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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Text Block [abstract]  
Summary of employee benefits expense
  
  
2023
US$m
 
  
2022
US$m
 
  
2021
US$m
 
Employee benefits
   
 
494
 
   
 
415
 
   
 
217
 
Share-based payments
   
 
39
 
   
 
26
 
   
 
12
 
Defined contribution plan costs
   
 
53
 
   
 
41
 
   
 
26
 
Defined benefit plan expense
   
 
17
 
   
 
9
 
   
 
1
 
    
 
           603
 
   
 
          491
 
   
 
         256
 
Summary of information about key management personnel compensation
Key management personnel (KMP) compensation for the financial year was as follows:
 
  
  
2023
US$
 
  
2022
US$
 
  
2021
US$
 
Short-term employee benefits
1
   
 
5,245,763
 
   
 
5,730,340
 
   
 
6,626,354
 
Post-employment benefits
1
   
 
215,856
 
   
 
155,086
 
   
 
88,396
 
Share-based payments
2
   
 
3,693,072
 
   
 
3,114,043
 
   
 
5,697,529
 
Long-term employee benefits
   
 
213,562
 
   
 
4,300
 
   
 
717,223
 
Termination benefits
   
 
-
 
   
 
152,531
 
   
 
2,447,525
 
    
 
 
 
  9,368,253
 
   
 
    9,156,300
 
   
 
  15,577,027
 
 
1.
In the prior reporting period, the
2021 comparatives for short-term employee benefits and post-employment benefits
were
restated to include the superannuation component of the 2021 EIS cash and other cash bonuses for three key management personnel, increasing the short-term employee benefits expense by $26,676 to $6,626,354 and the post-employee benefits expense by $10,881 to $88,396.
2.
In the prior reporting period, the
2021 comparative for share-based payments
was
restated to include amortisation of the fair value of 2021 performance rights for two key management personnel, increasing the expense by $88,507 to $5,697,529.
Summary of number of awards and movements for all share plans
The number of awards and movements for all share plans are summarised as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Number of performance awards
 
  
     
   
   Employee plans    
    
   Executive plans    
  
         
    
WEP
    
SWEP
    
STA
4
    
LTA
4
  
         
Year ended 31 December 202
3
                                
         
Opening balance
  
 
6,629,681
 
  
 
2,884,076
 
  
 
993,197
 
  
 
2,554,422
 
         
Granted during the year
1,2,3
 
 
3,445,234
 
  
 
100,811
 
  
 
420,429
 
  
 
658,969
 
         
Vested during the year
  
 
(600,271
)
  
 
(1,071,291
) 
  
 
(286,979
) 
  
 
(106,430
) 
         
Forfeited during the year
  
 
(349,204
) 
  
 
(357,023
) 
  
 
(60,410
) 
  
 
(410,409
) 
         
Awards at 31 December 202
3
  
 
9,125,440
 
  
 
1,556,573
 
  
 
1,066,237
 
  
 
2,696,552
 
         
   
 
US$m
 
  
 
US$m
 
  
 
US$m
 
  
 
US$m
 
         
Fair value of awards granted during the year
  
 
60
 
  
 
2
 
  
 
10
 
  
 
12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Number of performance awards
 
  
     
   
   Employee plans    
    
   Executive plans    
  
         
    
WEP
    
SWEP
    
STA
4
    
LTA
4
  
         
 Year ended 31 December 202
2
                                
         
 Opening balance
  
 
5,649,783
 
  
 
-
 
  
 
994,436
 
  
 
   2,379,220
 
         
 Granted during the year
1,2,3
  
 
   3,017,366
 
  
 
3,046,963
 
  
 
495,800
 
  
 
764,171
 
         
 Vested during the year
  
 
(1,498,065
) 
  
 
(38,146
) 
  
 
    (450,609
) 
  
 
(191,736
) 
         
 Forfeited during the year
  
 
(539,403
) 
  
 
(124,741
) 
  
 
(46,430
) 
  
 
(397,233
) 
         
 Awards at 31 December 202
2
  
 
6,629,681
 
  
 
2,884,076
 
  
 
993,197
 
  
 
2,554,422
 
         
   
 
US$m
 
  
 
       US$m
 
  
 
US$m
 
  
 
US$m
 
         
 Fair value of awards granted during the year
  
 
49
 
  
 
60
 
  
 
9
 
  
 
13
 
 
1.
For the purpose of valuation, the share price on grant date for the 2023 WEP allocations was $17.54 (2022: $16.30).
2.
For the purpose of valuation, the share price on grant date for the 2023 SWEP allocations was $20.78 (2022: $19.74).
3.
For the purpose of valuation, the share price on grant date for Restricted Shares was $23.48 and $23.33 (2022: $19.20 and $19.27) and Performance Rights was $15.96 (2022: $13.08 and $13.71).
4.
Includes
awards issued under Executive Incentive Plan (EIP), EIS and PBP Plus.