The remuneration policy is the group’s new remuneration policy on directors’ remuneration, which was approved by a binding vote at the 2017 AGM. In setting the policy, the Remuneration Committee has taken the following into account:

• The need to align the interests of shareholders as a whole with the long-term growth of the group; and

• The need to be flexible and adjust with operational changes throughout the term of this policy

The remuneration of non-executive directors is determined by the board, and takes into account additional remuneration for services outside the scope of the ordinary duties of non-executive directors.

Mining Review

The strong performance of Black Wattle, our South African coal mining operation, can be attributed to increased mining production from our opencast reserves and the successful completion of coal infrastructure improvements to our washing plant. This allowed the group to benefit from the higher prices achievable for our coal, particularly in the second half of the year.

by Andrew Heller
20 April 2018