CSL Ltd Annual Report 2021

8.3 2021 and 2022 Executive KMP Remuneration Adjustments CSL competes for talent in a global market and we need to attract and retain high calibre executives in a highly competitive global pharmaceutical and biotechnology industry. The unique skill set with specialised pharmaceutical and biotechnology expertise and experience that we require is critical to enable us to deliver on our strategy, promise to patients and deliver returns to our shareholders. Table 14 sets out the changes to Executive KMP reward for 2021 (effective 1 September 2020) and 2022 (effective 1 September 2021). As noted earlier in this report, a global pharmaceutical/biotechnology peer group is used for external benchmarking 33 . We align reward with the median of this peer group. The below rewards position our Executive KMP more competitively in the market, at or below the median for total reward and recognises the changes to the executive remuneration framework in 2022. The increases also take into consideration the skills and experience of Executive KMP. In determining reward, the Board considers internal pay relativity across the full Global Leadership Group. 33 Two general industry reference groups, being Australia and North America, are also used for benchmarking of certain Executive KMP roles. Table 14: Adjustments to Executive KMP Reward 2021 and 2022 Executive Year % change in FR % change in STI $ opportunity at target % change in LTI $ opportunity at target Total Reward Adjustment % Total Reward Adjustment US$ P Perreault 2022 3.00% 3.00% 3.00% 3.00% 325,686 2021 – – – – – A Cuthbertson 2022 0.46% – – 0.46% 2,229 2021 -35.00% -100.00% -100.00% -83.00% (2,168,730) J Linton 2022 3.40% 3.40% 3.40% 3.40% 113,706 2021 – – – – – P McKenzie 2022 3.00% 3.00% 3.00% 3.00% 157,207 2021 3.00% 3.00% 14.00% 10.00% 476,375 CSL Limited Annual Report 2020/21 97