Qantas 2005 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2005 Qantas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

50
RIGHTS
Performance Rights Plan
2005
Number
2004
Number
Rights outstanding at 1 July 1,586,000 –
Rights granted 1,959,500 1,596,000
Rights lapsed (69,000) (10,000)
Rights vested ––
Rights outstanding at 30 June 3,476,500 1,586,000
The following Rights were outstanding at 30 June 2005:
Number of Rights1
Testing
period
Grant
Date
Value at
Grant
Date
Net
Vested
2005
Unvested
2005
Total
2005
Net
Vested
2004
Unvested
2004
Total
2004
30 Jun 062 15 Oct 03 $3.094– 250,000 250,000 – 250,000 250,000
30 Jun 062 16 Oct 03 $3.044– 205,000 205,000 – 205,000 205,000
30 Jun 062 10 Dec 03 $2.864– 60,000 60,000 – 60,000 60,000
30 Jun 062 27 Feb 04 $3.244– 1,015,000 1,015,000 – 1,071,000 1,071,000
30 Jun 062 08 Jul 04 $3.104– 41,000 41,000 –– –
30 Jun 07 –
30 Jun 093 18 Aug 04 $2.255– 390,000 390,000 –––
30 Jun 07 –
30 Jun 093 21 Oct 04 $2.285– 540,000 540,000 –––
30 Jun 07 –
30 Jun 093 13 Jan 05 $2.475– 970,500 970,500 –––
30 Jun 07 –
30 Jun 093 20 Jun 05 $1.885– 5,000 5,000 –––
– 3,476,500 3,476,500 – 1,586,000 1,586,000
1 The Rights do not allow the holder to participate in any share issue of Qantas. No dividends are payable on Rights.
2 These awards may vest on 30 June 2006.
3 While these Rights vest on the tenth anniversary of the date of award, Executives may “call for” the Rights to be converted to ordinary shares to the
extent performance hurdles have been achieved upon testing which is to commence 30 June 2007.
4 The estimated value of Rights granted under Plans before 1 July 2004 is calculated at the date of grant using the Black-Scholes Option Valuation
Methodology. This does not include any discount to take into consideration the likelihood of vesting.
5 The fair value of Rights granted under Plans post 1 July 2004 is calculated at the date of grant using a Monte-Carlo Valuation Methodology. Black-
Scholes Option Valuation Methodology is no longer used as it does not meet the AASB 1046 requirement to include market conditions in the valuation.
A pool of Rights (not to exceed 2,030,000 Rights) was approved for allocation to Qantas Executives by the Board on 17 August 2005.
530,000 of these Rights were for allocation to the Chief Financial Officer and Executive General Managers.
REMUNERATION REPORT
Details of the nature and amount of each major element of the remuneration of each Director of Qantas and each of the Specified
Executive Officers of Qantas and the Qantas Group and reference to where they have been incorporated into the Qantas Annual Report
is set out below:
Requirement Included in the Qantas Annual Report
Corporations Act
– Remuneration Policy Refer below
– elements of remuneration for each required individual Refer below
Australian Accounting Standards Board (AASB) 1046
– Director and Executive Remuneration disclosures Refer below
– Director and Executive Equity Instrument disclosures Note 5 to the Financial Statements
ASX Corporate Governance Council: Corporate Governance Principle 9
– remunerate fairly and responsibly Refer below
– 2005 Executive Remuneration Philosophy and Objectives Refer below
Spirit of Australia
~Directors’ Report~
for the year ended 30 June 2005