Qantas 2009 Annual Report Download - page 76

74 Qantas Annual Report 2009
Directors’ Report
for the year ended 30 June 2009
REMUNER ATION OF DIRECTORS AND DISCLOSED EXECUTIVES FOR THE YEAR ENDED 30 JUNE 2009
Set out in the following tables are the remuneration for the Key Management Personnel and Highest Remunerated Executives during the year ended
30 June 2009. Further details on other transactions with Key Management Personnel are set out in Note 31 to the Financial Statements.
Directors’ and Officers’ liability insurance has not been included in the remuneration since it is not possible to determine an appropriate allocation basis.
DIRECTORS
$
DIRECTORS – CONTINUING
Leigh Clifford2 2009 4 44,0 00 – 47,507 491,507 100,000 21,000 121,0 00 – – – – 612,507
Chairman 2008 288,256 – 6,191 294,447 100,000 17,50 0 117,50 0 – – – – 411,947
Peter Cosgrove3, 4 2009 167,135 – 37,042 204,177 13,745 9,975 23,720 – – – – 227,897
Non-Executive Director 2008 172,991 – 57,272 230,263 13,129 8,245 21,374 – – – – 251,637
Patricia Cross 2009 160,091 – 65,955 226,046 30,309 9,975 40,284 – – – – 266, 330
Non-Executive Director 2008 176,072 – 61,042 237,114 13,129 8,245 21,374 – – – – 258,488
Richard Goodmanson 2009 213,101 – 800 213,901 – 9,975 9,975 – – – – 223,876
Non-Executive Director 2008 4,317 – – 4,317 – 8,245 8,245 – – – – 12,562
Garry Hounsell5 2009 258,255 – 34,854 293,109 13,745 9,975 23,720 – – – – 316,829
Non-Executive Director 2008 214,471 – 60,213 274,684 13,129 8,245 21,374 – – – – 296,058
Paul Rayner 2009 159,869 – 46,515 206,384 13,172 9,975 23,147 – – – – 229,531
Non-Executive Director 2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
(16 Jul 08 to 30 Jun 09)
John Schubert 20 09 196,069 – 15,133 211, 202 13,745 9,975 23,720 – – – – 234,922
Non-Executive Director 2008 187,271 – 6,412 193,683 13,129 8,245 21,374 – – – – 215,057
James Strong 2009 176,655 – 17,156 193,811 13,745 9,975 23,720 – – – – 217,531
Non-Executive Director 2008 187,271 – 33,580 220,851 13,129 8,245 21,374 – – – – 242,225
Barbara Ward6 2009 182,481 – 16,059 198,540 13,745 9,975 23,720 – – – – 222,260
Non-Executive Director 2008 15,905 – – 15,905 881 8,245 9,126 – – – – 25,031
Alan Joyce7 2009 1,715,049 – 110,404 1,825,453 36,250 21,000 57,250 528,767 1,252,893 – – 3,664,363
Chief Executive Officer 2008 1,092,614 1,207,000 95,800 2,395,414 13,129 17,500 30,629 352,247 2,320,911 – – 5,099,201
Colin Storrie 2009 742,398 – 110,175 852,573 34,877 21,000 55,877 125,242 575,494 – – 1,609,186
Chief Financial Officer 2008 n /a n/a n/a n/a n/a n/a n/a n/a n/a n/a n /a n/a
(30 Sep 08 to 30 Jun 09)
Total – Directors 2009 4,415,103 – 501,600 4,916,703 283,333 142,80 0 426,133 654,009 1,828,387 – – 7,825,232
continuing at 30 June 2008 2,339,168 1,207,000 320,510 3,866,678 179,655 92,715 272,370 352,247 2,320,911 – – 6,812,206
DIRECTORS – NOT CONTINUING
Geoff Dixon 8 20 09 1,864,304 – 196,816 2,0 61,120 6,872 43,000 49,872 3,037, 280 3,172,182 1,726,372 657,500 10,704,326
Chief Executive Officer 2008 2,308,955 3,010,286 218,412 5,537,653 77,775 36,000 113,775 132,915 6,387,263 – – 12,171,606
(1 Jul 08 to 31 Mar 09)
Peter Gregg 20 09 696,219 – 69,832 766,051 18,000 43,0 00 61,000 19,158 1,668,625 604,582 1,763,499 4,882,915
Chief Financial Officer 2008 1,329,534 1,485,714 242,180 3,057,428 36,000 36,000 72,000 71,188 2,979,758 – – 6,180,374
& EGM Strategy
(1 Jul 08 to 31 Dec 08)
Mike Codd 2009 – – 24, 468 24,468 63,072 9,975 73,047 – – – – 97,515
Non-Executive Director 2008 173,200 – 3,328 176,528 54,400 8,245 62,645 – – – – 239,173
(1 Jul 08 to 15 Oct 08)
Total – D irec tors not 2009 2,560,523 – 291,116 2,851,639 87,944 95,975 183,919 3,056,438 4,840,807 2,330,954 2,420,999 15,684,756
continuing at 30 June 2008 3,811,689 4,496,000 463,920 8,771,609 168,175 80,245 248,420 204,103 9,367,021 – – 18,591,153
Total – Directors at 2009 6,975,626 – 792,716 7,768,342 371,277 238,775 610,052 3,710,447 6,669,194 2,330,954 2,420,999 23,509,988
30 June 2008 6,150,857 5,703,0 0 0 784,430 12,638,287 347,830 172,960 520,790 556,350 11,687,932 – – 25,403,359
1. A breakdown of Share-based Payment is provided on page 76.
2. Mr Clifford’s 20 08 remuneration reflects his appointment as a N on-Executive Director on 9 August 2007 and as Chairman on 14 November 20 07.
3. The Employee Share Ownership Plan allows Non-Executive Directors to purchase shares at no discount to market price on a salary sacrifice basis, and operates under the DSP Terms & Conditions. General
Cosgrove participated in this plan from July 2007 to June 2009. The value of shares are included above as a non-cash benefit.
4. General Cosgrove received payments for ser vices rendered as a Director of Qantas Superannuation Limited.
5. Mr Hounsell received a payment for services rendered as Chairman of the Qantas Frequent Flyer Due Diligence Committee.
6. Ms Ward received payments for services as a Director on a number of Qantas subsidiary leasing companies, for the period 1 July 2007 to 26 February 2009.
7. Mr Joyce commenced as a Qantas Director on 28 July 2008. Remuneration prior to 28 July 20 08 were earned as Key Management Personnel.
8. A superannuation contribution was made on Mr Dixon’s behalf in August 2006 under his employment agreement. A s a result of retrospective changes to superannuation law, effective in February 2007,
Mr Dixon was significantly disadvantaged, and the net benefit of this contribution was materially reduced. A payment of $3 million (from which tax has been deducted) was made to Mr Dixon in 2008/09
in partial compensation for the effect of this.
Remuneration Report (Audited) continued
Total
Termination
Benefits
Statutory
Annual Leave
Post-Employment BenefitsShort-Term Employee Benefits
Total
Non-Cash
Benefits
Cash
Incentives
Cash
FAR
Year
Superannuation
Total
Travel
Share-based
Payment 1
Other
Long-Term
Benefits