Myer remains the exclusive fashion approved a reduction in fees to the I strongly believe that your interests as partner of the Victoria Racing Club Chairman and Non-Executive Directors, shareholders will be well served with and the Melbourne Cup Carnival, and to be in line with companies of a similar John King at the helm and with our continues to have naming rights of the size. To ensure Non-Executive Directors experienced executive team, who are prestigious Myer Fashions on the Field are better aligned with the long term supported by a Board that is conflict free National Competition. interests of shareholders, the Board and strongly aligned with shareholders. introduced a shareholding policy whereby Whilst this year we made the decision to each Non-Executive Director targets the Thank you for your ongoing support reduce our corporate hospitality spend, purchase of a shareholding that is the of the Myer Board and our plans we will continue to build and enhance equivalent of a minimum of one year’s to put customers first and deliver our on-track activation, including Myer directors’ fees within three years. shareholder value. Fashions on the Field, as well as hosting events for our most loyal customers. It is important that we have a Yours sincerely, remuneration framework that focuses COMMUNITY on improving the performance of the Myer has a longstanding history of local business and delivering shareholder value. community support and engagement. GARRY HOUNSELL The contract terms for John King provide This has continued with the 14th Myer Chairman a clear demonstration of the importance Community Fund Precious Metal Ball. we are placing on aligning remuneration The principal beneficiary of the ball with shareholder outcomes through this year was White Ribbon Australia. immediate share ownership, and a total ALIGNING REMUNERATION WITH remuneration package that is heavily SHAREHOLDERS’ INTEREST weighted towards long-term financial and share price performance. On the back of receiving strong support from institutional investors and proxy Our focus must remain on incentivising advisors on the 2017 Remuneration management for material growth in Report, the Board continued to earnings and delivering shareholder value. engage with stakeholders around THANK YOU the appropateess of the executive incentive framework. In our ongoing The success of our Company will be conversations, the Board maintains focus influenced by the strength of our on aligning remuneration practice with leadership team and organisational the interests of shareholders. The Board capability. 4 Myer Annual Report 2018