Remuneration Report (Audited) (continued) A cash bonus of 60% of base salary was paid to the Managing Director and the three other Key Management Personnel during the financial year ended 30 June 2023, relating to the achievement of two KPIs connected to the 12 month VWAP for Sunstone shares increasing from $0.0143 to $0.0577, a 300% increase; as well as securing El Palmar as a major new resource project for the Company, which saw the share price increase considerably upon release of first drilling results in October 2021. The additional ‘discovery’ at Alba on the Bramaderos project also had a considerable impact on the share price, with the Board utilising their discretion to increase the STI by 10% to reflect this. No other cash bonuses have been paid during the year ended 30 June 2023 (2022: 20%). As part of the terms and conditions of employment, the Company prohibits executives from entering into arrangements to protect the value of unvested long term incentive awards. This includes entering into contracts to hedge their exposure to options or shares granted as part of their remuneration package. Non-executive Directors Fees and payments to non-executive Directors are structured to reflect the demands which are made on, and the responsibilities of, the Directors. Non-executive Directors’ fees and payments are reviewed annually by the Board. The Chairman’s fees are determined independently to the fees of non-executive Directors based on comparative roles in the external market. The Chairman is not present at any discussions relating to the determination of his own remuneration. Directors’ fees The base remuneration was reviewed and increased by the Board from 1 July 2022. Fees for the Chairman are $95,000 p.a. and fees for other Non-executive Directors $60,000 p.a. (as at 30 June 2022 $90,000 and $55,000 respectively). Directors’ remuneration is inclusive of committee fees. Non-executive Directors’ fees are determined within an aggregate Directors’ fee pool limit, which is periodically recommended for approval by shareholders. The total maximum currently stands at $300,000. Retirement allowances for Directors Directors are permitted to nominate a superannuation fund of their choice to receive superannuation contributions. B Details of remuneration Details of the remuneration of the Directors and the key management personnel of Sunstone Metals Ltd are set out in the following tables. 2023 Short-term benefits Post- employment benefits Long-term benefits Share- based payments Name Cash salary and fees $ Cash bonus $ Super- annuation $ Annual/Long service leave $ Options and Rights $ Total $ Performance related % Directors of Sunstone Metals Ltd: Mr G Ascough 95,000 – – – 62,000 157,000 39.5% Mr M Norris 331,800 189,600 34,839 (7,144) 126,795 675,890 46.8% Mr S Stroud 60,000 – – – 62,000 122,000 50.8% Other key management personnel: Mr R Robinson 279,000 159,600 29,295 8,412 108,564 584,871 45.9% Mr G Leicht 269,000 153,720 28,245 10,054 108,564 569,583 46.0% Dr B Rohrlach 269,000 153,720 28,245 10,140 108,564 569,669 46.0% Total 1,303,800 656,640 120,624 21,462 576,487 2,679,013 Performance Rights issued are dependent on the satisfaction of performance conditions, and the amounts included in the above table represent the accounting expense recognised during the financial year. 23 Sunstone Metals Limited Annual Report 2023
RkJQdWJsaXNoZXIy MjE2NDg3