Remuneration report page 30 1. Introduction 31 2.  Remuneration Framework  31 2.1 Objectives 32 2.2 Governance 32 2.3  Committee Members  32 2.4  How Remuneration is Determined  32 2.5  Services from Consultants  34 3.  Remuneration Snapshot  34 3.1  Non-Executive Directors  34 3.2  Managing Director and Key Management Personnel  34 3.3  Managing Director Remuneration  35 3.4  Other Executive KMP Remuneration  35 3.5  Short Term Incentive: Targets and Outcomes  36 4  Non-Executive Directors’ Remuneration  37 4.1  Components of Non-Executive Director remuneration  37 4.2 Objectives 38 4.3  Terms of Appointment  38 4.4  Shareholdings of Non-Executive Directors  38 4.5  Remuneration table  38 5.  Summary of Executive Contracts  40 6.  Managing Director’s remuneration  40 6.1  Terms of appointment  40 6.2  Total Fixed Remuneration and Short Term Incentive  41 6.3  Performance Rights and Share Options  41 6.4  Performance rights – performance hurdles  41 6.5  Share options – performance hurdles  42 6.6  Change of control and cessation of employment  43 6.7  Remuneration for the year ended 30 June 2013  43 7.  Remuneration tables  44 7.1  Remuneration components as a percentage of total remuneration  45 7.2  Share option and performance rights component of total remuneration  45 7.3  Consequences of performance on shareholder wealth  46 7.4  Deferred shares, options and performance rights over equity instruments granted as compensation during 2012  47 7.5  Options and performance rights granted since the end of the financial year  47 7.6  Key management personnel deferred shares, options and performance rights holdings 48 7.7  Short Term Incentive (STI) and Long Term Incentive (LTI) equity allocations  49 7.8  Equity Vested/Exercised/Lapsed during 2012  49 8.  Payments to persons before taking office  50