Solid Energy Ltd's chief executive Don Elder declined a rise in his base salary in 2010 but increases in performance-related at-risk pay pushed his total remuneration to $1.406 million in the year to June 30, 2010.His total fixed remuneration was unchange
Solid Energy Ltd's chief executive Don Elder declined a rise in his base salary in 2010 but increases in performance-related at-risk pay pushed his total remuneration to $1.406 million in the year to June 30, 2010.
His total fixed remuneration was unchanged at $761,250, according the annual report of the state-owned enterprise, which said that due to the recession Dr Elder and the senior management team declined an increase in base pay.
But the short-term incentive paid to Dr Elder rose 78.4% to $298,410 and the long-term incentive pay rose 91% to $346,367. In total, he receives $644,779 in variable remuneration, payable in October.
The total remuneration figure of $1.406m is 92% of the amount potentially available and is up from $1.273m last year.
A breakdown of the short-term variable component shows weightings of 20% for leadership, 30% for financial performance against budget, 30% for operational performace against budget and 20% for health and safety, people and environment enabling and sustainability. The long-term incentive has a 75% weighting for creating future value, 10% for environmental liabilities and 15% for health and safety.
