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CIMIC Group Limited Annual Report 2016 |
Directors’ Report
DIRECTOR AND SENIOR EXECUTIVE REMUNERATION
Details of the Company’s remuneration policy and remuneration paid to the Group’s KMP are detailed in the Remuneration Report within
this Annual Report.
CEO AND CFO DECLARATION
The CEO and CFO have provided a declaration to the Board concerning the Group’s financial records, financial statements and notes in
respect of the 2016 Financial Year in accordance with section 295A of the Corporations Act.
ENVIRONMENTAL REGULATION
Under section 299(1)(f) of the Corporations Act, an entity is required to provide a summary of its environmental performance in terms of
compliance with Australian environmental regulations.
Within Australia, the Company is required to report under the NGER Scheme. In addition, the Operating Companies are subject to project
specific regulations across the various jurisdictions in which they operate. Failure to comply with these corporate and project specific
requirements may result in penalties such as remediation of damage, court injunctions, and criminal and civil penalties.
To assist the Board in discharging its responsibilities the Company has adopted a governance framework which provides for:
•
the delegation of accountability for achieving compliance with regulatory requirements (and other requirements) to the most
appropriate person or group within the organisation; and
•
an assurance and reporting process for the evaluation and oversight of compliance with these requirements to the Board.
In the 2016 Financial Year:
•
the Company submitted its NGER Scheme report with EY (our NGER Scheme external auditor) providing limited assurance; and
•
across the 122.4 million hours worked on projects there were no material breaches of legislation or conditions of approval (ie, those
resulting in prosecution, significant financial penalties or contractual action against the Company, executive officers or individuals).
However, there were 2 fines totalling $9,800 and 10 written warnings from environmental regulators.
For further information regarding the Company’s environmental governance, management approach and performance (which expands
beyond compliance), please refer to the Sustainability Report within this Annual Report
.
UNISSUED SHARES
SHARE RIGHTS
As at the date of this Directors’ Report, there are 343,767 rights over unissued shares in the Company. These are rights which were issued
in accordance with our employee incentive schemes and are set out below:
Classes of Rights
2012 Deferred
Rights
2013 Deferred
Rights
2014 Deferred
Rights
2013 Performance
Rights
2014 Performance
Rights
Number of participants at
date of grant
91
82
35
99
88
Date of grant
1 Jan 2012 –
1 Jan 2013
3 May 2013 –
1 Jan 2014
31 Oct 2014 –
1 Jan 2015
1 Jan 2013
1 Jan 2014
Date of performance
period end
5 Sep 2012 –
31 Dec 2017
31 Dec 2014 –
1 Jan 2017
31 Dec 2014 –
1 Jul 2017
31 Dec 2015
31 Dec 2016
Number of rights
Original grant
1,004,925
321,987
119,990
705,426
704,802
On issue 10 Feb 2016
1
82,651
242,942
89,378
281,529
400,642
Vested since 10 Feb 2016
(70,831)
(238,604)
(83,099)
(271,192)
-
Lapsed since 10 Feb 2016
(9,317)
(4,338)
-
(10,337)
(65,657)
On issue 8 Feb 2017
2
2,503
-
6,279
-
334,985
1
Date of the Directors’ Report contained in the 2015 CIMIC Annual Report.
2
Date of this Directors’ Report.
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