Page 70 - Bauxite Resources Annual Report 2014

68 | Bauxite Resources Annual Report 2014
NOTES TO THE FINANCIAL STATEMENTS
Notes to the Financial Statements cont.
Annual Report 2014 Bauxite Resources 68
15. DIVIDENDS
No dividends were paid during the financial year. No recommendation for payment of dividends has been made.
16. KEY MANAGEMENT PERSONNEL DISCLOSURES
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid or payable to each
member of the Group’s key management personnel (KMP) for the year ended 30 June 2014.
The totals of remuneration paid to KMP of the company and the Group during the year are as follows:
Consolidated Group
2014 2013
$ $
Short-term benefits 1,074,797 1,227,955
Superannuation 91,482 81,737
Consulting Fees 392,413 439,830
Termination benefits 18,333 -
Share-based payments 86,080 -
1,663,105 1,749,522
The Company has taken advantage of the relief provided by AASB 2008-4 Amendments to Australian Accounting Standard –
Key Management Personnel Disclosures by Disclosing Entities and has transferred the detailed remuneration disclosures to the
directors’ report. The relevant information can be found in sections A-H of the remuneration report on pages 27 to 33.
Short-term employee benefits
These amounts include fees and benefits paid to the non-executive Chair and non-executive directors as well as all salary, paid
leave benefits, fringe benefits, consultancy fees and cash bonuses awarded to executive directors and other KMP.
Post-employment benefits
These amounts are the current-year’s superannuation contributions made during the year and termination benefits.
Share-based payments
These amounts represent the expense related to the participation of KMP in equity-settled benefit schemes as measured by the
fair value of the options, rights and shares granted on grant date.
17. INTERESTS IN JOINT ARRANGEMENTS
(a) Bauxite Alumina Joint Venture Pty Ltd
The Group has a 50% interest in Bauxite Alumina Joint Venture Pty Ltd, a jointly controlled entity. This Joint Venture entity acts
as the Manager of the Joint Operations in (b) and (c) below. The entity receives Management Fees for its services. In
accordance with AASB11 this entity is Equity Accounted and is excluded from the Consolidated Group table below.
Information about this Joint Venture is presented below:
Name Pace of
Business /
Incorporation
Classific
ation
Proportion of Ordinary
Share Interests
Measurement
Method
Carrying Amount
2014 2013 2014 2013
% % $ $
Bauxite Alumina Joint
Venture Pty Ltd Perth, Australia
Joint
Venture 50 50 Equity Method - -