ANNUAL REPORT 2021-22 slide image

ANNUAL REPORT 2021-22

62 28. DIRECTOR AND KEY MANAGEMENT PERSONNEL DISCLOSURES Remuneration of non-executive directors Remuneration of directors is determined by the Shareholding Minister under section 24 of the GOC Act. ANNUAL REPORT 2021-22 ANNUAL REPORT 2021-22 The following table provides the details of all non-executive directors of the Corporation and the nature and amount of the elements of their remuneration: Non-executive directors Mr Dennis Bree Fees Superannuation 29. RELATED PARTY INFORMATION Total The parent entity of the Corporation is the Northern Territory Government, which at 30 June 2022 owned 100% (2021: 100%) of the issued capital of Power Generation Corporation. This single share is held by the Shareholding Minister on behalf of the Northern Territory. The Corporation has related party transactions with its parent entity (includes other agencies and departments of the Northern Territory Government). All financial transactions between the Corporation and related parties are on arm's length normal market terms. Transactions The following table provides the total amount of transactions that were entered into with related parties for the relevant financial year. The Corporation is the predominant supplier of wholesale electricity in the Northern Territory. 2022 95,407 9,541 104,948 2021 95,407 9,064 104,471 Ms Christine Charles 2022 60,226 6,023 66,249 2021 60,226 5,722 65,948 Mr Richard Galton Total non-executive directors Sales to Purchases from Amounts Amounts owed by owed to related related related related parties parties parties parties $'000 $'000 $'000 $'000 Related party 2022 60,226 6,023 66,249 2021 60,226 5,722 65,948 The parent entity including all entities that 2021 are associated with the parent entity 2022 247,567 279,440 153,394 22,088 239,993 159,244 18,220 240,754 2022 215,859 21,587 2021 215,859 20,508 237,446 236,367 As at 30 June 2022 related party transactions of the Corporation included: • supply of gas from Power and Water Corporation; No termination benefits were paid to non-executive directors during the year. Remuneration of key management personnel Compensation levels are competitively set to attract and retain appropriately qualified and experienced senior executives. The following table shows the aggregate compensation made to key management personnel of the Corporation: • services provided by the Department of Corporate and Digital Development under a Service Level Agreement; . borrowings from the Northern Territory Treasury Corporation; • provision of wholesale electricity to Jacana Energy; and • provision of wholesale electricity and associated services to Power and Water Corporation. 30. CONTINGENT ASSETS AND LIABILITIES (i) Short-term employee benefits (ii) Post-employment benefits (iii) Long-term benefits Total compensation of key management personnel 2022 2021 $ $ (a) 1,616,429 125,423 1,767,331 123,494 (53,011) 132,673 1,688,841 2,023,498 CONTINGENT ASSETS AND LIABILITIES Various contractual disputes, including those involving ordinary routine matters to which the Corporation is a party, are pending or have been asserted against the Corporation. The wide variety and nature of the individual cases and the uncertainty of any potential liability or asset means that no value can be attributed to individual cases until the matters are resolved. 31. SUBSEQUENT EVENTS Executive officers are those officers who are involved in the strategic direction, general management or control of the business at Corporation or business division level. (i) (ii) Short-term employee benefits refer to salary and wages and annual leave paid or accrued during the financial year. Post-employment benefits refer to superannuation contributions made or accrued during the financial year. (iii) Long-term benefits refer to long service leave paid or accrued during the financial year. Other transactions with key management personnel Apart from the details disclosed in this note, no key management personnel have entered into a material contract with the Corporation since the commencement of the Corporation and there were no material contracts involving their interests existing at year end. Since the end of the financial year, the Directors have declared a dividend of $8.47 million (2021: $5.43 million) to be paid by 24 November 2022. Apart from the dividend noted in the Directors' report, there has been no item, transaction or event of a material and unusual nature which has arisen since 30 June 2022 that is likely to significantly affect the operations, the results of those operations or the state of affairs of the Corporation in future financial years. 63 30
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