FY25 Appendix 4E and Annual Report
Released
Released
Announcement PDF
Imagion Biosystems Limited
Appendix 4E
Preliminary final report
1. Company details
Name of entity: Imagion Biosystems Limited
ABN: 42 616 305 027
Reporting period: For the year ended 31 December 2025
Previous period: For the year ended 31 December 2024
2. Results for announcement to the market
$
Revenues from ordinary activities down (100.0%) to -
Loss from ordinary activities after tax attributable to the owners of Imagion
Biosystems Limited up 108.5% to (4,309,456)
Loss for the year attributable to the owners of Imagion Biosystems Limited up 108.5% to (4,309,456)
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The loss for the Consolidated Entity after providing for income tax amounted to $4,309,456 (31 December 2024: $2,066,957).
Refer to the “Review of operations” section of the Directors’ Report for further commentary.
3. Net tangible assets
Reporting
period
Previous
period
Cents Cents
Net tangible assets per ordinary security (0.44) (1.11)
4. Control gained over entities
Not applicable.
5. Loss of control over entities
Not applicable.
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
7. Dividend reinvestment plans
Not applicable.
Imagion Biosystems Limited
Appendix 4E
Preliminary final report
8. Details of associates and joint venture entities
Not applicable.
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Imagion Biosystems Inc., a wholly owned subsidiary prepared its financial records in compliance with IFRS which is equivalent
to Australian Accounting Standards.
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements have been audited and an unmodified opinion has been issued.
11. Attachments
Details of attachments (if any):
The Annual Report of Imagion Biosystems Limited for the year ended 31 December 2025 is attached.
12. Signed
Signed ___________________________ Date: 27 February 2026
ABN 42 616 305 027
Imagion Biosystems Limited
Contents
31 December 2025
1
Corporate directory 2
Chairman’s Letter 3
Directors' report 4
Auditor's independence declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the financial statements
Consolidated entity disclosure statement
Directors' declaration
Independent auditor's report to the members of Imagion Biosystems Limited
Shareholder information
20
21
22
23
24
25
51
52
53
56
Imagion Biosystems Limited
Corporate directory
31 December 2025
2
Directors Mr Robert Proulx (Executive Chairman)
Mr Brett Mitchell (Non-Executive Director)
Ms Melanie Leydin (Non-Executive Director)
Dr Nina Webster (Non-Executive Director)
Company secretary Ms Melanie Leydin
Registered office and principal Suite 2, Level 11, 385 Bourke Street
place of business Melbourne, VIC 3000
Share registry Boardroom Pty Limited
Level 12, 225 George Street
Sydney, NSW 2000
Auditor RSM Australia Partners
Level 27, 120 Collins Street
Melbourne, VIC 3000
Australian legal advisor Steinepreis Paganin
Level 14, QV1 Building
250 St Georges Terrace
Perth, WA 6000
United States legal advisor Law Offices of Gayani R. Weerasinghe
325 W Washington St, Ste 2-3013
San Diego, CA 92103
Stock exchange listing Imagion Biosystems Limited shares are listed on the Australian Securities Exchange
(ASX code: IBX)
Imagion Biosystems Limited
Chairman’s Letter
31 December 2025
3
Letter from the Chairman
Dear Shareholders,
In 2025 Imagion Biosystems returned to its mission of developing the world’s first molecular MRI imaging technology. We
successfully reestablished the development plan for our MagSense® HER2 imaging agent and achieved a significant
milestone in filing our first application for an Investigational New Drug (IND) with the U.S. Food and Drug Administration – a
significant feat for any small biotech.
In the second half of the year, we strengthened the Board and management team with the addition of Nina Webster as a non-
executive director and the appointment of Ward Detwiler as President of the US operational subsidiary.
In 2025 we reestablished our foothold and, with the support of the capital markers, are prepared to move forward with a
Phase 2 clinical investigation of our MagSense molecular MRI technology.
We sincerely appreciate the support from our shareholders and their enthusiasm for our mission of changing the way we
look at cancer.
I look forward to keeping you updated on our progress.
Robert Proulx
Executive Chairman
Imagion Biosystems Limited
Imagion Biosystems Limited
Directors' report
31 December 2025
4
The directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as
the 'Consolidated Entity' or the 'Group') consisting of Imagion Biosystems Limited (referred to hereafter as the 'Company' or
'parent entity') and the entities it controlled at the end of, or during, the year ended 31 December 2025.
Directors
The following persons were directors of Imagion Biosystems Limited during the whole of the financial year and up to the date
of this report, unless otherwise stated:
Mr Robert Proulx (Executive Chairman)
Mr Brett Mitchell (Non-Executive Director)
Ms Melanie Leydin (Non-Executive Director)
Dr Nina Webster (Non-Executive Director) (Appointed on 1 September 2025)
Principal activities
During the financial year the principal continuing activities of the Consolidated Entity consisted of: Nanotechnology;
Biotechnology; Cancer Diagnostics; and Medical Imaging using Magnetic Resonance.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the Consolidated Entity after providing for income tax amounted to $4,309,456 (31 December 2024: loss of
$2,066,957) was higher than prior year due to the restart of Research and Development activities associated with leading up
to the commencement of a Phase 2 study for the MagSense® HER2 imaging agent. The Consolidated Entity expects to
maintain general and administration costs at a similar level as at the end of 2025 for the foreseeable future.
During the reporting period, the Consolidated Entity successfully raised a total of $3.5 million (before cost) of new equity
capital, conducted in two tranches, August and October 2025, with the funds being used to advance the clinical development
of the Company’s MagSense® molecular MRI imaging technology, and for general working capital.
Research and Development
MagSense@ HER2 Breast Cancer Program
In the first quarter of 2025 the Consolidated Entity began manufacturing of a new batch of the MagSense® HER2 imaging
agent to meet the stringent regulatory standards needed for the proposed Phase 2 clinical study. Manufacturing was
completed early in the fourth quarter of 2025. Final testing and release of the manufactured material labelled for use as an
investigational product continued in the fourth quarter and was completed in January 2026.
In the second quarter of 2025 the Group submitted a briefing document to the US Food and Drug Administration (FDA) in
anticipation its plans to submit an Investigational New Drug (IND) application for undertaking a multisite clinical study in the
United States. The Company reported that it had received positive feedback from the agency and would incorporating the
feedback into the IND application.
In the third quarter of 2025 the Consolidated Entity entered into a collaborative service agreement with MRI experts at Wayne
State University to develop optimised MRI sequences for the MagSense® imaging agent. The project which completed in the
fourth quarter, was successful in establishing improved dosing and image acquisition parameters which were incorporated in
the IND application and expected to be implemented in the proposed Phase 2 study.
The IND was submitted to the FDA in February 2026 and is pending review and approval by the agency.
Ovarian Cancer and Prostate Cancer Programs
Given the limited availability of funds, no material expenditures were undertaken for either the ovarian or prostate cancer
programs. The MagSense® imaging agents for these two indications remain in the Consolidated entities R&D pipeline and
will be resumed as funds become available.
Imagion Biosystems Limited
Directors' report
31 December 2025
5
Key Appointments
Non-Executive Director
In September 2025 Dr Nina Webster was appointed to the Board of Directors as a Non-Executive Director. Dr Webster
currently serves as Managing Director and Chief Executive Officer of Dimerix Ltd (ASX: DXB).
President US Operations
Effective 1 December 2025, Ward Detwiler was appointed as President of Imagion Biosystems, Inc. the Consolidated Entity’s
U.S. subsidiary. Ward had been serving as Chief Business Officer for the US subsidiary since July of 2024. Under the terms
of his appointment, Ward will report to the Board of Directors of the listed Australian entity, Imagion Biosystems, Ltd., and
have primary responsibility for driving growth and development for the consolidated Company.
Prostate Cancer Clinical Advisor
Dr Leonardo Kayat-Bittencourt was appointed as a clinical advisor in the second quarter of 2025. Dr. Kayat-Bittencourt is a
Professor of Radiology and Urology at Case Western Reserve University School of Medicine and the Vice Chair of Innovation
at University Hospitals in Cleveland OH. Dr Kayat-Bittencourt is a leader in the field of prostate cancer research using
multiparametric Magnetic Resonance Imaging (mpMRI).
Outlook
The Consolidated Entity aims to begin the MagSense® HER2 Breast Cancer Phase 2 study in the first quarter of the 2026
calendar year, depending on FDA review and approval. Key activities and objectives in the first half of calendar year 2026
include:
· Establishing and activating the initial clinical site(s);
· Opening the study for enrolment; and
· Dosing the first cohort of participants.
Advancing the research and development programs for prostate cancer and ovarian cancer will be dependent on the
availability of funds.
Key risks and uncertainties
The Consolidated Entity is subject to risks specific to the Consolidated Entity and the Consolidated Entity’s business activities,
as well as general risks.
Technical risks
The inherent nature of research and development is uncertain. There are substantial risks in drug development including risks
that studies fail to achieve an acceptable level of safety and/or efficacy. This would have a material impact on the Consolidated
Entity. The Consolidated Entity is mitigating this risk where reasonably possible through diversification of its product pipeline,
undertaking rigorous scientific review during the development process, and working with reputable and capable partners and
service providers.
Future funding risks
Whist the Consolidated Entity had a cash balance of $1,847,668 at 31 December 2025 and is able to continue on a going
concern basis, there is risk that the Consolidated Entity may require substantial additional financing in the future to sufficiently
fund its operations, research and development. The Directors regularly review the spending pattern and ability to raise
additional funds to ensure the Consolidated Entity’s ability to generate sufficient cash inflows to settle its creditors and other
liabilities.
In addition, the Consolidated Entity is eligible for certain government grants and R&D tax incentive which is subject to fulfilling
eligibility criteria. The Consolidated Entity reviews the project activities to maximise the benefits available under the grant
programs and the R&D tax incentive.
Regulatory and licensing risks
If the Consolidated Entity does not obtain the necessary regulatory approvals, it may be unable to commercialise its
pharmaceutical products. Even if it receives regulatory approval for any product candidates, profitability will depend on its
ability to generate revenues from the sale of its products or the licensing of its technology.
The Consolidated Entity monitors legislative and regulatory developments and engages proactively with key stakeholders to
manage this risk.
Reliance on key personnel
The Consolidated Entity’s success depends to a significant extent upon its key management personnel, as well as other
management and technical personnel including those employed on a contractual basis. The loss of the services of such
Imagion Biosystems Limited
Directors' report
31 December 2025
6
personnel or the reduced ability to recruit additional personnel could have an adverse effect on the performance of
the Consolidated Entity.
The Consolidated Entity maintains a mixture of external contractors and consultants to allow the access of multiple sources of
resources, and reviews remunerations of human resources regularly.
Inability to protect intellectual property
The Consolidated Entity’s ability to leverage its innovation and expertise is dependent on its ability to protect its intellectual
property and any improvements to it. A failure or inability to protect the Consolidated Entity’s intellectual property rights could
have an adverse impact on operating and financial performance.
The Group proactively monitors applications and renewals of patents and licences; and requires relevant stakeholders to
comply with the requirements set out in the Group's 'Disclosure and Communications Policy' as well a non-disclosure and
confidentiality agreements.
IT system failure and cyber security risks
Any information technology system is potentially vulnerable to interruption and/or damage from a number of sources, including
but not limited to computer viruses, cyber security attacks and other security breaches, power, systems, internet and data
network failures, and natural disasters.
The potential financial impacts of cyber security breaches may include:
● Business disruption costs
● Intellectual property or other valuable data being stolen or compromised
● Breaches of confidentiality with external parties that may compromise material commercial agreements
● Costs of remedying breaches and recovering data
● Costs to bolster cyber protection
● Litigation and legal costs
● Reputational damage
The Consolidated Entity is committed to preventing and reducing cyber security risks through outsourcing the IT management
to a reputable services provider.
Significant changes in the state of affairs
On 7 April 2025, the Company announced that the unquoted 75,000,000 unquoted share options which previously used ASX
code IBXABC and the unquoted 22,500,000 unquoted share options, which had used ASX code IBXAF, were quoted on the
ASX on 8 April 2025 and allocated the ASX ticker code IBXO. The terms for the options are detailed in the Notice of General
Meeting lodged with ASX on 8 November 2024. All options with ASX code IBXO are exercisable at $0.04 and they expire on
13 December 2027.
On 10 July 2025, the Company issued 2,000,000 unlisted options to Mr Brett Mitchell, Non-Executive Director, exercisable at
$0.19 (19 cents) per option and expire on 29 May 2028 and 2,000,000 unlisted options to Mr Robert Proulx, Executive
Chairman, exercisable at $0.012 (12 cents) per option and expire on 29 May 2030. The allocation of these options form part
of their remuneration, as approved by shareholders at its Annual General Meeting on 30 May 2025. The Company also issued
1,5000,000 unlisted options with an exercise price of $0.012 (12 cents) per option and expiring on 29 May 2030 to the Chief
Business Officer of Imagion Biosystems, Inc. under the Company's Employee Incentive Plan.
On 22 July 2025, the Company issued 1,2000,000 unlisted options with an exercise price of $0.012 (12 cents) per option and
expiring on 29 May 2030 to its contractors and consultants under the Company's Employee Incentive Plan.
On 4 August 2025, the Company announced a Placement capital raising to raise $3.5 million before costs. The raising
represented the issue of 233,333,333 new shares at an issue price of $0.015 (1.5 cents) per share, along with 233,333,334
free attaching listed options, exercisable at $0.04 (4 cents) and expiring on 13 December 2027 and raised $3.5 million before
costs after Placement. The first tranche of the Placement was completed on 11 August 2025 with 45,000,000 shares issued
and $0.675 million raised before costs. The second tranche of the Placement was completed on 29 September 2025 upon
shareholders’ approval at a General Meeting with 188,333,333 shares and 233,333,334 free attaching listed options issued.
On 1 September 2025, the Company appointed Dr Nina Webster as a Non-Executive Director.
Imagion Biosystems Limited
Directors' report
31 December 2025
7
On 26 September 2025, the Company issued 26,250,000 unlisted options with an exercise price of $0.04 (4 cents) per option
and expiring on 21 September 2028 to CPS Capital Group Pty Ltd as part of consideration as per mandate and as lead
manager of the Placement as announced by the Company on 4 August 20225. Additionally, 3,666,667 ordinary shares at
$0.015 per share were issued to Pitt Street Research Pty Ltd (Pitt) in lieu of their fees for providing 12 months analyst research
coverage. Shareholders approved the issue of shares to Pitt at the general meeting held on 24 September 2025.
The Company issued the following shares to Mercer Street Global Opportunity Fund, LLC (Mercer Street) during the reporting
period:
• on 30 September 2025, 6,050,000 ordinary shares at a deemed issue price of $0.04 (4 cents) to convert 242,000
Tranche 2 convertible notes;
• on 30 September 2025, 6,242,437 ordinary shares at a deemed issue price of $0.025 (2.5 cents) to convert 156,061
Tranche 1 convertible notes;
• on 10 October 2025, 17,123,288 ordinary shares at a deemed issue price of $0.0292 (2.92 cents) to convert
500,000 Tranche 1 convertible notes were issued to Mercer Street on 10 October 2025;
• on 4 December 2025, the Company issued 10,000,000 ordinary shares at a deemed issue price of $0.025 (2.5
cents) to convert 250,000 Tranche 1 convertible notes; and on 15 December 2025, the Company issued 8,000,000
ordinary shares at a deemed issue price of $0.025 (2.5 cents) to convert 200,000 Tranche 1 convertible notes.
These shares were issued to Mercer Street pursuant to the Convertible Securities Agreement (Agreement) with the
Group. The terms of the Agreement are disclosed in note 13.
On 16 October 2025, the Company issued 384,615 ordinary shares at $0.0394 (3.94 cents) per share as payment for services
provided by investor relations services.
There were no other significant changes in the state of affairs of the Consolidated Entity during the financial year.
Matters subsequent to the end of the financial year
The Company issued a total of 3,048,484 ordinary shares to Mercer Street at a deemed issue price of $0.025 (2.5 cents) each
on 8 January 2026 to convert the remaining 76,212 First Tranche convertible notes. This conversion fully extinguished the
carrying amount of the First Tranche convertible notes of $1,650,000 under the Agreement. Mercer Street holds a balance of
2,750,000 convertible notes with the Company.
On 8 January 2026, the Company announced that it agreed with Mercer Street to amend the terms of Second Tranche
convertible notes issued in June 2023 to the following:
(i) A payment of $300,000 was made on 13 January 2026 to reduce the remaining balance of the Second Tranche convertible
notes to $558,000.
(ii) The maturity date on the remaining balance has been extended to 28 February 2026.
(iii) Any remaining balance not otherwise converted by Mercer Street prior to the new maturity date will be converted by the
issuance of shares at the Conversion Price as defined in the Agreement.
On 2 February 2026, the Company announced that it had lodged its Investigational New Drug (IND) application for the
MagSense® HER2 Imaging Agent to the U.S. Food and Drug Administration (FDA). IND Submission marked a major
milestone in the clinical development of the Company’s proprietary MagSense® platform. Phase 2 Clinical Trial enrollment
planned to commence following FDA approval.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect
the Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future
financial years.
Likely developments and expected results of operations
The Consolidated Entity has significantly reduced fixed costs of administration activities including its human resources.
However, the Consolidated Entity has resumed research and development of the MagSense® HER2 Breast Cancer Program,
with any further development dependent on the availability of funds. The expected results of operations for the Consolidated
Entity will depend on the result of these developments and availability of funds.
Environmental regulation
The Consolidated Entity is not subject to any significant environmental regulation under Australian Commonwealth or State
law.
Imagion Biosystems Limited
Directors' report
31 December 2025
8
Information on directors
Name: Mr Robert Proulx
Title: Executive Chairman
Experience and expertise: Mr. Proulx has served as Chairman of the Board at Imagion Biosystems since the
company’s IPO in 2017. As President and CEO of Imagion Biosystems beginning in
February 2015 until June 2023, he led the company in the development of the
nanoparticle-based medical imaging technology from early proof of concept through
initial clinical development until June 2023. Mr. Proulx’s career spans more than 30
years with experience in the computer, life science and medical diagnostics industries.
Mr. Proulx holds an M.A. and B.A. from the State University of New York at Albany and
an Executive MBA from the Penn State Smeal College of Business.
Other current directorships: None
Former directorships (last 3 years): None
Interests in shares: 4,470,749 fully paid ordinary shares
Interests in options: 4,441,667 options
Interests in rights: 600,000 performance rights
Name: Mr Brett Mitchell
Title: Non-Executive Director
Experience and expertise: Mr. Mitchell is an experienced corporate finance executive with more than 15 years of
experience with ASX listed companies leading transactions in the biopharmaceutical,
mining, energy and tech industries. He has been involved in the founding, financing, and
management of both private and publicly-listed companies, including recently as a
director of ASX listed lithium developer Delta Lithium Ltd (DLI), the dual ASX-LSE listed
medical cannabis company Argent Biopharma Ltd (RGT), and is currently Executive
Chairman of ASX listed Javelin Minerals Ltd (ASX:JAV) and Non-Executive Chairman
of Uvre Limited (ASX :UVA). Additionally, Mr Mitchell has founded two financial advisory
services businesses and brings a track record of capital raising and corporate strategy
to Imagion.
Other current directorships: Javelin Minerals Ltd (ASX: JAV); and Uvre Limited (ASX: UVA)
Former directorships (last 3 years): Delta Lithium Limited (previously Red Dirt Metals) (ASX: DLI); MGC Pharmaceuticals
Limited (ASX: RGT); and Mount Ridley Mines Ltd (ASX: MRD)
Interests in shares: 5,937,575 fully paid ordinary shares
Interests in options: 6,166,667 options
Interests in rights: 1,250,000 performance rights
Name: Ms Melanie Leydin
Title: Non- Executive Director and Company Secretary
Experience and expertise: Ms Leydin holds a Bachelor of Business majoring in Accounting and Corporate Law. Ms
Leydin is a Fellow of the Institute of Chartered Accountants and Fellow of the
Governance Institute of Australia. Ms Leydin graduated from Swinburne University in
1997, became a Chartered Accountant in 1999 and from February 2000 to October 2021
was the principal of Leydin Freyer which was acquired by Vistra in November 2021. Ms
Leydin is now the Executive Vice President of Global Solutions, Southeast Asia at Vistra.
Vistra is a prominent provider of governance and compliance solutions and finance and
accounting solutions in the Fund, Corporate, Capital Markets, and Private Wealth
sectors.
Ms Leydin has over 30 years’ experience in the accounting profession and over 20
years’ experience holding Board positions including Company Secretary and CFO of
ASX listed entities. Ms Leydin has extensive experience in relation to public company
responsibilities, including ASX and ASIC compliance, control and implementation of
corporate governance, statutory financial reporting, reorganisation of Companies, initial
public offerings, secondary raisings and shareholder relations.
Other current directorships: Invion Limited (ASX: IVX); and Unico Silver Limited (ASX: USL)
Former directorships (last 3 years): None
Interests in shares: None
Interests in options: None
Interests in rights: None
Imagion Biosystems Limited
Directors' report
31 December 2025
9
Name: Dr Nina Webster
Title: Non-Executive Director (appointed on 1 September 2025)
Experience and expertise: Dr Webster brings to the Board a wealth of experience in the Australian ASX listed
pharmaceutical industry, holding leadership roles over a thirty-year period. She currently
serves as Managing Director and Chief Executive Officer of Dimerix Ltd (ASX: DXB), a
clinical-stage biopharmaceutical company, developing a portfolio of drugs to treat
inflammatory diseases. Formerly the Commercial Director for Acrux Limited (ASX: ACR)
and Director of Commercialisation and Intellectual Property for Immuron Limited (ASX:
IMC), Nina brings to IBX vast experience in investor relations, strategic planning, and
scientific and operational execution. Dr Webster holds a Ph.D in Pharmaceutics, a
Bachelor’s degree in Pharmacology, a Master’s degree in Intellectual Property Law and
an Executive MBA and currently also serves as Non-Executive Chairperson for
SYNthesis BioVentures and as Non-Executive Director for Linear Clinical Research
Limited.
Other current directorships: Dimerix Ltd (ASX: DXB)
Former directorships (last 3 years): Acrux Limited (ASX: ACR); and Immuron Limited (ASX: IMC)
Interests in shares: 565,211 fully paid ordinary shares
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 31 December 2025,
and the number of meetings attended by each director were:
Full Board
Attended Held
Mr Robert Proulx 16 16
Mr Brett Mitchell 15 16
Ms Melanie Leydin 16 16
Dr Nina Webster (1) 3 3
(1) Dr Nina Webster was appointed as Non-Executive Director on 1 September 2025.
Held: represents the number of meetings held during the time the director held office.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Consolidated Entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
● Principles used to determine the nature and amount of remuneration
● Details of remuneration
● Service agreements
● Share-based compensation
● Additional information
● Additional disclosures relating to key management personnel
Imagion Biosystems Limited
Directors' report
31 December 2025
10
Principles used to determine the nature and amount of remuneration
Non-executive directors' remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors'
fees and payments are reviewed annually by the Board of Directors. The Board of Directors may, from time to time, receive
advice from independent remuneration consultants to ensure non-executive directors' fees and payments are appropriate and
in line with the market.
Executive directors and senior executives' remuneration
The chairman's fees are determined independently to the fees of other non-executive directors which are competitively set to
attract and retain appropriately qualified directors and senior executives and based on achievement of strategic objectives
and the creation of value for shareholders. The Board of Directors ('the Board') ensures that executive and director rewards
satisfies the following key criteria for good reward governance practices:
● Having strategic objectives as a core component of the reward framework design;
● Focusing on sustained growth in shareholder wealth, which may comprise growth in share price, increasing opportunities
for the Consolidated Entity as well as focusing the executive on key non-financial drivers of value;
● Alignment of executive compensation to performance; and
● Acceptability to shareholders.
The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
● Rewarding capability and application of relevant experience;
● Being competitive and providing a reasonable framework with regard to applicable industry standards;
● Reflecting competitive rewards for contribution to growth in shareholder wealth; and
● Providing a clear and transparent structure for earning rewards.
Remuneration
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