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Whitehaven ties executive pay to environment Whitehaven Coal's environmental performance will have a bigger influence over managing director Paul Flynn's remuneration, after a year in which Mr Flynn said the company ''fell significantly short'' on environmental compliance. The bigger focus on the environment came as the company also pledged to make its NSW mines more consistent and cheaper to run, after fiscal 2020 was marred by rising unit costs, spasmodic production and Whitehaven's weakest coal sales in five years. Whitehaven was charged in August by the NSW Natural Resources Access Regulator with failing to rehabilitate drill sites, illegally drilling bore holes and building unauthorised tracks at its Narrabri coal mine. It is being pursued by the same regulator over accusations of breaches at the Maules Creek mine, and Mr Flynn conceded the company had to do better. "Environmental compliance is another area where we must address some more recent shortcomings,'' he said in an ASX filing on Friday. "Outcomes fell significantly short of what we expect and what the community and other stakeholder groups deserve. Material improvement in this area is essential to maintaining our broader social licence to operate and to meeting the high standards required in the Australian resources sector.'' Whitehaven parted company with several of its senior operational staff within the past year, and the company implied on Friday that those changes were linked to the desire to improve environmental performance.
Required:
Question I. Do you think that the remuneration scheme explained in the article will work in the way intended under agency theory for Whitehaven Ltd? Why or why not?
Question II. Which incentives, if any, could be subject to earnings management? Why or why not?
Question III. What other theories from ACC30008 can be applied to the discussion reported in the article?
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