EXECUTIVE AND DIRECTOR
REMUNERATION

Details of the remuneration received by Executives during the 2017 and 2016 financial years are set out below. The table provides fixed pay and other benefits paid, and the value of prior years’ deferred STI and LTI awards that vested during the financial years. For remuneration details provided in accordance with the Accounting Standards, refer to Table 14 in Appendix 1 – Statutory remuneration disclosure requirements; this table appears on page 31 of the 2017 annual report.

¹ Fixed pay includes amounts paid in cash, superannuation contributions plus the portion of the Group’s superannuation contribution that is paid as cash instead of being paid into superannuation. Fixed pay also includes salary sacrifice items such as cars and parking as determined in accordance with AASB 119 Employee Benefits.

² This column includes annual and mid-service leave accruals, 30% tax rebate on car allowances for certain key management personnel who have salary sacrifice arrangements on cars and other short term employment benefits as agreed and provided under specific conditions. Other benefits provided under specific conditions for key management personnel are provided as follows: Duncan Brain: accommodation allowances, airfares for home visits and medical insurance; and Craig Olsen: salary continuance insurance.

³ Payment in lieu of notice, which incorporates statutory notice and severance entitlements.

⁴ Cash STI earned within the year ended 30 June 2017 and to be paid in September 2017.

⁵ The deferred STI vesting on 1 September 2016 was valued using the five day weighted average share price $5.60 (1 September 2015: $5.14).

⁶ The LTI vested was valued using the five day weighted average share price at vesting date which was $5.90 for awards vested on 22 August 2016 and $5.46 for awards vested on 30 September 2016 (24 August 2015: $5.50 and 30 September 2015: $4.84).

⁷ Remuneration for Jacki Johnson was determined in New Zealand dollars (NZ$) and reported in Australian dollars (A$) for the period between 1 July 2015 and 31 December 2015 using the average exchange rate for the year ended 30 June 2016, which was 1 NZ$ = 0.91957 A$.

⁸ Remuneration for Craig Olsen was determined in New Zealand dollars and reported in Australian dollars using the average exchange rate for the year ended 30 June 2017 which was 1 NZ$ = 0.94497 A$.

⁹ Claire Rawlins was a KMP for the period up to 7 December 2016. Claire Rawlins received a payment in lieu of notice of $600,000, equivalent to 12 months’ fixed pay, under the terms of her contract upon her termination.

INDEPENDENT NON-EXECUTIVE
DIRECTORS

Details of total remuneration for Non-Executive Directors for the year ended 30 June 2017 are set out below:

¹ Non-Executive Directors appointed part way through the year ended 30 June 2017.