OnePath Custodians Pty Limited Executive Officer Remuneration

SUPERANNUATION
OnePath Custodians Pty Limited
Executive Officer Remuneration
1. Basis of preparation
Remuneration disclosures for Executive Officers1 of
OnePath Custodians Pty Limited (OnePath Custodians) for
the year ended 30 September 2014 have been prepared in
accordance with Section 29QB (1) (a) of the Superannuation
Industry Supervision Act 1993 and Regulations 2.37 of the
Superannuation Industry (Supervision) Regulations 1994.
OnePath Custodians Executive Officers include non-executive
directors (NEDs), directors who are also employees of Australia
and New Zealand Banking Group Limited (ANZBGL) and senior
managers that take part in the management of the entity
(Management). All Executive Officer remuneration disclosures
include the relevant portion of remuneration which relates to
their OnePath Custodians role. The Executive Officers disclosed
in this year’s (1 October 2013 to 30 September 2014) report are
detailed in Table A:
27 January 2015
Table A: OnePath Custodians 2014 Executive Officers
Name
Position Held
Date appointed and concluded
Term as an Executive
Officer in 2014
Current Non-Executive Directors
Victoria Weekes
Non-Executive Director, Chairman
Appointed 1 August 2011
Full year
Stephen Chapman
Non-Executive Director
Appointed 1 August 2011
Full year
Charles Clark
Non-Executive Director
Appointed 1 March 2013
Full year
Director
Appointed 5 May 2011
Full year
Current Management
Craig Brackenrig2
Therese McGrath
Director
Appointed 1 March 2013
Full year
Stewart Brentnall
Chief Investments Officer, Global Wealth
Appointed 22 October 2010
Full year
John Frechtling
Chief Financial Officer, Global Wealth
Appointed 4 July 2011
Full year
Graeme Hosking
Chief Operating Officer, Global Wealth
Appointed 18 July 2012
Full year
Jaimie Sach
Chief Actuary, Global Wealth
Appointed 16 April 2014
Part year
Kylie Rixon
Chief Risk Officer, Global Wealth
Appointed 31 March 2012
Part year
Gavin Pearce
Deputy Managing Director, Global Wealth
Appointed 22 October 2010
Full year
Paul Barrett
Managing Director
Advice and Distribution
Appointed 16 February 2012,
Retired 17 September 20136
Part year
Catherine McDowell
Director
Appointed 15 February 2012,
Retired 1 February 20136
Part year
Nick Kulikov4
Chief Actuary, Global Wealth
Appointed 2 May 2011
Part year
Chief Risk Officer, Global Wealth
Appointed 13 August 2012
Retired 31 March 20146
Part year
3
4
5
Former Management
Alison Larsson
5
Any executive officers who commenced their role in the most recent financial year were contracted on standard terms and conditions.
1
For the purposes of this disclosure Executive Officers includes non-executive, or executive, directors or senior managers as defined in paragraphs 16 (a), 16 (b) or 16 (c)
of APRA Prudential Standard SPS 520 Fit and Proper dated July 2013.
2 Craig Brackenrig was full year for 2014 however retired post the end of the financial year on 25 November 2014 from the role of Managing Director Pensions and Investments. Peter Mullin was appointed the new Managing Director
Pensions and Investments effective 25 November 2014.
3 John Frechtling was full year for 2014 however retired post the end of the financial year on 25 November 2014. Craig Brackenrig was appointed as the new Chief Financial Officer, Global Wealth on 25 November 2014.
4
Nick Kulikov was full year for 2013, however retired post the end of the financial year on 16 April 2014. Jaimie Sach was appointed as the new Chief Actuary, Global Wealth on 16 April 2014.
5
Alison Larsson was full year for 2013, however retired post the end of the financial year on 31 March 2014. Kylie Rixon was appointed as the new Chief Risk Officer, Global Wealth on 31 March 2014.
6
Retired refers to the date of cessation in relation to the role that relates to OnePath Custodians.
onepath.com.au
2. Executive Officer Remuneration
• differentiating rewards in line with ANZBGL’s culture of
2.1 Non-Executive Directors
• providing a competitive reward proposition to attract,
ANZBGL, or its Governance Committee, has responsibility for
approving the proposed appointments of NEDs of OnePath
Custodians. Any appointment of directors is then approved
by the Board of OnePath Custodians subject to the process as
prescribed by the OnePath Custodians’ constitution.
NEDs are remunerated by ANZBGL in relation to their
responsibilities as Directors of OnePath Custodians.
NED fees are reviewed regularly against market practice and set
by reference to a number of relevant considerations including:
• general industry practice and best principles of corporate
governance;
• the responsibilities and risks attached to the role of NEDs;
• the time commitment expected of the NEDs on OnePath
Custodians matters; and
• reference to fees paid to NEDs of other comparable ANZBGL
entities and external trustees.
2.2 Management
The OnePath Custodians remuneration practices are set out
in the ANZBGL Remuneration Policy which is approved by the
ANZBGL Board. The ANZBGL Remuneration Policy applies to
all controlled entities within ANZBGL and ANZBGL Registrable
Superannuation Entity (RSE) licensees.
The following principles underpin ANZBGL’s Remuneration
Policy, which is applied globally across ANZBGL:
• creating and enhancing value for all ANZBGL stakeholders;
• emphasising the ‘at risk’ components of total rewards
rewarding for outperformance and demonstration of values
led behaviours; and
motivate and retain the highest quality individuals in order
to deliver ANZBGL’s business and growth strategies.
In addition to the requirements outlined in the ANZBGL
Remuneration Policy, for ANZBGL RSE Licensees, additional
policy requirements exist to:
• ensure performance based components of remuneration
are designed to encourage behaviour that supports
protecting the interests and meeting the reasonable
expectations, of beneficiaries; and
• support the long term financial soundness of the RSE
Licensee and any of its RSEs.
Individual STI Targets are set with reference to the individual’s
role and external market data. Actual STI payments may vary
each year according to the individual’s performance against
their balanced scorecard objectives and the ANZBGL values,
and ANZBGL performance overall. The individual balanced
scorecard contains a range of metrics for each of financial,
customer, risk/process and people measures.
Mandatory deferral applies to all ANZBGL STI payments and is
one of a number of elements implemented to ensure prudent
risk management. The threshold at which mandatory deferral
is applied, and the quantum and the time period over which
STI deferral occurs are regularly reviewed.
ANZ’s current STI deferral policy has a mandatory deferral
threshold of $100,000 (subject to a minimum deferral amount
of $25,000) with:
The remuneration structure for OnePath Custodians’ Management
who fulfil the definition of Executive Officer is detailed below.
• The first $100,000 of STI paid in cash;
2.2.1 Fixed remuneration
• 25% of STI above $100,000 deferred in ANZBGL equity for
The fixed remuneration amount is expressed as a total dollar
amount which can be taken as cash salary, superannuation
contributions and other nominated benefits. ANZBGL reviews
fixed remuneration for OnePath Custodians’ Management
annually and takes into consideration role responsibilities,
performance, qualifications, experience and location.
2.2.2 Variable remuneration
Variable remuneration awards are ‘at risk’ remuneration and
provide individuals with discretionary payment opportunities
that are designed to drive performance in the short, medium
and longer term. The term ‘variable remuneration’ covers short
term incentive (STI) arrangements and long term incentive
(LTI) arrangements.
to increase alignment with shareholders and encourage
behaviour that supports both the long term financial
soundness and the risk management framework of ANZBGL,
and to deliver superior long term total shareholder returns;
7
2.2.2.1 Short term incentive
Equity is delivered as ANZBGL deferred shares or deferred share rights.
8 Performance Rights granted during the period are divided into two equal tranches with Tranche 1 subject to TSR relative to a select financial services
comparator group and Tranche 2 subject to TSR relative to a comparator group comprising companies making up the S&P/ASX50 index as at 22 November 2013.
• 50% of STI above $100,000 paid in cash;
one year; and
• 25% of STI above $100,000 deferred in ANZBGL equity7 for
two years.
All STI deferred amounts remain at risk and are subject to
clawback until the vesting date.
2.2.2.2 Long term incentive
LTI that was granted in the year ended 30 September 2014
is deferred for three years and delivered as either 50%
Performance Rights (subject to Relative TSR Performance
Hurdle8) and 50% Deferred Equity (shares or share rights) or as
100% Deferred Equity (shares or share rights) subject to a time
based hurdle only. If the hurdles are not met the awards lapse.
If allocated, the value of an LTI award is determined by reference
to market practice and reflects an individual’s performance,
potential and position. Eligible participants are advised of the
dollar value of their LTI, which is then converted into a number
of shares, based on the one week volume weighted average
price (VWAP) as at the date of grant, or for performance rights
and share rights, based on an independent valuation.
2
3. Statutory Remuneration Disclosures for Executive Officers
Table B: Statutory Remuneration Disclosure
The table below has been prepared in accordance with Superannuation Industry (Supervision) Regulations 1994, Division 2.6 – Regulation 2.37 for financial years ending 30 September 2014 and
30 September 2014.
Statutory Remuneration for OnePath Custodians Pty Ltd for full years ending 30 September 2014 and 30 September 2014
Short-Term Employee Benefits
Post-Employment
Long-Term
Employee
Benefits
Share-Based Payments7
Total amortisation value of
STI
Financial
Year
Cash
salary1
$
Non
monetary
benefits2
$
Total cash
incentive3,4
$
Super
Retirement
contri- benefit accrued
5
butions
during year6
$
$
Victoria Weekes
Non Executive Director, Chairman
2014
2013
49,515
44,551
-
-
4,644
4,065
Stephen Chapman10
Non Executive Director
2014
2013
52,500
49,000
-
-
Charles “Sandy” Clark11
Non Executive Director
2014
2013
42,264
24,654
-
Former Executive Director
2013
26,157
LTI
4
Other equity
allocations8,9
Long service
leave accrued
during the year
$
Shares
Rights
Shares
Rights
Shares
Rights
$
$
$
$
$
$
Termination
benefits
$
Grand total
remuneration
$
-
-
-
-
-
-
-
-
-
54,159
48,616
4,922
4,471
-
-
-
-
-
-
-
-
-
57,422
53,471
-
3,962
2,280
-
-
-
-
-
-
-
-
-
46,226
26,934
1,684
12,000
2,393
-
436
6,453
-
8,855
-
8,245
-
21,734
87,957
Non Executive Directors
Management
Paul Barrett12
Craig Brackenrig
2014
67,238
-
40,245
6,262
-
1,107
21,147
-
18,042
3,209
2,047
-
-
159,297
Executive Director
2013
67,393
-
37,500
6,107
-
1,112
13,928
-
13,960
-
2,502
-
-
142,502
Therese McGrath13
2014
19,164
1,333
12,130
1,810
-
394
4,602
-
4,770
927
3
-
-
45,133
Executive Director
2013
10,939
1,017
4,858
964
175
1,440
-
2,319
-
-
-
21,712
2013
8,295
290
-
712
128
231
723
2,061
551
-
-
12,991
Catherine McDowell14, 15
Former Executive Director
-
-
3
Statutory Remuneration for OnePath Custodians Pty Ltd for full years ending 30 September 2014 and 30 September 2014
Short-Term Employee Benefits
Post-Employment
Long-Term
Employee
Benefits
Share-Based Payments7
Total amortisation value of
STI
Financial
Year
Cash
salary1
$
Non
monetary
benefits2
$
Total cash
incentive3,4
$
Retirement
Super
contri- benefit accrued
5
butions
during year6
$
$
Stewart Brentnall
Chief Investments Officer, Global Wealth
2014
2013
19,782
19,839
982
-
10,575
10,000
1,917
1,870
John Frechtling
Chief Financial Officer, Global Wealth
2014
2013
8,297
8,290
533
702
4,000
3,600
Graeme Hosking
Chief Operating Officer, Global Wealth
2014
2013
14,981
15,015
328
305
Nick Kulikov16
Former Chief Actuary, Global Wealth
2014
2013
7,324
13,066
Alison Larsson17
Former Chief Risk Officer, Global
Wealth
2014
2013
Gavin Pearce
Deputy Managing Director, Global Wealth
LTI
4
Other equity
allocations8,9
Long service
leave accrued
during the year
$
Shares
Rights
Shares
Rights
Shares
Rights
$
$
$
$
$
$
Termination
benefits
$
Grand total
remuneration
$
-
338
340
4,925
3,598
-
3,546
2,355
1,105
-
17
-
-
-
43,188
38,002
784
764
-
139
139
1,932
1,722
-
2,493
1,657
713
-
-
-
-
18,890
16,874
7,800
7,800
1,406
1,371
-
246
247
4,667
4,383
-
5,438
7,531
642
-
-
-
-
35,508
36,652
-
6,500
677
1,184
-
215
254
-
-
726
-
43
-
-
1,943
-
10,203
21,730
5,854
11,438
199
355
3,179
6,000
548
1,047
97
65
242
181
1,505
2,541
-
2,032
4,528
427
-
-
-
-
14,082
26,155
2014
2013
10,420
10,829
881
877
7,016
6,875
1,065
1,039
-
187
188
4,592
4,495
-
3,226
3,419
571
-
1,301
-
-
27,958
29,023
Kylie Rixon18
Chief Risk Officer, Global Wealth
2014
4,263
1,152
2,363
400
-
345
643
-
465
-
-
-
9,631
Jaimie Sach19
Chief Actuary, Global Wealth
2014
2,719
-
883
255
-
1,289
-
-
-
-
-
-
5,146
Total
2014 304,321
5,408
88,191
28,652
97
4,503
44,013
-
40,011
7,594
2,110
1,943
526,842
2013
5,230
95,133
28,267
65
3,200
38,791
723
47,411
551
12,048
21,734
562,619
Management
309,466
-
4
1 For NEDs, cash salary includes the sum of Board fees and Committee fees. For all other disclosed individuals, cash salary includes any reductions made in relation to the utilisation of ANZBGL’s Lifestyle Leave Policy, where applicable.
2 Non monetary benefits generally consist of company-funded benefits such as subsidised car parking. The fringe benefits tax payable on any benefits is also included in this item.
3 The total cash incentive amount relates to the STI cash component only, with the STI deferred equity component to be amortised. The relevant amortisation of the 2013 and 2014 STI deferred components are included in share-based payments. The STI cash
incentive component for 2013 was paid on 28 November 2013 and the STI cash incentive component for 2014 was paid on 26 November 2014. 100% of the cash incentive awarded for the 2013 and 2014 years vested to the disclosed individual in the applicable
year.
4 The typical range of total STI is between 0 and 2.5 times target STI. The actual total STI received is dependent on ANZBGL and individual performance. The 2014 total STI awarded (cash and equity component) as a percentage of target STI was: P Barrett n/a
(2013: 83%); C Brackenrig 111% (2013: 102%); T McGrath 151% (2013: 98%); C McDowell n/a (2013: n/a); S Brentnall 90% (2013: 83%); J Frechtling 109% (2013: 94%); G Hosking 95% (2013: 95%); N Kulikov n/a (2013: 114%); A Larsson 90% (2013: 89%); G Pearce 115%
(2013: 113%); K Rixon 93% (2013: n/a); J Sach 74% (2013: n/a). Anyone who received less than 100% of target forfeited the rest of their STI entitlement opportunity. The minimum value is nil and the maximum value is what was actually paid. There were no
alterations to the terms or conditions of STI grants made during 2013 or 2014.
5 For all disclosed individuals, the superannuation contribution reflects the Superannuation Guarantee Contribution. Voluntary contributions are included in cash salary.
6 Accrual relates to Retirement Allowance. As a result of commencing employment with ANZBGL prior to November 1992, A Larsson is eligible to receive a Retirement Allowance on retirement, retrenchment, death, or resignation for illness, incapacity or
domestic reasons. The Retirement Allowance is calculated as follows: three months of preserved notional salary (which is 65% of Fixed Remuneration) plus an additional 3% of notional salary for each year of fulltime service above 10 years, less the total accrual
value of long service leave (including taken and untaken long service leave).
7 In accordance with the requirements of AASB 2 Share-based payments, the amortisation value includes a proportion of the fair value (taking into account market-related vesting conditions) of all equity that had not yet fully vested as at the commencement
of the financial year. The fair value is determined at grant date and is allocated on a straight-line basis over the relevant vesting period. The amount included as remuneration is not related to nor indicative of the benefit (if any) that may ultimately be realised
should the equity become exercisable.
8 Amortisation of other equity allocations for P Barrett relates to equity granted in May 2011 as part of his employment arrangement upon commencement at ANZBGL, which included an amount for equity forgone. Amortisation of other equity allocations for C
Brackenrig relates to the equity granted in July 2011, also as part of his employment arrangement on commencement with ANZBGL. Amortisation of other equity allocations for G Pearce relates to equity granted in June 2012 for retention purposes.
9
Most permanent employees who have had continuous service for three years are eligible to participate in the Employee Share Offer (ESO) plan. This enables the grant of up to $1000 of ANZ Shares in a financial year subject to approval by the ANZBGL Board at a
date determined by the ANZBGL Board. The shares will be granted to eligible employees using the one week weighted average price of ANZ shares traded on the ASX in the week leading up to and including the date of grant. During the 2014 year shares were
granted with an issue price of $31.85 under the ESO plan to employees on the 4th of December 2013.
10 S Chapman is on a legacy fee arrangement.
11 C Clark commenced in role on 1 March 2013 so amounts reflect the partial service for the 2013 year.
12 P Barrett was a Director from 5 May 2011 to 15 February 2012. From 16 February 2012 until he ceased employment with ANZBGL on 17 September 2013 he was Managing Director Global Advice and Distribution, a role which is deemed an Executive Officer.
Amounts presented for P Barrett therefore reflect amounts for both roles, taking into account the proportions of time he spent in each role during both 2012 and 2013. Amount presented for P Barrett’s termination payment includes statutory leave
entitlements.
13 T McGrath commenced in role on 1 March 2013 so amounts reflect the partial service for the 2013 year.
14 C McDowell ceased to be a Director from 1 February 2013 so amounts reflect partial service for 2013.
15 C McDowell 2013 published disclosures referenced an incorrect time in role . Statutory remuneration figures have been restated.
16 N Kulikov ceased to be the Chief Actuary, Global Wealth on 16 April 2014 so amounts reflect partial service for 2014. Amount presented for N Kulikov’s termination payment includes statutory leave entitlements.
17 A Larsson ceased to be the Chief Risk Officer, Global Wealth on 31 March 2014 so amounts reflect partial service for 2014.
18 K Rixon commenced in role on 31 March 2014 so amounts reflect the partial service for the 2014 year.
19 J Sach commenced in role on 17 April 2014 so amounts reflect the partial service for the 2014 year.
5
4. Equity
All shares underpinning equity awards may be purchased on market, or be newly issued shares or a combination of both. Details of deferred equity granted to Management during 2014 and in prior
years which vested, were exercised/sold or which lapsed/were forfeited during the 2014 year are set out in Table C below:
Table C: Equity Granted, Vested, Exercised/ Sold and Lapsed/ Forfeited
Vested
Name1
Craig Brackenrig
Therese McGrath
Stewart Brentnall
Lapsed/Forfeited
Number
%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
352
100
11,849
-
-
-
-
-
-
14-Nov-13
-
23
100
733
-
-
-
-
-
-
12-Nov-12
12-Nov-13
-
50
100
1,604
-
-
-
-
-
-
53
22-Nov-13
22-Nov-14
-
-
-
-
-
-
-
-
STI deferred shares
53
22-Nov-13
22-Nov-15
-
-
-
-
-
-
-
-
LTI deferred shares
56
12-Nov-10
12-Nov-13
-
56
100
1,797
-
-
-
-
LTI deferred shares
102
22-Nov-13
22-Nov-16
-
-
-
-
-
-
-
-
LTI performance rights
117
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
LTI performance rights
106
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
ESO deferred shares
2
06-Dec-10
06-Dec-13
-
2
100
62
-
-
-
-
-
-
STI deferred shares
84
12-Nov-12
12-Nov-13
-
84
100
2,695
-
-
-
(84)
100
2,656
STI deferred shares
78
22-Nov-13
22-Nov-14
-
-
-
-
-
-
-
-
-
-
STI deferred shares
78
22-Nov-13
22-Nov-15
-
-
-
-
-
-
-
-
-
-
LTI deferred shares
162
03-Aug-10
13-Nov-12
-
-
-
-
-
-
-
(162)
100
5,123
LTI deferred shares
122
22-Nov-13
22-Nov-16
-
-
-
-
-
-
-
-
-
-
LTI performance rights
139
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
LTI performance rights
127
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
Type of equity
Number
granted2
Grant date
STI deferred shares
264
STI deferred shares
Number
%
Value3
Number
%
Exercise / sold
First date
exercisable
Date of expiry
12-Nov-12
12-Nov-13
-
264
100
8,470
-
-
354
22-Nov-13
22-Nov-14
-
-
-
-
-
STI deferred shares
354
22-Nov-13
22-Nov-15
-
-
-
-
LTI deferred shares
354
22-Nov-13
22-Nov-16
-
-
-
LTI performance rights
405
22-Nov-13
22-Nov-16
21-Nov-18
-
LTI performance rights
370
22-Nov-13
22-Nov-16
21-Nov-18
Other deferred shares
352
25-Jul-11
25-Jul-14
STI deferred shares
23
14-Nov-11
STI deferred shares
50
STI deferred shares
$
Value3
$
Value3
$
6
Vested
Name1
John Frechtling
Graeme Hosking
Nick Kulikov
Type of equity
Number
granted2
Grant date
STI deferred shares
56
STI deferred shares
Number
Lapsed/Forfeited
%
Value3
Number
%
Exercise / sold
Value3
Number
%
Value3
First date
exercisable
Date of expiry
12-Nov-12
12-Nov-13
-
56
100
1,797
-
-
-
(56)
100
1,772
25
22-Nov-13
22-Nov-14
-
-
-
-
-
-
-
-
-
-
STI deferred shares
25
22-Nov-13
22-Nov-15
-
-
-
-
-
-
-
LTI deferred shares
78
22-Nov-13
22-Nov-16
-
-
-
-
-
-
-
LTI performance rights
90
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
LTI performance rights
82
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
STI deferred shares
83
14-Nov-11
14-Nov-13
-
83
100
2,644
-
-
-
(83)
100
2,665
STI deferred shares
90
12-Nov-12
12-Nov-13
-
90
100
2,888
-
-
-
(90)
100
2,890
STI deferred shares
75
22-Nov-13
22-Nov-14
-
-
-
-
-
-
-
-
-
-
STI deferred shares
75
22-Nov-13
22-Nov-15
-
-
-
-
-
-
-
-
-
-
LTI deferred shares
379
12-Nov-10
12-Nov-13
-
379
100
12,160
-
-
-
(379)
100
12,169
LTI deferred shares
70
22-Nov-13
22-Nov-16
-
-
-
-
-
-
-
-
-
-
LTI performance rights
81
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
LTI performance rights
74
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
LTI deferred shares
70
22-Nov-13
22-Nov-16
24-Apr-14
-
-
-
(70)
100
2,426
-
-
-
ESO deferred shares
2
06-Dec-10
06-Dec-13
-
2
100
62
-
-
-
(2)
100
67
ESO deferred shares
2
05-Dec-11
11-Apr-14
-
2
100
68
-
-
-
(2)
100
67
ESO deferred shares
2
06-Dec-12
11-Apr-14
-
2
100
68
-
-
-
(2)
100
67
ESO deferred shares
1
04-Dec-13
11-Apr-14
-
1
100
34
-
-
-
(1)
100
33
$
$
$
7
Vested
Name1
Alison Larsson
Gavin Pearce
Type of equity
Number
granted2
Grant date
STI deferred shares
39
STI deferred shares
Number
Lapsed/Forfeited
%
Value3
Number
%
Exercise / sold
Value3
Number
%
Value3
First date
exercisable
Date of expiry
14-Nov-11
14-Nov-13
-
39
100
1,243
-
-
-
-
-
-
52
12-Nov-12
12-Nov-13
-
52
100
1,668
-
-
-
-
-
-
STI deferred shares
47
22-Nov-13
22-Nov-14
-
-
-
-
-
-
-
-
-
-
STI deferred shares
47
22-Nov-13
22-Nov-15
-
-
-
-
-
-
-
-
-
-
LTI deferred shares
221
12-Nov-10
12-Nov-13
-
221
100
7,091
-
-
-
-
-
-
LTI deferred shares
94
22-Nov-13
22-Nov-16
-
-
-
-
-
-
-
-
-
-
LTI performance rights
108
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
LTI performance rights
98
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
STI deferred shares
74
14-Nov-11
14-Nov-12
-
-
-
-
-
-
-
(74)
100
2,381
STI deferred shares
74
14-Nov-11
14-Nov-13
-
74
100
2,358
-
-
-
(74)
100
2,380
STI deferred shares
113
12-Nov-12
12-Nov-13
-
113
100
3,625
-
-
-
(113)
100
3,634
STI deferred shares
68
22-Nov-13
22-Nov-14
-
-
-
-
-
-
-
-
-
-
STI deferred shares
68
22-Nov-13
22-Nov-15
-
-
-
-
-
-
-
-
-
-
LTI deferred shares
133
03-Aug-10
13-Nov-12
-
-
-
-
-
-
-
(133)
100
4,300
LTI deferred shares
110
12-Nov-10
12-Nov-13
-
110
100
3,529
-
-
-
(110)
100
3,537
LTI deferred shares
132
28-Feb-11
31-Mar-12
-
-
-
-
-
-
-
(132)
100
4,276
LTI deferred shares
62
22-Nov-13
22-Nov-16
-
-
-
-
-
-
-
-
-
-
LTI performance rights
72
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
-
LTI performance rights
65
22-Nov-13
22-Nov-16
21-Nov-18
-
-
-
-
-
-
-
-
Other deferred shares
86
14-Jun-12
14-Jun-13
-
-
-
-
-
-
(86)
100
2,790
$
$
-
$
1 No equity was granted, vested, lapsed/forfeited or was exercised/sold in relation to equity granted as remuneration for all other Management. No alteration or modifications to the terms upon which equity has been granted have been applied in the most
recent financial years.
2 The maximum value at the time of the grant is determined by multiplying the number granted by the fair value of the equity instruments. (Refer to Table D: Equity Valuations – Deferred Shares for the fair value of shares at grant and Table E: Equity Valuations –
Deferred Share Rights for the fair value of rights at grant). The minimum value of the grants, if the applicable conditions are not met at vesting date, is nil.
3 The value of shares and/or share rights is based on the one day VWAP of the Company’s shares traded on the ASX on the date of vesting, lapsing or exercising, multiplied by the number of shares and/or share rights.
8
4.1 Equity Valuations
The following tables provide details of the valuations of the equity instruments issued during the year and in prior years for shares and rights where vesting, lapse/forfeiture or exercise/sale has
occurred during the year:
Table D: Equity Valuations – Deferred Shares
Recipients
Type of equity
Grant date
Equity fair value 1 $
Share closing price at grant $
Vesting period (years)
Management
STI deferred shares
14-Nov-11
20.89
20.66
1.00
Management
STI deferred shares
14-Nov-11
20.89
20.66
2.00
Management
STI deferred shares
12-Nov-12
24.57
24.45
1.00
Management
STI deferred shares
22-Nov-13
31.66
31.68
1.00
Management
STI deferred shares
22-Nov-13
31.66
31.68
2.00
Management
LTI deferred shares
03-Aug-10
23.40
23.37
2.28
Management
LTI deferred shares
12-Nov-10
23.32
23.22
3.00
Management
LTI deferred shares
28-Feb-11
24.17
24.13
1.09
Management
LTI deferred shares
22-Nov-13
31.66
31.68
3.00
Management
Other deferred shares
25-Jul-11
21.40
21.31
3.00
Management
Other deferred shares
14-Jun-12
21.39
21.36
1.00
1
The volume weighted average share price of all ANZBGL shares sold on the ASX on the date of grant is used to calculate the fair value of shares. No dividends are incorporated into the measurement of the fair value of shares.
Table E: Equity Valuations – Deferred Share Rights
Type of Equity
Grant date
Exercise
price $
Equity fair
value $
Share closing
price at grant $
ANZ expected
volatility %
Equity term
(years)
Vesting Expected life
period (years)
(years)
Management
LTI performance rights
22-Nov-13
-
13.87
31.68
20.0
5
3
Management
LTI performance rights
22-Nov-13
-
15.19
31.68
20.0
5
3
Expected
dividend yield %
Risk free
interest rate %
3
5.25
3.13
3
5.25
3.13
M5188_0115
Recipients
onepath.com.au

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