text: **D. Remuneration Governance**
  
  In order to maximize shareholder value, our remuneration philosophy is to attract, motivate and retain high-calibre executives. 
  In assessing total remuneration, our objective is to be competitive with industry remuneration while considering individual and 
  company performance. The majority of each executive's remuneration is performance based and "at risk." We believe that equity 
  ownership is an important element of remuneration and that, over time, more of the executives' remuneration should be equity- 
  based rather than cash-based so as to better align executive remuneration with shareholder return. For the year ended 31 
  December 2013, the targeted "at risk" remuneration relating to performance variability with cash bonuses and LTI represents 
  approximately 78% for the Managing Director and approximately 71% for all other KMP’s, as illustrated in the table below. 