notes to and forming part of the financial statements  for the year ended 30 June 2004 (continued) NOTE 32 - RELATED PARTY TRANSACTIONS (a) The following related party transactions occurred during the year: (i) Transactions with related parties in the wholly owned consolidated entity The parent entity entered into the following transactions during the year with related parties: Management fees of $1,120,000 (2003: $720,000) were paid to a wholly owned controlled entity by RML during the year.  All transactions were on normal commercial terms and conditions. Appropriate disclosures of amounts due to and receivable from related parties are contained in the notes to the financial statements. (ii) Transactions with other related parties (iii) Director related transactions (b) RML is the ultimate Australian holding company and there is no controlling entity of RML at 30 June 2004. (a) Details of specified directors and specified executives (b) Remuneration of specified directors and specified executives (i) Remuneration policy (i) Specified directors (ii) Specified executives 2004 2003 $’000 $’000 Management fees and technical services paid to a wholly owned controlled entity by Resolute Amansie Limited  180 320 During the year Troika Legal were paid $299,902 (2003: $191,892) in legal fees which are in addition to fees disclosed in the Director and Executive Remuneration Disclosures. Mr Huston is a partner of this firm.  All transactions were on normal commercial terms and conditions. NOTE 33 - DIRECTOR AND EXECUTIVE REMUNERATION DISCLOSURES M. Turner General Manager - Operations D. Cairns General Manager - Project Evaluation and Exploration W. Foote Operations Manager - Golden Pride G. Fitzgerald General Manager - Finance & Administration and Company Secretary P. Walker Operations Manager - Ravenswood P. Huston Non-Executive Chairman P. Sullivan Director and Chief Executive Officer T. Ford Non-Executive Director H. Price Non-Executive Director (Appointed 26 November 2003) Remuneration of directors and senior executives of the Company is established by the Remuneration and Nomination Committee. Remuneration is determined as part of an annual performance review, having regard to market factors, a performance evaluation process and independent remuneration advice, with the overall objective of ensuring maximum shareholder benefit from the retention of a high quality Board and executive team. Executive directors’ and officers’ remuneration packages generally comprise salary, a performance based bonus where appropriate, and superannuation. Executives are also provided with longer term incentives via option schemes, which act to align the executives’ actions with the interests of the shareholders. The Remuneration and Nomination Committee assesses the performance of the directors on an annual basis as part of their review of director remuneration levels. The Chief Executive Officer evaluates the performance of all other senior executives. These evaluations are based on a range of criteria, including the Company’s performance and whether long term strategic objectives and individual performance objectives have been achieved. RESOLUTE MINING LIMITED 2004 ANNUAL REPORT 60