Telstra 2013 Annual Report Download - page 58

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REMUNERATION
REPORT
56 Telstra Annual Report 2013 Telstra Corporation Limited and controlled entities
3.4 Senior Executive Contract Details
The key terms and conditions of service contracts for current
Senior Executives are summarised in the table below.
Upon notice being given, Telstra can require a Senior Executive to
work through the notice period or may terminate employment
immediately by providing payment in lieu of notice. Any
termination payment is calculated based on the Senior
Executive’s Fixed Remuneration as at the date of termination.
There will be no payment if termination is a result of serious
misconduct, or redundancy in those cases where Telstra’s
redundancy policy overrides the termination provisions of a Senior
Executive’s service contract.
(1) In relation to David Thodey’s contract, if the Board forms the view that the
CEO is not performing to the standard required of a CEO, Telstra may
terminate by providing four months’ written notice.
(2) Gordon Ballantyne was on a fixed term contract with an end date of June
2014. These terms reflect Gordon Ballantyne’s new ongoing contract of
employment which took effect on 1 July 2013, as noted in section 1.5.
Name
Fixed
Remuneration
at end of FY13
Notice
Period
Termination
Payment
David Thodey 2,650,000 6 months 12 months (1)
Gordon Ballantyne 1,250,000 6 months 6 months (2)
Rick Ellis 925,000 6 months 6 months
Stuart Lee 1,000,000 6 months 12 months
Kate McKenzie 1,000,000 6 months 6 months
Robert Nason 1,050,000 6 months 6 months
Andrew Penn 1,400,000 6 months 6 months
Brendon Riley 1,300,000 6 months 12 months