03Financial Statements

CEFC ANNUAL REPORT / 2015–16

Note 5: People and Relationships

This section describes a range of employment and post employment benefits provided to our people and our relationships with other key people.

5.1: Employee Provisions

 

2016

$’000

2015

$’000

Annual and long service leave

1,199

878

Total employee provisions

1,199

878

Employee provisions expected to be settled:

 

 

No more than 12 months

627

466

More than 12 months

572

412

Total employee provisions

1,199

878

 5.2: Senior Management Personnel Remuneration

 

2016

$

2015

$

Short-term employee benefits

 

 

Salary

2,079,796

2,158,013

Performance bonuses

547,285

655,817

Retention bonuses

299,334

283,349

Redundancy payments

345,129

-

Travel allowances

20,800

17,600

Annual leave accrued

1,669

45,140

Motor vehicle and other allowances

-

1,083

Total short-term employee benefits

3,294,013

3,161,002

Post-employment benefits

 

 

Superannuation

105,008

94,298

Total post-employment benefits

105,008

94,298

Other long-term employee benefits

 

 

Long service leave

8,527

45,750

Total other long-term employee benefits

8,527

45,750

Total senior management personnel remuneration expenses

3,407,548

3,301,050

 The total number of senior management personnel that are included in the above table are 8 (2015:5).

5.3: Directors’ Remuneration

 

2016

No.

2015

No.

The number of non-executive directors of the Corporation included in these figures are shown below in the relevant remuneration bands:

 

 

$0 to $29,999

1

-

$30,000 to $59,999

5

6

$60,000 to $89,999

-

-

$90,000 to $119,999

1

1

Total

7

7

 

2016

$

2015

$

Total remuneration received or due and receivable by non-executive directors of the Corporation

411,923

448,512

 The Corporation has no executive directors.

5.4: Related Party Disclosures

Transactions with Directors or Director-Related Entities

The following table provides the total amount of transactions that were entered into with director-related parties during the financial year ended 30 June 2016. The directors involved took no part in the relevant decisions of the Board.

Director

Related Party

Transaction

Year

Purchase from

Related Party

$’000

Receipt from

Related Party

$’000

Martijn Wilder AM

Baker & McKenzie

Legal advice

2016

6

-

Martijn Wilder AM

Baker & McKenzie

Legal advice

2015

7

-

Mr Wilder is also the chairman of the Australian Renewable Energy Agency (‘ARENA’) and was the chairman of Low Carbon Australia Limited (‘LCAL’).

Transactions with Other Related Entities           

The following transactions were entered into with other related parties under common control during the financial year ended 30 June 2016:

Low Carbon Australia Limited:

As part of a restructuring of administrative arrangements, LCAL relinquished net assets totalling $Nil (2015: $18,398,000) to the Corporation for $Nil consideration. This was recognised by CEFC as an equity contribution. The distribution of net assets from LCAL was undertaken in accordance with the wind-up provisions in the Constitution of that entity and details of the net assets transferred have been included in Note 4.1 – Contributed Equity.