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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 57 Since the end of FY2012, the Company has made offers to grant 364,963 performance rights to the senior executives named in this Remuneration Report (excluding the Executive Directors) as part of the new LTI arrangements described in section 7.3 above. Details of performance rights offered are set out in the table below: Number of performance rights granted Executives Peter Kane 145,985 Austen Perrin 126,521 Timothy Burt 92,457 Full details regarding the FY2013 LTI grants will be included in next year's Remuneration Report. Mr Davies elected not to receive any new grants under the LTI for FY2012 or FY2013, as he had previously received 5,000,000 options in the Company on his appointment as a Director of the Company on 25 February 2012 (as disclosed in previous years' reports and approved by shareholders at the 2009 Annual General Meeting). The options vested in tranches over the three years prior to the Merger and were all exercised following the Merger (as shown in the table at 7.4.6). All shares that Mr Davies received on exercise of these options have been retained by him, ensuring that he has a significant shareholding in the Company and that his interests continue to be aligned with those of shareholders. Similarly, Mr Haggarty elected not to participate in the FY2012 or FY2013 LTI grants, as he already has a substantial shareholding in the Company which is sufficient to ensure alignment with the interests of shareholders. 7.4.5 Statutory senior executive remuneration table The following table sets out the statutory remuneration disclosures required under the Corporations Act 2001 (Cth). The totals disclosed in this table are significantly higher than previous years' disclosures due to: • two years' of STI awards being accrued in FY2012, rather than one as is usually the case. This is because the FY2011 STI was approved and paid in August 2011 and the FY2012 STI was paid earlier than expected in April 2012; • the full balance of LTI values being required to be disclosed (including those granted in prior years) due to the acceleration of vesting on the Merger; and • the full value of the retention bonus being disclosed, even though the bonus vested over an 18 month period. As such, the information presented below for FY2012 is not comparable to the FY2011 information in the table.
Annual Report 2011
Annual Report 2013