Cue Energy Resources Limited Notes to the financial statements 30 June 2023 Note 16. Key management personnel disclosures and related party disclosures (continued) 26 The allocation of this compensation has been included as remuneration below for the purposes of compliance with Australian Accounting Standards on disclosure of transactions and relationships with related parties, and with reference to the compensation paid to other Directors for Directorial services provided to the Company. Key management personnel The following person also had the authority and responsibility for planning, directing and controlling the major activities of the Consolidated Entity, directly or indirectly, during the financial year: Matthew Boyall (Chief Executive Officer) Total remuneration payments and equity issued to Directors and key management personnel are summarised below. Elements of Directors and executives remuneration includes: • Short term employment benefits, including non-monetary benefits and consultancy fees • Post-employment benefits – superannuation and long service leave entitlements • Long term employee benefits. Consolidated 2023 2022 Restated Short term employment benefits (including non-monetary benefits) 612,015 557,273 Cash bonuses 90,180 73,085 Deemed short term benefits* 283,198 266,916 Long term benefits 27,021 9,606 Post-employment benefits 41,460 40,095 Share-based payments 50,688 61,175 Total employee benefits 1,104,562 1,008,150 *As in previous years, during the year ended 30 June 2023, Alastair McGregor, Andrew Jefferies, Samuel Kellner and Marco Argentieri declined to receive compensation for the provision of Directorial services from the Company, nor was any paid to any related parties on their behalf. The deemed compensation shown above reflects the estimated compensation paid by those Directors’ employers considered attributable to the company for services provided. Total remuneration has been restated for FY 2022 to increase total remuneration by $266,916 to $1,008,150 as a result of the presentation of deemed compensation, as compared to deemed compensation as previously disclosed of nil. The entire value of the $266,916 increase (i) solely arose from the technical application of disclosure requirements of the accounting standards, and (ii) the $266,916 is deemed only and neither the Company nor any member of the Consolidated Entity paid or in any way settled or has obligations to settle the aforementioned deemed remuneration of $266,916. The Consolidated Entity's actual obligations for the settlement of Directors' remuneration is unchanged from that which has been previously reported. Other related party transactions Repayment of amounts owing to the Company as at 30 June 2023 and all future debts due to the Company, by the controlled entities are subordinated in favour of all other creditors. The Company has agreed to provide sufficient financial assistance to the controlled entities as and when it is needed to enable the controlled entities to continue operations. The Company provides management, administration and accounting services to the subsidiaries. No management fees were charged to subsidiaries in the 2023 and 2022 financial years. The ultimate parent company is O.G. Oil & Gas (Singapore) Pte. Ltd. (OGOG), a company incorporated in Singapore. The immediate parent company is New Zealand Oil & Gas Limited (NZOG), a company incorporated in New Zealand. 72 Cue Energy Resources Limited Annual Report 2023
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