Directors’ report (continued)
Remuneration report (continued)
Key Management personnel of Wattyl Limited (parent entity)
2007 Short-term benefits Post-employment Share- based payments
Cash Retirement Deferred
salary and Cash Super-benefit incentive Performance
fees bonus annuation plan Scheme rights Total
Name $ $ $ $ $ $ $
Non-executive directors
J.W. Ingram Chairman
M.R. Brown
P.E. Akopiantz
D.J. Grady(1)
M.B. Luby(2)
235,000
101,835
102,551
36,000
29,720
–
9,165
9,230
–
2,675
235,000
111,000
111,781
36,000
32,395
Sub-total 505,106 21,070 526,176
Executive directors
Dr J.D. Nolan 742,500 300,000 – – 657,167(3) – 1,699,667
U.B. Meyerhans 462,480 170,000 12,686 – – 40,746 685,912
Other key management personnel
R. Roberts 188,300 72,000 12,686 – – 10,203 283,189
J. Waldegrave 214,050 81,224 12,686 – – 15,891 323,851
Total key management personnel 2,112,436 623,224 59,128 – 657,167 66,840
3,518,795
(1) D.J. Grady retired as a director on 27 October 2006
(2) M.B. Luby was appointed a non-executive director on 7 March 2007.
(3) Dr Nolan’s deferred incentive comprises:
a. Deferred incentive of $407,250 being the FY2007 service period charge.
b. Dividends relating to FY2006 deferred incentive of $123,709 (including special
dividend of $91,636).
c. Fair value adjustment to FY2006 deferred incentive of $126,208 reflecting
the increase in share price.
Owing to the short term nature of Dr Nolan’s contract, Long Term Incentives
under the WESOP plan cannot be included. However, under the deferred
annual incentive award, Dr Nolan can be rewarded for improvement in the Company’s
performance and shareholder value as reflected in the share price
over the three year period of the contract. The deferred incentive award is
in the form of notional shares which will accumulate during Dr Nolan’s
employment and will be converted to a cash payment upon termination of employment.
Dr Nolan is not entitled to any payment if he elects to resign or if his employment
is terminated without notice.
Key Management personnel of Wattyl Group
2007 Short-term benefits Post-employment Share- based payments
Name
Cash
salary and
fees
$
Cash
bonus
$
Non
monetary
benefits
$
Superannuation
$
Retirement
benefit
plan
$
Deferred
incentive
Scheme
$
Performance
rights
$
Total
$
Non-executive directors
J.W. Ingram Chairman
M.R. Brown
P.E. Akopiantz
D.J. Grady(1)
M.B. Luby(2)
235,000
101,835
102,551
36,000
29,720
–
9,165
9,230
–
2,675
235,000
111,000
111,781
36,000
32,395
Sub-total 505,106 21,070 526,176
Executive directors
Dr J.D. Nolan 742,500 300,000 – – – 657,167(6) – 1,699,667
U.B. Meyerhans 462,480 170,000 – 12,686 – – 40,746 685,912
Other key management
personnel
J. Fuller(3) 107,059 32,979 25,341 16,630 – – 672 182,681
J. Foyle 227,209 70,000 28,192 43,784 – – 17,231 386,416
M. Robb 217,558 80,000 – 12,686 – – 15,297 325,541
R. Roberts 188,300 72,000 – 12,686 – – 10,203 283,189
P. Breeze 199,290 25,000 – 38,526 – – 2,583 265,399
Total key management
personnel 2,649,502 749,979 53,533 158,068 – 657,167 86,732 4,354,981
Other executives
J. Waldegrave 214,050 81,224 – 12,686 – – 15,891 323,851
J. Neumann(4) 115,069 – 16,726 87,510 166,200 – 6,461 391,966
M. Affleck(5) 28,890 – – 7,515 250,826 – – 287,231
(1)
D.J. Grady retired as a director on 27 October 2006
(2)
M.B. Luby was appointed a non-executive director on 7 March 2007
(3)
The New Zealand Privacy Act 1993 operates to prevent disclosure of emoluments
of New Zealand officers of the economic entity without
their consent. Mr Fuller has consented to this disclosure
(4)
J. Neumann terminated employment on 30 November 2006 after 21 years service
(5)
M. Affleck terminated employment on 31 August 2006 after 27 years service
(6)
Dr Nolan’s deferred incentive comprises:
a.. Deferred incentive of $407,250 being the FY2007 service period charge.
b. Dividends relating to FY2006 deferred incentive of $123,709 (including special
dividend of $91,636).
c. Fair value adjustment to FY2006 deferred incentive of $126,208 reflecting
the increase in share price.
Owing to the short term nature of Dr Nolan’s contract, Long Term Incentives
under the WESOP plan cannot be included. However, under the deferred
annual incentive award, Dr Nolan can be rewarded for improvement in the Company’s
performance and shareholder value as reflected in the share price
over the three year period of the contract. The deferred incentive award is
in the form of notional shares which will accumulate during Dr Nolan’s
employment and will be converted to a cash payment upon termination of employment.
Dr Nolan is not entitled to any payment if he elects to resign or if his employment is terminated without notice.
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