B. 2015 SNAPSHOT
I. Actual remuneration received by Executives
The actual remuneration paid to Executives during this and the previous financial year is set out below. IAG discloses actual
remuneration voluntarily for increased transparency. Actual remuneration includes fixed remuneration, other benefits and leave
accruals, termination payments and cash STI paid, as well as any deferred STI or LTI that vested in the relevant financial year. For
remuneration details provided in accordance with the Accounting Standards refer to Section F.
TABLE 1 - ACTUAL REMUNERATION RECEIVED IN 2015 AND 2014
NAME
FINANCIAL
YEAR FIXED PAY
OTHER
BENEFITS AND
LEAVE
ACCRUALS
TERMINATION
PAYMENTS CASH STI
DEFERRED STI
VESTED LTI VESTED
TOTAL ACTUAL
REMUNERATION
RECEIVED
$000
$000
$000
$000
$000
$000
$000
(1)
(2)
(3)
(4)
(5)
(6)
(7)
EXECUTIVES
Michael Wilkins
2015 2,112
232
-
1,314
1,232
5,514
10,404
2014 2,077
253
-
1,796
1,243
6,038
11,407
Ben Bessell
(8)
2015
123
(7)
-
65
-
-
181
Duncan Brain
(9)
2015
921
263
-
469
210
429
2,292
2014
679
378
-
347
-
-
1,404
Andy Cornish
(10)
2015 1,052
93
-
602
469
2,290
4,506
2014
879
(54)
-
487
590
2,457
4,359
Peter Harmer
2015 1,012
(23)
-
473
432
2,152
4,046
2014
995
(26)
-
704
326
1,672
3,671
Alex Harrison
(9)
2015
849
51
-
611
192
397
2,100
2014
218
(1)
-
125
-
-
342
Nicholas Hawkins
2015 1,012
56
-
603
463
2,198
4,332
2014
995
(11)
-
731
489
2,342
4,546
Jacki Johnson
(11)
2015 1,096
(43)
-
418
398
1,949
3,818
2014 1,048
37
-
565
409
2,222
4,281
Leona Murphy
2015
910
38
-
505
411
1,981
3,845
2014
895
13
-
569
431
2,109
4,017
Clayton Whipp
2015
755
64
-
341
211
367
1,738
EXECUTIVES WHO CEASED AS KEY MANAGEMENT PERSONNEL
Justin Breheny
(12)
2015
702
205
-
546
446
2,024
3,923
2014
915
193
-
579
490
2,222
4,399
TABLE NOTE
(1)
Represents base salary plus superannuation and included an annual pay increase of 1.5% effective September 2014.
(2)
Includes benefits such as a 30% tax rebate on car allowances and movements in annual leave and long service leave accruals during the relevant financial year. Details
are provided in table 9 in Section F.
(3)
No termination payments were made to Executives in the 2015 financial year.
(4)
Represents two thirds of the STI for the relevant financial year. Details are provided in table 6 in Section E.
(5)
Deferred STI that vested in the relevant financial year. Details are provided in table 10 in Section F. The five day weighted average share price used to value the
deferred STI at vesting date is $6.49 for awards vested on 1 September 2014. For the financial year ended 30 June 2014 the prices were $5.47 for awards vested on
1 July 2013 and $5.78 for awards vested on 1 September 2013.
(6)
LTI that vested in the relevant financial year. Details of the plan are provided in table 11 in Section F. The five day weighted average share price at vesting date is
$6.27 for awards vested on 20 August 2014 and $6.18 for awards vested on 30 September 2014 (23 August 2013: $5.83 - 30 September 2013: $5.88).
(7)
Total remuneration received in the relevant financial year (the sum of columns 1 to 6).
(8)
Remuneration reported for Ben Bessell relates only to his role as Acting Chief Executive, Commercial Insurance, which commenced on 31 March 2015. Share based
remuneration provided in the current financial year did not relate to his role as Acting Chief Executive, Commercial Insurance and has not been disclosed.
(9)
Remuneration for Duncan Brain and Alex Harrison has increased as for the first time both executives were KMP for the full period in the year ended 30 June 2015. In
the 2014 financial year, no share based payments were disclosed for these executives as those payments were not related to their roles as KMP.
(10) Remuneration received by Andy Cornish was higher in the year ended 30 June 2015 than the previous financial year as he took a three-month period of unpaid leave in
the 2014 financial year.
(11) Remuneration for Jacki Johnson is determined in New Zealand dollars and reported in Australian dollars. Foreign exchange movements affect the value of remuneration
disclosed. The exchange rate used to report Jacki Johnson’s remuneration in the year ended 30 June 2015 was NZD1 = AUD0.93060 (2014-NZD1 = AUD0.90485).
(12) Other benefits received by Justin Breheny include the accrual of annual and long service leave, the value of the interest that would have accrued on his loan plus the
related FBT and accommodation allowance.
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