, we received what is referred to as a ‘first strike.’ Our formal response to issues raised by shareholders at 
the AGM with respect to the 2012 Remuneration Report is set out on page 50 of this Report.
Voting at AGMs is not compulsory and results of the 2012 AGM reflected this with only 59% of issued shares that were eligible to 
vote on the resolution to adopt the Remuneration Report doing so, meaning the ‘against’ vote represented 18% of eligible issued 
shares.
While we believe our remuneration practices are sound and demonstrate a clear link between executive and shareholder returns, 
we have taken the first strike seriously and have undertaken an extensive review of the remuneration principles for Key 
Management Personnel.
The changes that the Board have implemented as a result of this review include:
〉〉 A structural review of the Company resulting in the appointment in December 2012 of a senior human resources specialist as 
a direct report to the Managing Director and Executive Committee member;
〉〉 Fees / base salary packages for Directors and Key Management Personnel were frozen from 1 July 2012;
〉〉 Directors and Key Management Personnel have agreed to a 10% reduction in fees and remuneration;
〉〉 The Managing Director and Key Management Personnel agreed to not accept any of their entitled Short Term Incentive (“STI”) 
equivalent to a minimum of 10% of their base salary for the 2013 financial year;
〉〉 A revised Performance Management System, including ‘at risk’ remuneration, has been introduced at all levels in corporate and 
site based operations including at risk remuneration for Key Management Personnel in the form of short term and long term 
incentive programs described in detail in this report; and
〉〉 A broadening of the remuneration benchmarking processes for Directors and Key Management Personnel.
Further details on each of the changes outlined above are provided in specific sections of this Remuneration Report. We believe 
that these changes will be welcomed by our shareholders.
We will continue to review our remuneration polices and framework in consideration of a changing industry environment and 
your feedback. 
Thank you for your interest in this report.
Ross Smyth-Kirk
Chairman 
Remuneration Committee 
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