Evaluation of Senior Executives

Senior executives, including the managing director and the chief financial officer, have a formal job description and letter of appointment describing their term of office, duties, rights, responsibilities and entitlements upon termination.

The performance of senior executives is reviewed annually before the budgets are approved for the next financial year. This process is a formal one with the executive's performance assessed against company, division and personal benchmarks. Benchmarks are agreed with the respective senior executives and short term and long term incentive payments are based upon the degree of achievement against those benchmarks.

Induction procedures are in place to allow new senior executives to participate fully and actively in management decision-making. The induction program includes orientation of:

• The company's financial position, strategies, operations and risk management policies
• The respective rights, duties, responsibilities and roles of the board and senior executives.