ABN 61 058 454 569
ICON ENERGY LIMITED
2015 Annual Report
41
REMUNERATION REPORT – AUDITED
7. RELATIONSHIP BETWEEN REMUNERATION POLICY AND PERFORMANCE
Icon Energy’s remuneration policy seeks to encourage an alignment between the performance of the Company and
remuneration of its executive KMPs. It does this by including short-term and long-term ‘at risk’ incentives that only vest
when executives achieve pre-determined key corporate performance objectives. The long-term incentive plan in particular
links vesting of LTI plan rights to achievement of long-term company objectives such as growth in share price and market
capitalisation and exploration performance which contributes to long-term shareholder value.
The following table shows the Company’s Profit/Loss (after tax) for the last four years as well as the share price and market
capitalisation over those years. The graph below the table shows the relative performance of the Company’s share price
against the S&P ASX 200 Energy Index (XEJ) during the financial year.
8. SERVICE AGREEMENTS
The Company has a policy that service agreements with Executive and Senior Managers are limited in term and include
termination clauses of between one and twelve months.
Service agreements are in place for the Managing Director (Mr Raymond James), the Chief Financial Officer & Company
Secretary (Dr Kevin Jih) and the Exploration Manager (Mr Martin Berry).
The service agreements with the Company run for a period of five years, from the date of engagement or renewal and set out
the duties and obligations of the respective senior executives.
Short Term & LongTerm Incentive
The Icon Energy Limited Performance Rights Plan allows the Icon Board to make offers of performance rights to eligible
employees in the Board’s absolute and unfettered discretion. The Board set corporate key performance indicators at its
October 2014 Meeting in anticipation of offers being made under the Plan later in FY15 (Corporate KPIs). However, due
to the Company’s changed circumstances, as discussed at the February 2015 Board Meeting and as resolved at the April
2015 Meeting, the Board agreed not to make any offers under the Plan in respect of either the FY15 STI or FY15 LTI.
Table 4:
Relative Proportions of Remuneration Packages
30 June 2015
0.05
607,026,150
$30,351,307
($5,863,547)
30 June 2012
0.18
469,301,394
$84,474,251
($4,618,666)
30 June 2013
0.145
533,391,210
$77,341,725
$3,720,392
30 June 2014
0.14
615,774,351
$86,208,409
($1,017,551)
Closing Share Price
Number of Shares
Market Cap
Profit (Loss) after tax
7. RELATIONSHIP BETWEEN REMUNERATION POLICY AND PERFORMANCE
Icon Energy's remuneration policy seeks to encourage an alignment between the performance of the Company
and remuneration of its executive KMPs. It does this by including short-term and long-term 'at risk' incentives that
only vest when executives achieve pre-determined key corporate performance objectives. The long-term incentive
plan in particular links vesting of LTI plan rights to achievement of long-term company objectives such as growth
in share price and market capitalisation and exploration performance which contributes to long-term shareholder
value.
The following table shows the Company's Profit/Loss (after tax) for the last four years as well as the share price
and market capitalisation over those years. The graph below the table shows the relative performance of the
Company's share price against the S&P ASX 200 Energy Index during the financial year.
Table 4: Company's Profit/Loss (after tax)
30-Jun-12
30-Jun-13
30-Jun-14
30-Jun-15
Closing Share Price
0.18
0.145
0.14
0.05
Number of Shares
469,301,394
53 ,391,210
615,77 ,351
6 7,026,150
Market Cap
84,474,251
7 ,341,725
86,208,409
30,351,307
Profit (Loss) after tax
($4,618,666)
$3,720,392
($1,017,551)
($5,863,547)
Short Term & Long Term Incentive
The Icon Energy Limited Performance Rights Plan allows the Icon Board to make offers of performance rights to
eligible employees in the Board’s absolute and unfettered discretion. The Board set corporate key performance
indicators at its October 2014 Meeting in anticipation of offers being made under the Plan later in FY15 (Corporate
KPIs). However, due to the Co pany’s changed circumstanc s, as discussed at th February 2015 Board Meeting
and as r solved at the April 2015 Meeting, the Board agreed not to make any offers under the Plan in respect of
either the FY15 STI or FY15 LTI.
8. SERVICE AGREEMENTS
The Company has a policy that service agreements with Executive and Senior Managers are limited in term and
include termination clauses of between one and twelve months.
Service agreements are in place for the Managing Director (Mr Raymond James), the Chief Financial Officer &
Company Secretary (Dr Kevin Jih) and the Exploration Manager (Mr Martin Berry).
The service agreements with the Company run for a period of five years, from the date of engagement or renewal
and set out the duties and obligations of the respective senior executives.
