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.
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