78 Woodside Petroleum Ltd|Annual Report 2018
Remuneration Report (audited)
KMP and summary of Woodside's five-year performance
Woodside’s executive key management personnel (KMP)
This report outlines the remuneration arrangements in place and outcomes achieved for Woodside’s executive KMP during 2018.
Woodside’s executive KMP are those people who have the authority to shape and influence the Group’s strategic direction and
performance through their actions, either collectively (in the case of the Board) or as individuals acting under delegated authorities
(in the case of the CEO and senior executives).
The names and positions of the individuals who were executive KMP during 2018 are set out in Table 1.
Table 1 – Executive KMP
Executive Non-executive directors
Executive Director Richard Goyder (Chairman)4
Michael Chaney (Chairman)5
Larry Archibald
Melinda Cilento
Frank Cooper
Christopher Haynes
Ian Macfarlane
Ann Pickard
Sarah Ryan
Gene Tilbrook
Peter Coleman (Managing Director and Chief Executive Ocer) (CEO)
Senior Executives
Michael Abbott (Senior Vice President Corporate and Legal)
Sherry Duhe (Executive Vice President and Chief Financial Ocer)
Robert Edwardes (Executive Vice President Development)
Shaun Gregory (Executive Vice President Exploration and Chief Technology Ocer)
Phil Loader (Executive Vice President Global Exploration)1
Reinhardt Matisons (Executive Vice President Marketing, Trading and Shipping)
Meg O’Neill (Executive Vice President and Chief Operations Officer)
Michael Utsler (Executive Vice President and Chief Operations Officer)
1. Mr Phil Loader ceased being executive KMP on 28 February 2018 and ceased employment on 30 June 2018.
2. Ms Meg O’Neill commenced as KMP on 1 May 2018.
3. Mr Mike Utsler ceased being executive KMP on 27 April 2018 and ceased employment on 1 November 2018.
4. Mr Richard Goyder was appointed Chairman of the Woodside Board on 20 April 2018.
5. Mr Michael Chaney ceased being Chairman of the Woodside Board on 19 April 2018.
Table 2 – Five-year performance
The table below outlines Woodside's performance over the last five years against key metrics.
2018 201712016 2015 2014
Net profit after tax (NPAT)2(US$ million) 1,364 1,069 868 26 2,414
Earnings per share3(US cents) 148 123 104 3 293
Dividends per share (US cents) 144 98 83 109 255
Share closing price (last trading day of the year) (A$) 31.32 33.08 31.16 28.72 38.01
Production (MMboe) 91.4 84.4 94.9 92.2 95.1
1. 2017 NPAT has been restated for the retrospective application of AASB 15, and earnings per share has been restated for the retrospective application of AASB 15 and the Retail Entitlement Oer.
For more information refer to the Financial Statements on pages 99-139.
2. NPAT figure is NPAT attributable to equity holders of the parent. NPAT detail is contained in the Financial Statements on pages 99-139.
3. Basic and diluted earnings per share from total operations.
Remuneration Policy
Woodside aims to be a leading global performer in upstream oil and gas. To do so the company must be able to attract and retain
executive capability in a globally competitive market. The Board structures remuneration so that it rewards those who perform, is valued
by executives, and is strongly aligned with the company’s Compass, strategic direction and the creation of value for all stakeholders.
Fixed Annual Reward (FAR) is determined by the scope of the executive’s role and their level of knowledge, skills and experience.
Variable Annual Reward (VAR) at target is structured to reward the CEO and executive KMP for achieving challenging yet realistic
targets set by the Board which deliver long-term growth for the company. VAR aligns shareholder and executive remuneration
outcomes by ensuring a significant portion of executive remuneration is at risk, while rewarding performance.
Executive remuneration is reviewed annually having regard to the accountabilities, experience and performance of the individual.
FAR and VAR are compared against domestic and international competitors at target, to maintain Woodside’s competitive
advantage in attracting and retaining talent and ensure appropriate motivation is provided to executives to deliver on the strategic
objectives of the company.