Santos today provided an update to the remuneration arrangements put in place for the Company’s Managing Director and Chief Executive Officer, Mr John Ellice-Flint. These arrangements were previously outlined in an ASX release on 17 March 2006, and in the 2006 Remuneration Report.
Santos’ Board has now completed a further review of Mr Ellice-Flint’s remuneration arrangements in light of the Federal Government’s changes to the taxation of superannuation initially announced in the 2006 Federal Budget.
As a result of this review, Mr Ellice-Flint’s pre-existing superannuation arrangements have been retained, and the share loan arrangements approved by shareholders at the 2006 AGM have not been implemented.
This results in a preferable outcome from the perspective of the cost to the Company and also as a retirement vehicle for Mr Ellice-Flint.
All other details of Mr Ellice-Flint’s remuneration are as approved by shareholders at the 2006 AGM.
Full details of Mr Ellice-Flint’s superannuation benefits will be set out in the Remuneration Report which will be released in late March 2007 as part of the Company’s 2006 Annual Report.