Whitehaven's three most prominent growth projects are to restart the Vickery mine that Rio Tinto used to operate in NSW, expand its existing Narrabri mine and build a new mine in Queensland's Bowen Basin at Winchester South.

The progress made on those projects between now and June 2024 will carry a 15 per cent weighting on Mr Flynn's long-term incentive payments. Mr Flynn's total remuneration slumped from $6.2 million in fiscal 2019 to $2.35 million in fiscal 2020, after a tough year in which coal sales fell to a five-year low, profits collapsed by 95 per cent and Whitehaven shares dived. Mr Flynn's fixed remuneration in the year ahead, including superannuation, will be $1.53 million. If all Mr Flynn's bonuses vested to the maximum degree in fiscal 2021, he could earn up to $5.27 million.

a.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?