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Whitehaven Coal Limited : Annual Report 2012
52 7. REMUNERATION REPORT (CONTINUED) 7.4 Remuneration during FY2012 -- audited (continued) 7.4.2 Components of remuneration for FY2012 (continued) STI awards for FY2012 Senior executive STI earned (A$) Percentage of target STI Tony Haggarty 125,000 66.67% Allan Davies 80,342 66.67% Austen Perrin 80,642 66.67% Timothy Burt 57,250 66.67% Tony Galligan 65,842 66.67% Andy Plummer 71,417 66.67% Long term incentives Who participated? All senior executives across the Group, including those named in this Remuneration Report (but excluding the Executive Directors). The current Executive Directors do not participate in the Company's LTI plans, as the volume of shares in the Company that they already hold is sufficient to ensure alignment with the interests of shareholders. What was granted? Grants were made in the form of share acquisition rights (SARs) intended to vest over a three year period subject to performance against a relative TSR performance hurdle. Upon vesting, one ordinary share in the Company is provided to the participant for each SAR that vests (without any further action required by the participant). SARs and shares received upon vesting are subject to the Company's securities trading policy, which includes a prohibition on hedging or otherwise protecting the value of unvested securities. How was the grant size determined? Senior executives were granted SARs equal to 40% of their TFR. The SARs were valued based on the 20 day VWAP of Whitehaven shares to 1 July 2011. What was the performance period? The performance period was intended to run from 1 July 2011 to 30 June 2014. However, in light of the change in control of the Company and the resulting Merger, the vesting date of all outstanding equity incentives (including SARs granted in FY2012) was accelerated. This is explained in further detail below. What was the performance condition? The SARs were tested against a relative TSR hurdle. The TSR of the Company was measured as a percentile ranking compared to a comparator group of listed entities over the performance period. The comparator group was the entities in the S&P ASX 200 (excluding financial services companies) as at 1 July 2011. The level of vesting was determined based on the ranking against the comparator group companies in accordance with the following schedule: • in the 75th percentile or above -- 100% of options vest; • between the 50th and 75th percentile -- 50% of the options vest at the 50th percentile, and thereafter the percentage vesting increases by 2% for each percentile above the 50th percentile; and • below the 50th percentile -- no options vest DIRECTORS' REPORT
Annual Report 2011
Annual Report 2013