annual report 2011

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IOOF | annual report 2011 Notes to the financial statements (cont’d) For the year ended 30 June 2011 On vesting of performance rights, ordinary shares are held in trust for up to two years from the vesting date, after which time they may remain in trust, be transferred to the employee’s name or sold. The employee receives all dividends on the ordinary shares while held in trust. The vesting of all issuances is subject to continuing employment. The following share-based payment arrangements were in existence during the current and comparative reporting periods: Performance Rights Series - Recipient Exercise price Vesting date Exercise period Performance related vesting conditions Commence Expires 2010-6 Managing Director nil 23-Nov-13 23-Nov-13 23-Nov-16 Total shareholder return & return on equity 2010-6 Managing Director nil 23-Nov-14 23-Nov-14 23-Nov-16 Total shareholder return & return on equity 2010-6 Managing Director nil 23-Nov-15 23-Nov-15 23-Nov-16 Total shareholder return & return on equity 2010-1 Senior Management nil 31-Jul-10 31-Jul-10 31-Jul-15 Nil 2010-1 Senior Management nil 31-Jul-11 31-Jul-11 31-Jul-15 Nil 2010-1 Senior Management nil 31-Jul-12 31-Jul-12 31-Jul-15 Nil 2010-1 Senior Management nil 31-Jul-13 31-Jul-13 31-Jul-15 Nil 2010-1 Senior Management nil 30-Jun-13 30-Jun-13 31-Jul-15 FUM target & earnings per share (1) 2009-14 Managing Director nil 27-Nov-12 27-Nov-12 27-Nov-15 Total shareholder return & return on equity 2009-14 Managing Director nil 27-Nov-13 27-Nov-13 27-Nov-15 Total shareholder return & return on equity 2009-14 Managing Director nil 27-Nov-14 27-Nov-14 27-Nov-15 Total shareholder return & return on equity 2008-07 Senior Management nil 31-Jul-09 31-Jul-09 31-Jul-14 Nil 2008-07 Senior Management nil 31-Jul-10 31-Jul-10 31-Jul-14 Nil 2008-07 Senior Management nil 31-Jul-11 31-Jul-11 31-Jul-14 Nil 2008-07 Senior Management nil 31-Jul-12 31-Jul-12 31-Jul-14 Nil 2008-07 Senior Management nil 30-Jun-12 30-Jun-12 31-Jul-14 FUM target & earnings per share (1) 2007-05 Senior Management nil 31-Jul-09 31-Jul-09 31-Jul-13 Nil 2007-05 Senior Management nil 31-Jul-10 31-Jul-10 31-Jul-13 Nil 2007-05 Senior Management nil 31-Jul-11 31-Jul-11 31-Jul-13 Nil 2007-05 Senior Management nil 30-Jun-11 30-Jun-11 31-Jul-13 Nil 2007-05 Senior Management nil 30-Jun-11 30-Jun-11 31-Jul-13 FUM target & earnings per share (1) Legacy performance rights series 2009-18 Advisers nil 30-Jun-12 30-Jun-12 30-Jun-12 Nil 2008-06 Advisers nil 30-Jun-11 30-Jun-11 30-Jun-11 Nil 2007-04 Advisers nil 30-Jun-10 30-Jun-10 30-Jun-10 Nil 2009-17 Senior Management nil 01-Dec-12 01-Dec-12 01-Dec-14 Nil 2008-02 Senior Management nil 30-Jun-10 30-Jun-10 30-Jun-13 Nil 2008-02 Senior Management nil 30-Jun-11 30-Jun-11 30-Jun-13 FUM target & earnings per share (1) 2008-01 Senior Management nil 01-Dec-11 01-Dec-11 01-Dec-13 Nil (2) 2007-02 Senior Management nil 30-Jun-10 30-Jun-10 30-Jun-12 Nil (2) 2007-01 Senior Management nil 01-Dec-10 01-Dec-10 01-Dec-12 Nil (2) (1) 50% of the rights and 50% of the options vest subject to achievement of the Perennial Group’s three year FUM forecast and 50% based on the achievement of a compounding Group cash earnings per share in excess of 10% each year over the performance period. (2) Prior to the acquisition of AWM, the performance hurdles for vesting of the performance rights was on the Group’s achievement of pre-determined TSR (60%), cash EPS (20%) and return on equity (20%). As a consequence of the acquisition, in accordance with the terms of the Share Plan, the Remuneration Committee exercised its discretion to waive the performance hurdles in respect of unvested performance rights as it is now impractical to measure performance against the hurdles on the basis established prior to the acquisition. As a result, the remaining performance hurdle is ongoing service only. page 98
IOOF | annual report 2011 Weighted average exercise price Options Performance rights Number of options Number of rights Deferred shares Number of shares Total Number of options, rights & shares $ No. No. No. No. Opening balance at 1 July 2010 $6.98 4,704,271 588,918 48,238 5,341,427 Forfeited or lapsed during the period $8.04 (674,103) (27,416) - (701,519) Exercised during the period $5.56 (1,700,899) (105,288) - (1,806,187) Granted during the period $6.31 2,450,000 160,000 31,694 2,641,694 Outstanding at 30 June 2011 $7.00 4,779,269 616,214 79,932 5,475,415 Exercisable at 30 June 2011 $8.94 1,362,645 105,317 24,119 1,467,962 page 99
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Director’s declaration For the ye
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