Icon Energy Annual Report 2023 31 31 packages offered to potential employees. The Company’s broad remuneration policy ensures that each remuneration package is properly aligned to the person’s duties and responsibilities, that remuneration is competitive in attracting, retaining and motivating people of the highest quality and that remuneration practices are transparent and easily understood. 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. 2. REMUNERATION FRAMEWORK The Company’s Remuneration framework is designed to ensure that: Executive and Senior Managers receive competitive and reasonable market-based levels of base remuneration; and Bonuses and other incentives for Employees and Executives and Senior Managers who perform well in their duties are only payable if they are approved by the Board and in the case of proposed issues of shares or other securities to Directors, by shareholders as well. 3. METHODOLOGY USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION Non-Executive Directors On appointment to the Board, all Directors agree to terms of appointment as set put in a letter of appointment. The letter sets out the remuneration applicable and other matters such as role of Director, compliance with the Company’s corporate policies, access to independent professional advice and confidentiality obligations. 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 $78,480 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. This arrangement has been in place for the year ended 30 June 2023. 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.