Qantas 2010 Annual Report Download - page 44
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THE QANTAS GROUP 42
for the year ended 30 June 2010
Other Bene ts
Non-cash Bene ts Non-cash bene ts, as disclosed in the remuneration tables, include salary sacri ce components such as motor
vehicles and travel entitlements while employed.
Travel Travel concessions are provided to permanent Qantas employees, consistent with practice in the airline industry.
Travel at concessionary prices is on a sub-load basis, i.e. subject to considerable restrictions and limits on availability.
It includes speci ed direct family members or parties.
In addition to this and consistent with practice in the airline industry, Directors and Key Management Personnel and
their speci ed direct family members or parties are entitled to a number of trips for personal purposes at no cost to
the individual.
Post-employment travel concessions are also available to all permanent Qantas employees who qualify through
retirement or redundancy. The CEO and Key Management Personnel and their speci ed direct family members or
parties are entitled to a number of free trips for personal purposes. An estimated present value of these
entitlements is accrued over the service period of the individual and is disclosed as a post employment bene t.
Superannuation Superannuation includes statutory and salary sacri ce superannuation contributions and the expense to the
company of de ned bene t superannuation entitlements.
Termination Payments Qantas is bound by the contractual and statutory entitlements of its Executives on termination. Additional
payments to terminating Executives may be made to a reasonable level where it is appropriate to do so taking into
account legal and other considerations. Any termination payments will be subject to the relevant law concerning
caps on termination payments to Executives.
Other Long-term Bene ts Other long-term bene ts include the accrual of long service leave for Executives and other bene ts which are
long-term in nature.
Performance Share Plan –
Discontinued
The Performance Share Plan (PSP) was discontinued in 2009. It was a medium-term deferred share incentive plan,
that operated as follows:
—At the start of Year 1, the Qantas Board set performance targets for each Balanced Scorecard measure
—At the conclusion of Year 1, the Board assessed performance against each target and awarded deferred shares to
Executives if targets were achieved
—Any deferred shares awarded were subject to a vesting period which expires at the end of Year 2 in relation to
one half of the shares and the end of Year 3 in relation to the other half of the shares
—Generally, any unvested deferred shares would be forfeited if the relevant Executive ceases employment with the
Qantas Group
The grant date and number of deferred shares awarded to Key Management Personnel are outlined on page 87.
The accounting expense relating to share grants are disclosed in the remuneration table on page 43.
Remuneration Report (Audited) continued
Directors’ Report continued