Employees

Philosophy

Neon Energy will provide a work environment that challenges its personnel, provides support for the challenges to be met and then rewards performance.

Procedures and Guidelines

1. Neon will remunerate according to third quartile industry pay standards, linked to incentive/reward programs with the potential to substantially increase this level of remuneration.
2. Salary is reviewed annually with any resulting salary revisions generally taking effect from 1 July.
3. Neon will conduct performance appraisals for all staff annually. The aim of the appraisal is to set direction for an employee’s performance by:

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  • providing a formal opportunity for two-way communication;
  • reviewing the employee's performance in meeting the responsibilities of his/her role;
  • providing the employee with constructive feedback on performance;
  • providing background information for training and career development; and
  • Where appropriate, setting objectives and/or expectations for the forthcoming period.

Board

The Board has adopted a remuneration policy that takes into account the current size and nature of the Company’s operations.

Executive Directors are remunerated at levels equivalent to the second to third quartile for comparable Companies operating in the energy sector supplemented by the issue of unlisted options.

The Board determines payments to the non-executive directors and reviews their remuneration annually, primarily based on the nature and size of the Company’s operations and also including market practice, duties and accountability. Independent external advice is sort when required.

The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at a General Meeting. Fees for non-executive directors are not linked to the performance of the Company. However, to align Directors interests with shareholder interests, the directors are encouraged to hold shares in the Company and their packages are supplemented with unlisted options.

When required by legislation, Directors and executives receive superannuation guarantee contributions, which is currently 9% and do not receive any other retirement benefit. From time to time, individuals, however, may choose to sacrifice part of their salary or fees to increase payments towards superannuation.