Icon Energy Limited Annual Report 2022

31 broad remuneration policy ensures that each remuneration package is properly aligned to the person’s duties and responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest quality. The Remuneration, Nominations and Succession Committee Charter sets out the Board's policy for the nomination and appointment of directors and the process for the evaluation of the performance of senior executives. The Corporate Governance Statement provides further information on the role of the Committee. 3. METHODOLOGY USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION Non-Executive Directors Fees paid to Non-Executive Directors reflect the demands made on, and responsibilities of, such directors. Non-Executive Directors' fees are reviewed by the Board on an annual basis. In 2018 the Board determined to reduce base fees by 20% in view of the low share price. Thereafter, NonExecutive Directors are paid a base fee of $56,000 per annum together with the payment of additional fees to Directors serving on Board Committees to recognise their contribution to the Company together with superannuation. The Chairman’s remuneration has been set at $72,000 per annum plus Committee fees and superannuation. An additional $6,000 per annum per Committee is paid to Committee members and $6,800 per annum per Committee for the Chairmen of the Committees. Since Mr James’ service agreement as Managing Director expired on 31 December 2019, Mr James remained a director of the company with additional duties as directed by the Board. Therefore, the Board determined a remuneration for Mr James of $111,124 per annum plus superannuation. The Board decided to reduce these fees by 20% effective from 1 January 2018 having regard to the low share price. This arrangement has been in place for the year ended 30 June 2022. The maximum total amount available for payment of all Non-Executive Director fees is $500,000 per annum which was approved by shareholders at the 2010 Annual General Meeting. The total amount of fees actually paid to Non-Executive Directors during the financial year was $284,596. NonExecutive Directors do not receive performance-based remuneration. Executive Managers and Senior Management Executive and Senior Managers are remunerated through a combination of: • Fixed Remuneration (FR); • Bonus or other incentives for outstanding performance to be determined at the discretion of the Board. In November 2017, the company’s Performance Rights Plan ("Plan") expired. The Plan provided for the granting of appropriately structured short and long-term incentives to employees (including Executive Directors) in addition to their fixed remuneration. Icon Energy Annual Report 2022 27