Directors’ report (continued)
Remuneration report (continued)
Key Management personnel of Wattyl Group
2006 Short-term benefits Post-employment Share-based payments
Name
Cash
salary and
fees
$
Cash
bonus
$
Non
monetary
benefits
$
Superannuation
$
Retirement
benefit
plan(9)
$
Deferred
incentive
Scheme
$
Performance
rights
$
Total
$
Non-executive directors
J.W. Ingram Chairman
P.C. Cadwallader(2)
P.E. Akopiantz(1)
D.J. Grady(7)
M.R. Brown(7)
235,000
32,333
76,837
112,583
110,641
–
–
6,915
–
9,958
55,869
5,662
–
44,425
–
290,869
37,995
83,752
157,008
120,599
Sub-total 567,394 16,873 105,956 690,223
Executive directors
Dr J.D. Nolan(7) 723,604 572,000 – – – 504,000(8) – 1,799,604
U.B. Meyerhans 444,905 322,835 – 12,866 – – 22,235 802,841
Other key management
personnel
J. Neumann 261,000 253,000 40,000 71,000 – – 14,600 639,600
J. Foyle(3) 160,177 52,212 40,708 15,929 – – 6,218 275,244
M. Robb 199,645 109,000 – 11,855 – – 5,217 325,717
R. Roberts 173,940 97,500 – 11,855 – – – 283,295
J. Croker 179,726 77,860 – 11,855 – – 731 270,172
Total key management
personnel 2,710,391 1,484,407 80,708 152,233 105,956 504,000 49,001 5,086,696
Other executives
D. Marginson(4) 54,264 – – 4,070 217,486 – 2,102 277,922
C. Muir(5) 150,723 56,056 – 7,753 196,315 – 4,049 414,896
R. Sharp(6) 98,372 11,667 – 6,797 159,542 – 2,422 278,800
(1)
P.E. Akopiantz was appointed a director on 15 September 2005
(2)
P.C. Cadwallader retired as a director on 28 October 2005
(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)
D. Marginson (General Manager – Wattyl Australia Pty Ltd) terminated
employment on 31 August 2005
(5)
C. Muir (Group Operations Manager) terminated employment on 31 January 2006
(6)
R. Sharp (National Distribution Manager) terminated employment on 31 January
2006
(7)
Includes backpay of non-executive director committee fee adjustment for FY2005
(8)
Dr Nolan’s deferred incentive for FY2006
(9)
In 2003, the Board resolved to “grandfather” the then existing
retirement benefits scheme which had been approved and adopted at the 1990
Annual
General Meeting, to existing Board members and not offer the scheme to new
directors. As of October 31, 2005, the Board agreed to fix the retirement
benefits of Mr John Ingram and Ms Diane Grady with the fixed benefit invested
on their behalf until retirement from the Board
Prior to the financial year ended 30 June, 2004 options were issued to senior
executives and other key employees under the Wattyl
Executive Option Scheme. Performance rights are now granted to executive directors
and other executives under the Wattyl Executive
Stock Option Plan implemented in January 2004. Details of both plans are set
out in note 29 to the financial statements.
The amounts disclosed as emoluments relating to options and performance rights
are the assessed fair values at grant date of options and
performance rights granted to executive directors and other executives, allocated
equally over the period from grant date to vesting date.
Fair values at grant date are independently determined using a binomial option
pricing model that takes into account the exercise price, the
term of the option or right, the vesting and performance criteria, the impact
of dilution, the non-tradeable nature of the option or right, the
share price at grant date and expected price volatility of the underlying share,
the expected dividend yield and the risk-free interest rate for
the term of the option or right.
Cash bonuses, options and performance rights (unaudited)
For each bonus and grant of options and performance rights included in the
above tables, the percentage of the available bonus or grant
that was paid, or that vested, in the financial year, and the percentage forfeited
because the person did not meet the service and
performance criteria is set out below.
Cash bonus Performance Rights And Options
Minimum Maximum
total total Financial
Name
Paid
%
Forfeited
%
Year
Granted
Vested
%
Forfeited
%
value of
grant yet
to vest $
value of
grant yet
to vest $
years in
which grant
may vest
J. Nolan 53% 47% – – – – – –
U.B. Meyerhans 51% 49% 2004
2005
–
–
100%
–
–
nil
–
12,963
–
2008
2007 – – nil 114,705 2010
J. Fuller(1) 59% 41% 2005 – – nil 1,853 2008
J. Foyle 40% 60% 2004
2005
–
–
100%
–
–
nil
–
5,742
–
2008
2007 – – nil 58,653 2010
P. Breeze 37% 63% 2004
2005
–
–
100%
–
–
nil
–
2,164
–
2008
R. Roberts 71% 29% 2007 – – nil 48,499 2010
M. Robb 71% 29% 2004
2005
–
–
100%
–
–
nil
–
2,982
–
2008
2007 – – nil 54,219 2010
J. Waldegrave 71% 29% 2004
2005
–
–
100%
–
–
nil
–
4,330
–
2008
2007 – – nil 54,716 2010
J. Neumann 0% 100% 2004 – 100% – – –
2005 – 44% nil 4,633 2008
M. Affleck 0% 100% – – – – – –
(1) 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.
The percentage of bonus paid in this financial year reflects actual performance
against the financial and non-financial KPIs
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