Performance in relation to the KPIs is assessed annually, with
bonuses being awarded depending on the number and deemed
difculty of the KPIs achieved. Following the assessment, the
KPIs are reviewed by the Board in light of the desired and actual
outcomes, and their efciency is assessed in relation to the
Group’s goals and shareholder wealth, before the KPIs are
set for the following year.
Company Performance, Shareholder Wealth and Director and
Executive Remuneration
Key Management Personnel Remuneration Policy
The Board’s policy for determining the nature and amount of
remuneration of key management for the Group is as follows:
The remuneration structure for key management personnel
is based on a number of factors, including length of service,
particular experience of the individual concerned, and overall
performance of the Company. The contracts for service between
the Company and key management personnel are on a continuing
basis, the terms of which are not expected to change in the
immediate future. Upon retirement key management personnel are
paid employee benet entitlements accrued to date of retirement.
All Directors had contracts in place with the Company
during the nancial year as detailed below:
Current Directors
Mr Brett Mitchell, Executive Chairman
• Director Letter of Appointment dated 20 February 2016, no
termination date or payment on termination;
• MGC Pharmaceuticals Ltd executive services agreement was
implemented on 20 February 2016, this agreement continues
for 3 years unless terminated prior and will thereafter
automatically renew every 12 months;
- Fees of A$15,000 per month; as of 1 April 2017 the Board
resolved to increase this to A$25,000 per month
- A termination fee is payable and is dependent upon the
Company terminating the services contract at its election,
unless terminated by a just cause, and the payment would
range between €192,000-€576,000 subject to the length of
service provided to the Company
• MGC Pharma (UK) Ltd Non-Executive Director
agreement commenced 30 June 2016; no termination
date or payment on termination;
- Fees of £910 per month
Mr Roby Zomer, Managing Director
• MGC Pharmaceuticals Ltd executive services agreement was
implemented on 20 February 2016, this agreement continues
for 3 years unless terminated prior and will thereafter
automatically renew every 12 months;
- Fees of €10,000 per month plus benets; as of
1 April 2017 the Board resolved to increase this
to £15,000 per month plus benets
- A termination fee is payable and is dependent upon the
Company terminating the services contract at its election,
unless terminated by a just cause, and the payment would
range between €192,000-€576,000 subject to the length
of service provided to the Company
• MGC Pharma (UK) Ltd Non-Executive Director
agreement commenced 30 June 2016; no termination
date or payment on termination;
- Fees of £910 per month
Mr Nativ Segev, Executive Director & Head of Business Strategy
• MGC Pharmaceuticals Ltd executive services agreement was
implemented on 20 February 2016, this agreement continues
for 3 years unless terminated prior and will thereafter
automatically renew every 12 months;
- Fees of €12,500 per month plus benets; as of
1 April 2017 the Board resolved to increase this
to £17,000 per month plus benets
- A termination fee is payable and is dependent upon the
Company terminating the services contract at its election,
unless terminated by a just cause, with a termination fee
of up to €800,000 payable.
• MGC Pharma (UK) Ltd Non-Executive Director
agreement commenced 30 June 2016; no termination
date or payment on termination;
- Fees of £910 per month
Dr Ross Walker, Non-Executive Director and Chairman of
Strategic Advisory Board
• MGC Pharmaceuticals Ltd Director Letter of Appointment
was implemented on 20 October 2015, no termination date
and no payment upon termination;
- Non-Executive Director fees of $3,000 per month and fees for
Chairman of Strategic Advisory Board of $2,000 per month
Remuneration Report (Audited)
mgcpharma.com.au
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