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Qantas Annual Report 2004 69Spirit of Australia
Notes to the Financial Statements continued
for the year ended 30 June 2004
9. Director and executive disclosures continued
ADDITIONAL DISCLOSURES UNDER CORPORATIONS ACT REQUIREMENTS
The Corporations Act requires specific disclosures regarding the nature and amount of each element of remuneration of each Director and
each of the five named Executive Officers of Qantas receiving the highest remuneration. It is the view of the Directors that the disclosures
in this note, supplemented by the information below, meet the Corporations Act requirements.
Differences in Disclosure of Amounts of Remuneration
The measurement basis of three elements of remuneration are different to that used by Qantas in its previous Directors’ Report disclosures
under the Corporations Act. The impact of the differences are set out below:
Post Employment Benefits Geoff Peter Denis Fiona John Kevin Grant David
– End of Service Payments Dixon Gregg Adams Balfour Borghetti Brown Fenn Forsyth
$$$$ $ $ $$
Earned in the current year 1,466,232 844,209 142,500 158,175 133,428 166,299 135,622 130,000
Earned in prior years 4,314,983 2,020,290 907,500 152,169 838,138 195,360 497,281 570,000
Paid in the current year – – – – – – – (700,000)
Total value of end of service
payments provided for
up to 30 June 2004 5,781,215 2,864,499 1,050,000 310,344 971,566 361,659 632,903 –
These benefits are payable upon termination of employment, if at least five years of service has been rendered under a fixed term contract.
These benefits have been historically disclosed in remuneration at termination of employment.
Primary Benefit Geoff Peter David
– Long-Term Incentives Dixon Gregg Forsyth
$$$
Earned in the current year 283,435 193,605 3,587
Earned in prior years 528,904 43,445 36,653
Paid in the current year – – (40,240)
Total value of long-term incentives
provided for up to 30 June 2004 812,339 237,050 –
The benefits above were accrued under the LTIP and SPR plans as well as a vested end of service payment for Mr Dixon. Previously, these
amounts were disclosed in remuneration at the time of payment. Mr Forsyth received payment under the LTIP on termination of his
employment. Pursuant to employment contract renegotiations the amounts provided for Mr Dixon and Mr Gregg will be paid early
and the Plans closed.
Primary Benefit Geoff Peter Denis Fiona John Kevin Grant David
– Long Service Leave Dixon Gregg Adams Balfour Borghetti Brown Fenn Forsyth
$$$$ $ $ $$
Earned in the current year 144,384 212,926 33,813 45,303 57,723 21,515 50,333 38,167
Earned in prior years 377,534 731,704 103,886 118,712 583,562 25,567 131,332 329,333
Paid in the current year – – – – – – – (367,500)
Total value of long service leave
provided for up to 30 June 2004 521,918 944,630 137,699 164,015 641,285 47,082 181,665 –
Long service leave benefit has historically been disclosed in remuneration when taken or when paid as a termination payment.