(4)
Superannuation represents the employer’s contributions.
(5)
Long service leave accruals as determined in accordance with AASB 119.
(6)
The sum of columns (1) to (5). The sub-total includes the value of termination payments, which is not shown as no termination payments were made to Executives during
the year ended 30 June 2015 (2014-nil).
(7)
The deferred STI is granted as DAR and is valued using the Black-Scholes valuation model. An allocated portion of unvested DAR for financial years prior to 30 June 2014
is included in the total remuneration disclosure above. The deferred STI for the year ended 30 June 2015 will be granted in the next financial year, so no value was
included in the current financial year’s total remuneration.
(8)
This value represents the allocated portion of unvested EPR. To determine the EPR values the Monte Carlo simulation (for TSR performance hurdle) and Black-Scholes
valuation (for ROE performance hurdle) models have been applied. The valuation takes into account the exercise price of the EPR, life of the EPR, price of IAG ordinary
shares as at 30 June, expected volatility of the IAG share price, expected dividends, risk free interest rate, performance of shares in the peer group of companies, early
exercise and non-transferability and turnover which is assumed to be zero for an individual's remuneration calculation.
(9)
The sum of columns (6) to (8).
(10) At-risk remuneration received during the financial year as a percentage of total reward.
(11) 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 Alex Harrison as those payments were not related to his role as KMP.
(12) Remuneration received by Andy Cornish is 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.
(13) 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).
II. Movement in equity plans within the financial year
Changes in each Executive’s holding of DAR during the financial year are set out below. The DAR granted during the year reflect the
deferred portion of the STI outcome for the year ended 30 June 2015. Refer to the share based remuneration note of the Financial
Statements for further DAR Plan details.
TABLE 10 - MOVEMENT IN POTENTIAL VALUE OF DAR FOR THE YEAR ENDED 30 JUNE 2015
DAR
ON ISSUE
1 JULY
DAR
GRANTED
DURING
THE YEAR
(a)
DAR
EXERCISED
DURING
THE YEAR
(b)
DAR
LAPSED
DURING
THE YEAR
DAR
ON ISSUE
30 JUNE
DAR
VESTED
DURING
THE YEAR
DAR
VESTED
AND EX-
ERCISABLE
30 JUNE
2015
EXECUTIVES
Michael Wilkins Number
266,850 153,800 (189,700)
-
230,950 189,700
-
$000
927
1,154
-
Duncan Brain Number
44,600
35,500 (32,400)
-
47,700
32,400
-
$000
214
197
-
Andy Cornish Number
101,250
41,700 (72,200)
-
70,750
72,200
-
$000
251
439
-
Peter Harmer
Number
96,800
60,300 (66,500)
-
90,600
66,500
-
$000
363
405
-
Alex Harrison
(c)
Number
41,800
25,300 (29,500)
-
37,600
29,500
-
$000
153
179
-
Nicholas Hawkins Number
101,750
62,700 (71,300)
-
93,150
71,300
-
$000
378
434
-
Jacki Johnson Number
147,300
48,400 (122,400)
-
73,300
61,250
-
$000
292
745
-
Leona Murphy Number
89,700
48,800 (63,250)
-
75,250
63,250
-
$000
294
385
-
Clayton Whipp
(c)
Number
43,200
23,900 (32,450)
-
34,650
32,450
-
$000
144
197
-
EXECUTIVES WHO CEASED AS KEY MANAGEMENT PERSONNEL
Justin Breheny Number
95,300
49,600 (68,750)
-
76,150
68,750
-
$000
299
418
-
(a)
DAR that were granted on 3 November 2014, have a first exercisable date of 1 September 2015 and an expiry date of 3 November 2021. The value of DAR granted
during the year is the fair value of the DAR at grant date calculated using the Black-Scholes valuation model, which was $6.03. The value of DAR granted is included in
the table above. This amount is allocated to remuneration over the vesting period (i.e. in years ending 30 June 2015 to 30 June 2017).
(b)
DAR that vested on 1 September 2014 or before and were exercised in the financial year. The value of DAR exercised is based on the weighted average share price
which was $6.08 for the year ended 30 June 2015.
(c)
Opening number of DAR on issue represents the balance as at the date of appointment of 1 July 2014.
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