2004-05 Annual Report - Australia Post

Australia Post Annual Report 2004/05 Financial and Statutory Reports
Notes to and forming part of the financial statements
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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2005
26. EXECUTIVES’ REMUNERATION
Executive officers are those who are concerned with, or take part in, the management of entities in the
consolidated group (excluding the managing director, incorporated into note 25). Remuneration arrangements
for senior executives are reviewed by the managing director. Advice is sought from independent specialised
remuneration consultants to ensure that payments to executives are in line with market practice and are
competitively placed to attract and retain necessary talent for the work required by these roles. Further
information relating to the corporation’s executive remuneration policies is contained in the corporation’s
Corporate Governance Statement.
Remuneration received and due and receivable from entities in the consolidated entity by executive officers
totalled $22,221,265 (2003–04, $19,761,041). The comparative has been adjusted to reflect actual amounts
paid in the current period relating to 2003–04.
The table below shows the remuneration details of the seven executives with the greatest authority within the
corporation:
Year ended
30 June 2005 Primary benefits ($)
Executives Cash salary
Short-term
incentive
Post employment
benefits ($)
Nonmonetary
benefits (1) Superannuation (2) Termination
Other
benefits ($) Total ($)
Robert Finch 128,562 – 97,746 16,913 440,621 683,842
Peter Meehan 416,775 165,569 30,027 78,021 – 690,392
James Marshall 442,923 188,658 12,129 85,062 – 728,772
Bill Mitchell 355,958 148,178 55,671 67,153 – 626,960
Mark Howard 351,165 148,274 14,855 66,596 – 580,890
Alec Ceselli 321,348 95,452 25,067 56,064 – 497,931
Rodney McDonald 295,273 123,117 19,902 55,791 – 494,083
Year ended
30 June 2004 Primary benefits ($)
Executives Cash salary
Short-term
incentive
Post employment
benefits ($)
Other
benefits ($) Total ($)
Nonmonetary
benefits (1) Superannuation (2) Termination
Robert Finch 412,392 138,575 87,327 73,721 – 712,015
Peter Meehan 398,625 118,505 27,367 70,969 – 615,466
James Marshall 398,625 133,105 12,089 70,969 – 614,788
Bill Mitchell 245,978 86,228 16,621 42,256 – 391,083
Mark Howard 325,359 105,682 13,902 56,566 – 501,509
Alec Ceselli 281,729 94,815 27,054 50,492 – 454,090
Rodney McDonald 242,534 85,698 22,833 42,956 – 394,021
Notes
1. Non-monetary benefits include spouse travel, motor vehicles and other expenses paid on behalf of the executives.
2. The above amounts for superannuation reflect the benefit to be received by the executive (calculated at 14.3% of the
executive’s salary for superannuation purposes). This amount differs to the cost to the corporation, which was $2,814
(2004, $4,434) for Robert Finch, $12,979 (2004, $4,268) for Peter Meehan, $14,150 (2004, $4,268) for James Marshall,
$11,171 (2004, $2,541) for Bill Mitchell, $11,079 (2004, $3,402) for Mark Howard, $9,326 (2004, $3,037) for Alec Ceselli
and $9,281 (2004, $2,583) for Rodney McDonald.