32 Icon Energy Annual Report 2023 32 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 accrued and paid to Non-Executive Directors during the financial year was $268,672. NonExecutive Directors do not receive performance-based remuneration. At the date of this report, no Director was considered to be executive. Other Key Management Personnel Other Key Management Personnel may be employed by the Company under a service agreement. They are remunerated through a combination of: Fixed Remuneration (FR); and Bonus or other incentives (short-term and long-term) 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. Since 2017, the Board decided not to seek shareholder approval for any new plan. At the date of this report, no other employees were considered to be key management personnel. There were no remuneration consultants used by the Company during the year ended 30 June 2023 or in the prior year. 4. FIXED REMUNERATION Fixed remuneration consists of the base remuneration calculated on a total cost basis and includes FBT charges on employee benefits, if relevant, as well as contributions to superannuation funds. Remuneration levels are reviewed annually. Senior executives were restricted to CPI increases over the financial year. 5. SHORT-TERM INCENTIVES The Company did not issue Short-term Incentives (STI) for the 2022-23 year. 6. LONG-TERM INCENTIVES The Company did not issue Long-term Incentives (LTI) for the 2022-23 year. Remuneration Report – Audited for the year ended 30 June 2023
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