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79 Qantas Annual Report 2009
Directors’ Report
for the year ended 30 June 2009
SUMMARY OF KEY CONTRACT TERMS
Non-Executive Directors
In addition to FAR and the associated superannuation contributions, all Non-Executive Directors and eligible beneficiaries receive the following travel
entitlements. The Chairman is entitled to four international trips and 12 domestic trips per calendar year and all other Non-Executive Directors are entitled
to two international trips and six domestic trips each calendar year. These flights are not cumulative and will lapse if they are not used during the calendar
year in which the entitlement relates. Post employment, the Chairman is entitled to two international trips and six domestic trips for each year of service and
all other Non-Executive Directors are entitled to one international trip and three domestic trips for each year of service.
Executive Directors
The key contract and other terms of the Executive Directors, including 2009/10 STIP and LTIP participation, are set out below:
Contract Details Alan Joyce Colin Storrie
Contract Length Ongoing Ongoing
Fixed Annual Remuneration $2,000,000 $1,100,000
FAR can be taken as cash or non-cash components such as motor vehicles and
superannuation contributions.
Termination of Employment Termination without notice: employment can be terminated immediately without notice (or payment
in lieu of notice) if the Executive is or has been engaged in serious misconduct, becomes bankrupt
or makes an arrangement or composition with creditors or wilfully and persistently breaches their
employment contract.
Notice by Qantas 12 months written notice.
Notice by Executive 12 months written notice.
TravelEntitlements Anannualbenetoffourinternationaland12domestictripsforAlanJoyce;twointernationaland
six domestic trips for Colin Storrie is available to the Executive and eligible beneficiaries during
employment, at no cost to the individual.
Post employment, the benefit is two international and six domestic trips, based on the period of service
in a senior Executive role.
STIP1 Target reward for 2009/10 is Target reward for 2009/10 is
120 per cent of FAR. 95 per cent of FAR.
LTIP A pool of 750,000 Performance Rights, at an A pool of 270,000 Performance Rights, at an
average of 250,000 per annum, approved by average of 90,000 per annum, approved by
shareholders at the 2008 AGM. shareholders at the 2008 AGM.
Key Management Personnel
Contract Details Bruce Buchanan Rob Gurney Simon Hickey Lyell Strambi
Contract Length Ongoing Ongoing Ongoing Ongoing
Fixed Annual Remuneration $800,000 $700,000 $750,000 $850,000
FAR can be taken as cash or non-cash components such as motor vehicles and
superannuation contributions.
Termination of Employment Termination without notice: employment can be terminated immediately without notice (or payment in
lieu of notice) if, in the opinion of the CEO, the Executive is or has been engaged in serious misconduct,
becomes bankrupt or makes an arrangement or composition with creditors or wilfully and persistently
breaches their employment contract.
Notice by Qantas 6 months 12 months 6 months 12 months
Notice by Executive 3 months 6 months 3 months 6 months
Travel Entitlements An annual benefit of two international and six domestic trips is available to the Executive and eligible
beneficiaries during employment, at no cost to the individual.
Post employment, the benefit is two international and six domestic trips, based on the period of service
in a senior Executive role.
STIP1 Target reward for 2009/10 is 80 per cent of FAR.
LTIP Target reward for 2009/10 is 25 per cent of FAR.
1. The STIP is being introduced for the 2009/10 year and replaces both the PCP and PSP for 20 09/10.
Target reward under the PCP (discontinued at 30 June 2009) was 75 per cent of FAR for Mr Joyce, 65 per cent of FAR for Mr Storrie and 55 per cent of FAR for other KMPs.
Target reward under the PSP (discontinued at 30 June 2009) was:
– for Mr Joyce, a pool of 750,000 Shares, at an average of 250,00 0 per annum
– for Mr Storrie, a pool of 270,000 Shares, at an average of 90,000 per annum
– for other KM Ps, 25 per cent of FAR.
Remuneration Report (Audited) continued