ANNUAL Report June 2022 Directors’ Report 12 (e) Equity Instruments; (f) Options and Performance Rights Granted as Remuneration; (g) Equity Instruments Issued on Exercise of Remuneration Options or Rights; (h) Service Agreements; and (i) EQ Resources’ Financial Performance. (a) Policy Used to Determine the Nature and Amount of Remuneration The objective of the Company’s remuneration framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives and the creation of value for shareholders. The Board believes that executive remuneration satisfies the following key criteria: ▪ competitiveness and reasonableness; ▪ acceptability to shareholders; ▪ performance linkage / alignment of executive compensation; ▪ transparency; and ▪ capital management. These criteria result in a framework which can be used to provide a mix of fixed and variable remuneration and a blend of short and long-term incentives in line with the Company’s limited financial resources. Fees and payments to the Company’s Non-executive Directors and senior executives reflect the demands which are made on, and the responsibilities of, the Directors and the senior management. Such fees and payments are reviewed annually by the Board. The Company’s Executive and Non-executive Directors, senior executives and officers are entitled to receive performance rights, options and/or shares under the Company’s Equity Incentive Plan which was approved by shareholders at the General Meeting held on 26 November 2020. Fees for Non-executive Directors are not linked to the performance of the Group. Use of Remuneration Consultants The Group has not used any remuneration consultants during the year. Voting and Comments made at the Group’s 2021 Annual General Meeting The Group received votes against its Remuneration Report for the 2021 financial year however did not receive any specific feedback on its remuneration practices at the 2021 Annual General Meeting or during the year. (b) Key Management Personnel The following persons were Key Management Personnel of the Group during the 2022 financial year: Position Appointment Resignation Directors O. Kleinhempel Non-executive Director Non-executive Chairman 12 August 2019 24 April 2020 - S. Layton Independent Non-executive Director 14 November 2017 - R.D. Morrow Independent Non-executive Director 16 March 2021 - Z.P. Yeo Non-executive Director 12 August 2019 - EQ Resources Limited Annual Report 2022 43
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