Cellmid 2017 Annual Report 21

5. REMUNERATION REPORT (AUDITED)

The remuneration report details the key management personnel remuneration agreements for the Group in accordance with the

requirements of the Corporations Act 2001 and its regulations.

The information provided in this remuneration report has been audited as required by section 308 (3C) of the Corporations

Act 2001.

The key management personnel of the Group for the year consisted of the following Directors of Cellmid Limited:

Principles used to determine the nature and amount of remuneration

The performance of the Group depends on the quality of its directors and executives.

To prosper, the Group must attract, motivate and retain highly skilled directors and executives. To this end, the Group embodies

the following principles in its remuneration framework:

• provide competitive rewards to attract high calibre executives; and

• establish appropriate performance hurdles in relation to variable executive remuneration.

The Board assesses the appropriateness of the nature and amount of remuneration of directors and senior managers of the Group

on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum

stakeholder beneﬁt from the retention of a high quality Board and executive team.

Group performance and link to remuneration

No performance based bonus or incentive payments are in place, however Maria Halasz had loan shares that were conditional on

key milestones being achieved.

The table below details the last ﬁve years earnings and total shareholders return.

The factors that are considered to affect total shareholders return (‘TSR’) are summarised below:

Name of Director Position Date Appointed Date Ceased

Dr David King Non-executive Chairman 18 January 2008 Current

Mr Bruce Gordon Non-executive Director 1 July 2015 Current

Dr Fintan Walton Non-executive Director 21 July 2015 Current

Ms Maria Halasz CEO and Managing Director 14 April 2007 Current

$ $ $ $ $

2017 2016 2015 2014 2013

Revenue 4,722,606 3,388,902 1,969,363 1,150,931 541,649

EBITDA (4,058,175) (3,169,853) (3,202,134) (2,165,345) (2,341,372)

EBIT (4,434,539) (3,331,466) (3,333,472) (2,277,485) (2,358,006)

Loss after income tax (4,470,136) (3,498,916) (3,337,348) (1,480,836) (1,541,307)

$ $ $ $ $

2017 2016 2015 2014 2013

Share price at ﬁnancial year end 0.025 0.03 0.03 0.02 0.02

Total dividends declared - - - - -

Basic earnings per share (0.44) (0.38) (0.43) (0.21) (0.27)