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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 47 The diagram below shows timing for determining and delivering executive remuneration for FY2013 and FY2014, including the transitional arrangements described above: FY2013 FY2013 Senior Executive Remuneration FY2014 Senior Executive Remuneration FY2014 FY2015 FY2016 FY2017 Vesting period for Tranche 3 Restriction period for Tranche 2 of STI Deferred Shares Restriction period for Tranche 2 of STI Deferred Shares Vesting period for Tranche 2 Restriction period for Tranche 1 of STI Deferred Shares Restriction period for Tranche 1 of STI Deferred Shares Vesting period for Tranche 2 Total Fixed remuneration Determined based on: • market benchmarking • FY2013 performance Total Fixed remuneration Determined based on: • market benchmarking • 2012 performance Long term incentive At risk based on performance against a relative TSR measure Long term incentive At risk based on performance against a relative TSR measure Short term incentive At risk based on financial and non-financial KPIs Short term incentive At risk based on financial and non-financial KPIs Vesting period for Tranche 1 Vesting period for Tranche 1 1/5/12 7.3.4 Components of remuneration from FY2013 Fixed remuneration: Fixed remuneration received by senior executives comprises base salary, superannuation and other benefits and is subject to approval by the Remuneration Committee. Following the review of the executive remuneration framework by Egan Associates, fixed remuneration levels were adjusted for senior executives by reference to comparable roles in similar-sized Australian listed companies in the materials, industrials and energy sectors. The new fixed remuneration levels took effect from 1 May 2012. Fixed remuneration and total target remuneration will typically be positioned at around the median percentile of the relevant market. The objective of this target positioning is to attract and retain the best talent in a sector where demand for skilled labour is high. Actual market positioning for each individual may deviate from (above or below) the positioning policy due to consideration of internal relativities, experience, tenure in role, individual performance and retention considerations. Short term incentive: A new STI plan has been approved by the Board. Under the new plan, executives will have a target annual incentive equal to 50% of their TFR. A portion of the STI will be determined by Group financial performance and a portion determined by non-financial measures relevant to the executive's role. It is proposed that a minimum of 50% of KPIs will be measurable financial objectives and up to 50% will be individual performance objectives. Group financial objectives include production, cost per saleable tonne and NPAT. Individual performance objectives include safety, project management and leadership measures. 30% of any award paid will be deferred in the form of fully paid Whitehaven Coal shares (Deferred Shares). The Deferred Shares will vest in two equal tranches 12 months and 24 months following allocation. Participants will be required to comply with the Company's securities trading policy in respect of their Deferred Shares which includes a prohibition on hedging or otherwise protecting the value of their unvested securities. Dividends will accrue on the Deferred Shares but will only be paid to the executive at the end of the deferral period in relation to those Deferred Shares that vest.
Annual Report 2011
Annual Report 2013