by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Whitehaven Coal Limited : Annual Report 2013
92 Whitehaven Coal Limited Annual Report 2013 8.5.5 STI award outcomes for KMP As noted in the table above, whilst the Board was pleased with the production targets and individual milestones achieved by senior executives, as well as the signi cant improvements in safety measures, the Board determined that the nancial performance of the Company did not justify the full payment of the STI award for FY2013 and, as such, a maximum of 25% of the target STI award was paid to KMP (i.e. a maximum of 12.5% of their xed remuneration). KMP STI earned (A$) Percentage of target STI Tony Haggarty N/A N/A Allan Davies N/A N/A Timothy Burt 69,298 25% Brian Cole 84,157 25% Jamie Frankcombe 44,949 25% Peter Kane N/A N/A Austen Perrin 75,863 20% 8.5.6 2012 Long-term incentive grant The following table describes the terms of the LTI granted in 2012 (2012 LTI grant). Who participated? All senior executives across the Group were eligible to participate in the LTI, and participated on the terms and conditions set out below. Mr Haggarty and Mr Davies elected not to participate in the 2012 LTI grant, as the volume of shares in the Company that they already held was su cient to ensure alignment with the interests of shareholders. Mr Flynn did not receive an LTI in 2012 (as he was still a Non-executive Director at the time the grant was made) but will participate in the LTI from 2013 (subject to shareholder approval). Further details regarding Mr Flynn's contract and participation in the Company's incentive plans are set out in section 8.7.1. What was granted? Senior executives were granted performance rights with a face value equal to 80% of their TFR. The number of rights granted was determined by reference to the volume weighted average price of the Company's shares over the 20 trading day period commencing 10 trading days prior to 30 June 2012. What is the performance period? To facilitate transition to the new LTI scheme, the performance period for the 2012 LTI grant is divided into three equal tranches capable of vesting after a 2, 3 and 4 year performance period (respectively). The 2013 LTI award will be divided into two equal tranches capable of vesting after a 3 and 4 year performance period. 8. REMUNERATION REPORT CONTINUED 8.5 Detail of components of executive KMP remuneration -- audited (continued) Directors' Report
Annual Report 2012