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Remuneration Report – Audited (cont’d) C. Details of remuneration The key management personnel of Scandinavian Resources Ltd and the Group are the directors as listed on pages 4 and 5. Given the size and nature of operations of Scandinavian Resources Ltd, there are no other employees who are required to have their remuneration disclosed in accordance with the Corporations Act 2001 as there are no other executives or key management personnel. Details of remuneration of the directors and key management personnel (as defined in AASB 124 Related Party Disclosures) of Scandinavian Resources Ltd are: Short Term
Post-employment
Equity
Bonus
Nonmonetary
Superannuation
Prescribed benefits
Other
$
$
$
$
$
Damian Hicks
101,502
–
–
7,498
Olof Forslund
2011
Salary & fees
Other benefits
Options
(D&O Insurance) (i)
Total
$
$
$
$
–
–
–
3,272
112,272
Directors 189,382
–
–
–
–
–
–
3,272
192,654
Paul Thomas (ii)
27,531
–
–
–
–
–
–
3,272
30,803
Markus Bachmann (iii)
12,325
–
–
–
–
–
–
1,461
13,786
25,372
–
–
2,296
–
–
–
3,272
30,940
356,112
–
–
9,794
–
–
–
14,549
380,455
Ian Gregory (iv) Total
Short Term
Post-employment
Equity
Bonus
Nonmonetary
Superannuation
Prescribed benefits
Other
$
$
$
$
$
Damian Hicks
24,999
–
–
2,250
Olof Forslund
2010
Salary & fees
Other benefits
Options
(D&O Insurance) (i)
Total
$
$
$
$
–
–
–
820
28,069
Directors 40,875
–
–
–
–
–
–
820
41,695
Paul Thomas (ii)
3,125
–
–
–
–
–
–
523
3,648
Ian Gregory (iv)
5,734
–
–
516
–
–
–
820
7,070
74,733
–
–
2,766
–
–
–
2,983
80,482
Total
i) For accounting purposes Directors & officers Indemnity Insurance is required to be recorded as remuneration. No director receives any cash benefits, simply the benefit of the insurance coverage. ii) Mr Paul Thomas acts as nominee director for OM Holdings Limited and his directors fees are paid to OM Holdings Limited. iii) Appointed on 19 January 2011. iv) Mr Ian Gregory also acts as Company Secretary for Scandinavian Resources Ltd.
S C A N D I N A V I A N R E S O U R C E S annua l repor t 2 0 1 1
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