performance. The Corporate Governance 
Statement provides further information on  
the role of this committee.
Remuneration Consultants
The Group engages the services of independent 
and specialist remuneration consultants from 
time to time. Under the Corporations Act 2001, 
remuneration consultants must be engaged by 
the Non-Executive Directors and reporting of 
any remuneration recommendations must be 
made directly to the Remuneration Committee.
Concern Action or Comment
Key issues raised were:
〉〉 the granting of deferred rights;
〉〉 definition of what compromises ‘fixed pay’; and
〉〉 a lack of understanding of the TSR Alpha™ concept 
recommended as the LTI performance assessment 
process.
The Company has benchmarked the issuing of LTIs to the Managing Director and other Key Management 
Personnel against all companies of comparable market position as part of a broader remuneration 
comparison using AON Hewitt / McDonald, a review of survey data from the Egan and Associates “The KMP 
Report” and validation from Godfrey’s Remuneration Group. The findings confirm the level of remuneration, 
inclusive of performance rights, to be comparable to similarly experienced Managing Directors and other Key 
Management Personnel with companies of comparable market positioning within the industry.
The Company has sought to discuss key elements contained in the Remuneration Report with shareholders, 
shareholder representative groups and proxy advisory groups. Further details regarding the TSR Alpha™ 
benchmarking methodology are included in the LTI section of this Report.
Deferred rights for the Managing Director were transitional with eligibility for performance rights only in the 
future.
Details of the STI and LTI Plans are provided later in this Report.