NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2007 16. DIRECTOR AND EXECUTIVE DISCLOSURES (CONTINUED) (B) COMPENSATION OF KEY MANAGEMENT PERSONNEL Total consideration paid or payable to the key management personnel of Dairy Australia Ltd is: 2007 2006 $ $ (i) Directors Short-term employee benefits 670,863 646,972 Post-employment benefits 56,553 54,853 Total 727,416 701,825 (ii) Executives Short-term employee benefits 1,400,620 1,495,125 Post-employment benefits 113,142 123,207 Other long-term benefits - 31,135 Termination benefits 30,538 73,348 Total 1,544,300 1,722,815 Total Key Management Personnel Compensation 2,271,716 2,424,640 Directors, other than the Managing Director and Chairman, are remunerated at $32,500 per annum, which is in line with the market and based on advice obtained from independent, external remuneration consultants. Members of Board sub-committees receive a further $2,500 per annum, while the Chair of Board subcommittees receives $5,000 per annum. The Chairman of the Board receives $70,000 per annum and is an ex-officio member of all Board sub-committees, but receives no additional remuneration for this work. The Managing Director's remuneration is also based on advice obtained from independent, external remuneration consultants and includes a performance payment based on achieving Board-approved key performance indicators linked to the Company's strategic objectives. Superannuation payments are made in accordance with the Superannuation Guarantee legislation. All director' fees and payments are reviewed annually by the Board. The Board undertakes an annual review of its performance and the performance of the Board sub-committees against goals set at the start of the year. The Board also separately reviews the performance of the Managing Director annually.
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