Qantas 2009 Annual Report Download - page 133
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Please find page 133 of the 2009 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.131 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
30. Superannuation continued
31. Related Parties
Qantas Group Qantas
PRINCIPAL ACTUARIAL ASSUMPTIONS AT BALANCE DATE 2009 2008 2009 2008
(EXPRESSED AS WEIGHTED AVERAGES PER ANNUM) % % % %
Discount rate 5.7 6.4 5.7 6.4
Expectedreturnonplanassets 7.6 8.2 7.6 8.2
Futuresalaryincreases 3.0 3.3 3.0 3.3
Theexpectedlong-termrateofreturnisbasedontheweightedaverageofexpectedreturnsoneachindividualassetclasswheretheweightingsreect
theproportionofdenedbenetassetsinvestedineachassetclass.Eachassetclassexpectedreturnisbasedonexpectationsofaveragereturnsover
thenext10years.
Employercontributionstothedenedbenetsuperannuationplansarebasedonrecommendationsbytheplans’actuaries.Itisestimatedthat$121million
willbepaidbyQantasforemployeesaccruingdenedbenetsintheyearended30June2010(2009:$118million).Giventheadverseperformanceofthe
nancialmarkets,QantasandtheTrusteeoftheAustralianPlan(QSP)agreedtoanadditionalcontributionofupto$66millionover3years.Thisissubject
toreviewofthenancialpositionofQSPonaregularbasis.ForQSP,thelastnancialmonitoringprogramreviewwasmadeinApril2009.
DEFINED CONTRIBUTION FUND
TheQantasGroupresultsinclude$131million(2008:$115million)ofexpensesinrelationtodenedcontributionfunds.TheQantasresultsinclude
$79million(2008:$77million)ofexpensesinrelationtodenedcontributionfunds.
(A) KEY MANAGEMENT PERSONNEL
The Key Management Personnel (KMP) of the Qantas Group during the year were:
DIRECTORS
Leigh Clifford, AO, Chairman
AlanJoyce,ChiefExecutiveOfcer(appointedasanExecutiveDirectoreffective28July2008)
ColinStorrie,ChiefFinancialOfcer(appointedasanExecutiveDirectoreffective30September2008)
GeoffDixon,ChiefExecutiveOfcer(ceasedasKMPeffective31March2009)
PeterGregg,ChiefFinancialOfcerandExecutiveGeneralManagerStrategy(ceasedasKMPeffective31December2008)
MikeCodd,AC,Non-ExecutiveDirector(resigned15October2008)
PeterCosgrove,AC,MC,Non-ExecutiveDirector
PatriciaCross,Non-ExecutiveDirector
RichardGoodmanson,Non-ExecutiveDirector
GarryHounsell,Non-ExecutiveDirector
PaulRayner,Non-ExecutiveDirector(appointed16July2008)
JohnSchubert,Non-ExecutiveDirector
JamesStrong,AO,Non-ExecutiveDirector
BarbaraWard,Non-ExecutiveDirector
KEY MANAGEMENT EXECUTIVES
JohnBorghetti,GroupExecutiveQantasAirlines(resigned5May2009)
KevinBrown,GroupExecutivePeople(resigned28February2009)
BruceBuchanan,ChiefExecutiveOfcerJetstar(appointedasKMPeffective1October2008)
DavidCox,ExecutiveManagerQantasEngineering(ceasedasKMPeffective30June2009)
GrantFenn,GroupExecutiveStrategy&Investments(ceasedasKMPeffective30June2009)
RobGurney,GroupExecutiveQantasAirlinesCommercial(appointedasKMPeffective5May2009)
SimonHickey,ChiefExecutiveOfcerQantasLoyalty(appointedasKMPeffective1October2008)
LyellStrambi,GroupExecutiveQantasAirlinesOperations(appointedasKMPeffective1December2008)
MrDixonresignedasanExecutiveDirectorofQantaseffective28November2008,butcontinuedinakeymanagementroleuntil31March2009toensure
asmoothtransitionfortheincomingChiefExecutiveOfcer.MrGreggresignedasanExecutiveDirectorofQantaseffective30September2008,but
continuedinakeymanagementroleuntil31December2008toassistwiththetransitiontotheincomingChiefFinancialOfcer.
Qantas Group Qantas
HISTORICAL AMOUNTS
$M 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005
Fairvalueofplanassets 1,944 2,142 2,353 2,411 2,078 1,944 2,142 2,353 2,411 2,078
Presentvalueofdenedbenetobligation 2,098 1,846 1,691 2,042 2,043 2,098 1,846 1,691 2,042 2,043
(Deficit)/surplus (154) 296 662 369 35 (154) 296 662 369 35
Experienceadjustmentsonplanassets (343) (271) 27 180 180 (343) (271) 27 180 180
Experienceadjustmentsonplanliabilities (37) (138) 112 4 (64) (37) (138) 112 4 (64)