Twenty-First Century Fox 2004 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2004 Twenty-First Century Fox 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 87

  • 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

emoluments in the year of grant. ASIC guidelines now require that the value of options granted be disclosed as
emoluments over their vesting period, being 4 years from the date of grant. Accordingly, the value of emolument
recorded in the remuneration table above for executive and non-executive directors represents only the vested portion of
the full option value for options granted during the fiscal 2003 and 2004 financial years. No options were granted to
directors in fiscal 2004.
The following table lists the value of emolument attributable to options granted in financial years prior to fiscal 2003,
and previously disclosed as emoluments in prior years, that vest in the current year.
US$000 US$000
Non-executive Directors Executive Directors
G C Bible 18 K R Murdoch AC
K E Cowley AO 18 C Carey 207
R I Eddington 18 P Chernin 1,675
J A M Erkko KBE 18 D F DeVoe 415
A S B Knight 18 J R Murdoch 617
G J Kraehe 7 L K Murdoch 374
T J Perkins 18 A M Siskind 415
S S Shuman 18
Officers
R Ailes 443
J Gianopulos 760
D Hill 325
T Rothman 784
M Stern 1,293
(8) All options are over preferred limited voting shares were granted during the financial year. The exercise price of all
grants to Officers (including 404,800 of Mr Stern’s grant) is $9.89 and the options expire on 9 August, 2013 for each Officer.
Additionally, the exercise price of 500,000 of options granted to Mr Stern is $9.96 and the options expire on 1 January,
2014. For Executive Directors (excluding Messrs C Carey and J R Murdoch), includes the value of cash stock appreciation
rights granted over their vesting period, being 4 years from date of grant.
(9) Mr. C Carey resigned from his position in the Group in January 2004. Subsequent to his resignation, Mr. C Carey
continued his appointment as a Director. Concurrent with his resignation, Mr. C Carey received compensation totalling
US$2,319,000 which is included in Other amounts.
(10)Mr. J R Murdoch resigned his executive position and his directorship in November 2003.
(11)Each Officer is a “Specified Executive” under AASB 1046, “Director and Executive Disclosures by Disclosing Entities”.
Directors’ Interests and Benefits
Information on Directors’ Shareholdings as at the date of this report is contained in the Full Financial Report Note 28.
Share Options
Details of the share options are disclosed in the Full Financial Report Note 28.
The options carry no right to participate in any other share issue and no options have been exercised by a Director, except
as noted in the Full Financial Report Note 28.
Indemnification of Directors
To the extent permitted by law, the Group has indemnified (fully insured) each Director, principal executive officer and
secretary of the Group against any liability that may arise as a result of work performed in their respective capacities.
The Directors have not included details of the nature of the liabilities covered or the amount of the premium paid in
respect of the Directors’ and Officers’ Liability and Legal Expenses insurance contracts as such disclosure is prohibited
under the terms of the contract.
58
NEWS CORPORATION CONCISE REPORT 2004
Directors’ Report
(continued)
for the year ended 30 June, 2004