In a recent statement, Roy Hill confirmed the introduction of the Chairman’s Profit Scheme for Roy Hill employees.
|Image Source ©Roy Hill|
The Chairman’s Profit Scheme shares out to employees some of the profits of Roy Hill’s majority owner Hancock Prospecting.
Employees who join the scheme are eligible for an annual payment, which is based on overall business performance in the previous financial year. Payments are dependent on the company substantially achieving annual cost and production targets, the employees achieving good safety outcomes and the company having adequate distributable cash levels under debt facility agreements to make the payment.
Roy Hill’s Chief Executive Officer, Barry Fitzgerald, stated that the scheme to share profits with employees when targets are met is the realisation of a vision for Mrs Rinehart.
“We’ve created a unique engagement and reward system. It’s an outstanding employee benefit and will become a cornerstone of the mindset and culture we are building here at Roy Hill,” said Mr Fitzgerald.
According to Mrs Rinehart, the commencement of the scheme this year recognises the outstanding contributions of Roy Hill employees in achieving operational targets.
“My ongoing vision for sharing profits remains that if Roy Hill has a good year, then we all have a good year – with an annual payment to all employees in mid-December, just before Christmas,” Mrs Rinehart said. The first annual payment will occur in December this year.