ANNUAL REPORT 2021-22
62
28. DIRECTOR AND KEY MANAGEMENT PERSONNEL DISCLOSURES
Remuneration of non-executive directors
Remuneration of directors is determined by the Shareholding Minister under section 24 of the GOC Act.
ANNUAL REPORT 2021-22
ANNUAL REPORT 2021-22
The following table provides the details of all non-executive directors of the Corporation and the nature and amount of
the elements of their remuneration:
Non-executive directors
Mr Dennis Bree
Fees
Superannuation
29.
RELATED PARTY INFORMATION
Total
The parent entity of the Corporation is the Northern Territory Government, which at 30 June 2022 owned 100% (2021:
100%) of the issued capital of Power Generation Corporation. This single share is held by the Shareholding Minister on
behalf of the Northern Territory.
The Corporation has related party transactions with its parent entity (includes other agencies and departments of the
Northern Territory Government). All financial transactions between the Corporation and related parties are on arm's
length normal market terms.
Transactions
The following table provides the total amount of transactions that were entered into with related parties for the relevant
financial year. The Corporation is the predominant supplier of wholesale electricity in the Northern Territory.
2022
95,407
9,541
104,948
2021
95,407
9,064
104,471
Ms Christine Charles
2022
60,226
6,023
66,249
2021
60,226
5,722
65,948
Mr Richard Galton
Total non-executive directors
Sales to
Purchases
from
Amounts
Amounts
owed by
owed to
related
related
related
related
parties
parties
parties
parties
$'000
$'000
$'000
$'000
Related party
2022
60,226
6,023
66,249
2021
60,226
5,722
65,948
The parent entity including all entities that
2021
are associated with the parent entity
2022
247,567
279,440
153,394
22,088
239,993
159,244
18,220
240,754
2022
215,859
21,587
2021
215,859
20,508
237,446
236,367
As at 30 June 2022 related party transactions of the Corporation included:
•
supply of gas from Power and Water Corporation;
No termination benefits were paid to non-executive directors during the year.
Remuneration of key management personnel
Compensation levels are competitively set to attract and retain appropriately qualified and experienced senior executives.
The following table shows the aggregate compensation made to key management personnel of the Corporation:
•
services provided by the Department of Corporate and Digital Development under a Service Level Agreement;
.
borrowings from the Northern Territory Treasury Corporation;
• provision of wholesale electricity to Jacana Energy; and
• provision of wholesale electricity and associated services to Power and Water Corporation.
30.
CONTINGENT ASSETS AND LIABILITIES
(i)
Short-term employee benefits
(ii)
Post-employment benefits
(iii)
Long-term benefits
Total compensation of key management personnel
2022
2021
$
$
(a)
1,616,429
125,423
1,767,331
123,494
(53,011)
132,673
1,688,841
2,023,498
CONTINGENT ASSETS AND LIABILITIES
Various contractual disputes, including those involving ordinary routine matters to which the Corporation is a party, are
pending or have been asserted against the Corporation. The wide variety and nature of the individual cases and the
uncertainty of any potential liability or asset means that no value can be attributed to individual cases until the matters
are resolved.
31.
SUBSEQUENT EVENTS
Executive officers are those officers who are involved in the strategic direction, general management or control of the
business at Corporation or business division level.
(i)
(ii)
Short-term employee benefits refer to salary and wages and annual leave paid or accrued during the financial year.
Post-employment benefits refer to superannuation contributions made or accrued during the financial year.
(iii)
Long-term benefits refer to long service leave paid or accrued during the financial year.
Other transactions with key management personnel
Apart from the details disclosed in this note, no key management personnel have entered into a material contract with
the Corporation since the commencement of the Corporation and there were no material contracts involving their
interests existing at year end.
Since the end of the financial year, the Directors have declared a dividend of $8.47 million (2021: $5.43 million) to be paid
by 24 November 2022.
Apart from the dividend noted in the Directors' report, there has been no item, transaction or event of a material and
unusual nature which has arisen since 30 June 2022 that is likely to significantly affect the operations, the results of those
operations or the state of affairs of the Corporation in future financial years.
63
30View entire presentation