Qantas 2015 Annual Report Download - page 35

34
QANTAS ANNUAL REPORT 2015
REMUNERATION REPORT (AUDITED) CONTINUED
5) STATUTORY REMUNERATION DISCLOSURES FOR THE YEAR ENDED 30 JUNE 2015
The statutory remuneration disclosures for the year ended 30 June 2015 are detailed below and are prepared in accordance with
Australian Accounting Standards and differ from the 2014/2015 remuneration outcomes outlined above. These differences arise due
to the accounting treatment of share-based payments (such as the STIP and LTIP).
Statutory Table – CEO and Executive KMP
Incentive Plan – Accounting Accrual Other Benefits
Equity Settled Share-
based Payments
$’000s
Base Pay
(Cash)1,2
STIP Cash
Bonus1
Deferred
Shares3Rights Sub-total
Non-
cash
Benefits1,4
Post-
employ-
ment
Benefits5
Other
Long-term
Benefits6Sub-total
Termin-
ation
Benefits9Total
Current Executives
Alan Joyce
Chief Executive
Officer
2015
2014
2,000
2,054
1,904
–
423
155
2,261
1,808
6,588
4,017
63
38
70
64
(21)
(147)
112
(45)
–
–
6,700
3,972
Tino La Spina7
Chief Financial Officer
from 1 March 2015
2015
2014
279
n/a
152
n/a
17
n/a
76
n/a
524
n/a
24
n/a
32
n/a
96
n/a
152
n/a
–
n/a
676
n/a
Andrew David7
CEO Qantas Domestic
from 1 March 2015
2015
2014
277
n/a
152
n/a
128
n/a
86
n/a
643
n/a
20
n/a
32
n/a
20
n/a
72
n/a
–
n/a
715
n/a
Gareth Evans
CEO Qantas
International
from 1 March 2015
Chief Financial Officer
to 28 February 2015
2015
2014
981
981
537
–
126
76
760
520
2,404
1,577
39
41
44
42
24
(14)
107
69
–
–
2,511
1,646
Lesley Grant
CEO Qantas Loyalty
2015
2014
781
782
411
–
96
54
351
210
1,639
1,046
20
8
44
41
(6)
(33)
58
16
–
–
1,697
1,062
Jayne Hrdlicka
CEO Jetstar Group
2015
2014
981
982
513
–
119
60
760
439
2,373
1,481
76
8
44
41
1
12
121
61
–
–
2,494
1,542
Total 2015
2014
5,299
4,799
3,669
–
909
345
4,294
2,977
14,171
8,121
242
95
266
188
114
(182)
622
101
–
–
14,793
8,222
Former Executives
Simon Hickey8
Former CEO Qantas
International
to 28 February 2015
2015
2014
860
982
612
–
43
66
665
441
2,180
1,489
43
32
42
41
92
(107)
177
(34)
833
–
3,19 0
1,455
Lyell Strambi8
Former CEO Qantas
Domestic
to 28 February 2015
2015
2014
654
982
466
–
46
72
506
520
1,672
1,574
41
50
55
41
100
4
196
95
483
–
2,351
1,669
1 Short-term employee benefits include Base Pay (cash), STIP cash bonus and non-cash benefits.
2 Base Pay (cash) for Mr Joyce is Base Pay of $2,125,000 (2014: $2,125,000) less Base Pay forgone of $106,250 (2014: $53,125) less superannuation contributions of $18,783 (2014: $17,775).
3 Deferred Shares for Mr La Spina and Mr David includes STIP awards which were made since commencing as KMP and share awards under the Manager Incentive Plan as well as Deferred
Share Plan award granted to Mr David prior to commencing as KMP. For other Executives, Deferred Shares include STIP awards.
4 Non-cash Benefits include the value of travel benefits whilst employed and other minor benefits.
5 Post-employment Benefits include superannuation and an accrual for post-employment travel of $51,000 for Mr Joyce and $25,000 for each other Executive (2014: $47,000 for Mr Joyce
and $22,000 for each other Executive).
6 Other Long-term Benefits include movement in annual leave and long service leave balances. The accounting value of other long-term benefits may be negative, for example where an
Executive’s annual leave balance decreases as a result of taking more than the 20 days annual leave they accrue during the year.
7 2014/2015 remuneration reflects the period of time in a key management role for Mr La Spina (1 March 2015 to 30 June 2015) and Mr David (1 March 2015 to 30 June 2015).
8 Mr Hickey ceased as a KMP on 28 February 2015 and ceased employment with Qantas on 15 May 2015 and Mr Strambi ceased as a KMP and ceased employment with Qantas on
28February 2015. 2014/2015 remuneration is included up until the termination date of Mr Hickey of 15 May 2015 and for Mr Strambi of 28 February 2015.
9 Under the terms of separation, termination benefits of 10 months’ Base Pay and 6 months’ Base Pay were paid to Mr Hickey and Mr Strambi, respectively. As good leavers, both Mr Hickey
and Mr Strambi were eligible to receive deferred cash payments prorated for the portion of the performance period employed under the 2014/15 STIP and the Rights granted under
2013–2015 LTIP which lapsed on the termination date and were replaced by the deferred cash payments as disclosed in the table on page 33 (the fair values of the prorated Rights on the
original grant date was $542,000 for Mr Hickey and $503,000 for Mr Strambi). The Rights granted under the 2014–2016 LTIP and 2015–2017 LTIP to Mr Hickey and Mr Strambi lapsed on
the termination date and in replacement of these lapsed Rights, they are eligible to receive deferred cash payments subject to the Board’s discretion and the achievement of the original
LTIP performance conditions, with the payment amount pro-rated for the portion of the performance period employed. The fair values of the prorated Rights under the 2014–2016
LTIP and 2015–2017 LTIP on the original grant dates totalled $617,000 for Mr Hickey and $512,000 for Mr Strambi. The fair values of the prorated Rights on the termination date were
$2,492,000 for Mr Hickey and $1,669,000 for Mr Strambi.
DIRECTORS’ REPORT CONTINUED
FOR THE YEAR ENDED 30 JUNE 2015