46 / 56
16. RELATED PARTY DISCLOSURES (CONTINUED)
(c) Economic dependency
93.5 per cent (2015: 93.7 per cent) of the Trust’s rental income
received during the year was from Bunnings Group Limited, J
Blackwood and Son Pty Limited and Officeworks Superstores Pty Ltd,
all controlled entities of Wesfarmers Limited.
(d) Other transactions
i) During the year, the Trust made the following payments to
Bunnings Group Limited in relation to warehouse developments:
Property
$
Lismore, New South Wales
4,635,000
Rockingham, Western Australia
4,600,000
ii) The Trust reimbursed Bunnings Group Limited for minor capital
works and repairs and maintenance incurred to the Trust’s
properties for which the Trust had a contractual obligation to incur.
17. DIRECTOR AND EXECUTIVE DISCLOSURES
(a) Details of key management personnel
The following persons were key management personnel of the
responsible entity, BWP Management Limited, during the financial year:
Chairman – non-executive
Mr E Fraunschiel
Managing Director
Mr M J Wedgwood
Non-executive directors
Mr J K Atkins (resigned 31 August 2015)
Mr J A Austin (retired 2 December 2015)
Ms F E Harris
Mr R D Higgins
Mr A J Howarth
Mr M J G Steur
(b) Remuneration policy
Remuneration expenses of the directors and executives of the
responsible entity are not borne by the Trust. Directors are
remunerated by the responsible entity and management services are
provided to the responsible entity by Wesfarmers Limited.
The right of the responsible entity to be remunerated and indemnified
by the Trust is set out in the constitution of the Trust and summarised
in Note 2. The constitution is lodged with ASIC and is available to
unitholders on request.
For the financial year ended 30 June 2016, each director was entitled
to director’s fees and/or superannuation for their services and the
reimbursement of reasonable expenses.
The fees paid reflect the demands on, and the responsibilities of,
those directors. The advice of independent remuneration consultants
is taken to establish that the fees are in line with market standards.
Directors do not receive option or bonus payments, nor do they receive
retirement benefits in connection with their directorships. There are no
equity incentive schemes in relation to the Trust.
Wesfarmers Limited employees seconded to the responsible
entity to provide management services to the Trust are engaged in
dedicated roles to act exclusively for the responsible entity on behalf
of the Trust and are paid directly by Wesfarmers Limited. Short-term
incentives paid by Wesfarmers Limited to employees engaged by the
responsible entity are based entirely on the performance of the Trust
and furthering the objectives of the Trust.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
BWP Trust Annual Report 2016
44
Financial Report