Qantas 2009 Annual Report Download - page 133

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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
Expectedreturnonplanassets 7.6 8.2 7.6 8.2
Futuresalaryincreases 3.0 3.3 3.0 3.3
Theexpectedlong-termrateofreturnisbasedontheweightedaverageofexpectedreturnsoneachindividualassetclasswheretheweightingsreect
theproportionofdenedbenetassetsinvestedineachassetclass.Eachassetclassexpectedreturnisbasedonexpectationsofaveragereturnsover
thenext10years.
Employercontributionstothedenedbenetsuperannuationplansarebasedonrecommendationsbytheplans’actuaries.Itisestimatedthat$121million
willbepaidbyQantasforemployeesaccruingdenedbenetsintheyearended30June2010(2009:$118million).Giventheadverseperformanceofthe
nancialmarkets,QantasandtheTrusteeoftheAustralianPlan(QSP)agreedtoanadditionalcontributionofupto$66millionover3years.Thisissubject
toreviewofthenancialpositionofQSPonaregularbasis.ForQSP,thelastnancialmonitoringprogramreviewwasmadeinApril2009.
DEFINED CONTRIBUTION FUND
TheQantasGroupresultsinclude$131million(2008:$115million)ofexpensesinrelationtodenedcontributionfunds.TheQantasresultsinclude
$79million(2008:$77million)ofexpensesinrelationtodenedcontributionfunds.
(A) KEY MANAGEMENT PERSONNEL
The Key Management Personnel (KMP) of the Qantas Group during the year were:
DIRECTORS
Leigh Clifford, AO, Chairman
AlanJoyce,ChiefExecutiveOfcer(appointedasanExecutiveDirectoreffective28July2008)
ColinStorrie,ChiefFinancialOfcer(appointedasanExecutiveDirectoreffective30September2008)
GeoffDixon,ChiefExecutiveOfcer(ceasedasKMPeffective31March2009)
PeterGregg,ChiefFinancialOfcerandExecutiveGeneralManagerStrategy(ceasedasKMPeffective31December2008)
MikeCodd,AC,Non-ExecutiveDirector(resigned15October2008)
PeterCosgrove,AC,MC,Non-ExecutiveDirector
PatriciaCross,Non-ExecutiveDirector
RichardGoodmanson,Non-ExecutiveDirector
GarryHounsell,Non-ExecutiveDirector
PaulRayner,Non-ExecutiveDirector(appointed16July2008)
JohnSchubert,Non-ExecutiveDirector
JamesStrong,AO,Non-ExecutiveDirector
BarbaraWard,Non-ExecutiveDirector
KEY MANAGEMENT EXECUTIVES
JohnBorghetti,GroupExecutiveQantasAirlines(resigned5May2009)
KevinBrown,GroupExecutivePeople(resigned28February2009)
BruceBuchanan,ChiefExecutiveOfcerJetstar(appointedasKMPeffective1October2008)
DavidCox,ExecutiveManagerQantasEngineering(ceasedasKMPeffective30June2009)
GrantFenn,GroupExecutiveStrategy&Investments(ceasedasKMPeffective30June2009)
RobGurney,GroupExecutiveQantasAirlinesCommercial(appointedasKMPeffective5May2009)
SimonHickey,ChiefExecutiveOfcerQantasLoyalty(appointedasKMPeffective1October2008)
LyellStrambi,GroupExecutiveQantasAirlinesOperations(appointedasKMPeffective1December2008)
MrDixonresignedasanExecutiveDirectorofQantaseffective28November2008,butcontinuedinakeymanagementroleuntil31March2009toensure
asmoothtransitionfortheincomingChiefExecutiveOfcer.MrGreggresignedasanExecutiveDirectorofQantaseffective30September2008,but
continuedinakeymanagementroleuntil31December2008toassistwiththetransitiontotheincomingChiefFinancialOfcer.
Qantas Group Qantas
HISTORICAL AMOUNTS
$M 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005
Fairvalueofplanassets 1,944 2,142 2,353 2,411 2,078 1,944 2,142 2,353 2,411 2,078
Presentvalueofdenedbenetobligation 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
Experienceadjustmentsonplanassets (343) (271) 27 180 180 (343) (271) 27 180 180
Experienceadjustmentsonplanliabilities (37) (138) 112 4 (64) (37) (138) 112 4 (64)