I expect to be against Resolution 3 as well:- Annual report...

I expect to be against Resolution 3 as well:

- Annual report details the philosophy regarding compensation - median of similar sized companies operating in similar fields (that alone seems problematic), with performance incentives to take that to top quartile remuneration.

- LTI in particular is referenced against movement in the All Ordinaries, with 25% vesting if the company equals AO's and a positive Total Shareholder Return exists. This is a pretty blunt tool to assess whether the company is tracking desirably.

- I think there is growing awareness that executive remuneration has been distorted, particularly with respect to contribution to results, and I'd argue that any retrospective benchmarking (like that which the company has recently undertaken) will tend to be lagging vs the trend.

- I don't have a problem with there being a place for an identified "star" member of the company leadership team (i.e. Mark), and I'd suggest that of any of the senior team, he could most strongly argue a case for sensible influence on direction. I do have a  problem with e.g. the HR General Manager being on the share incentive plan, and remunerated in the base well over $200k - total workforce seems to be about 200 based on the announcement regarding the employee incentive plan. Jacque might be a great professional resource, but can the company afford to be spending that much in this area. In the same vein, if I were union, I would also be pushing for significant remuneration growth based on the contents of these reports.