annual report 2011

IOOF | annual report 2011
Remuneration report (cont’d)
5. Employment contracts
Remuneration and other terms of employment for the Managing Director, Executive Directors, and Senior Executives are formalised in
employment contracts.
Details of the employment contracts, as applied during the financial year, are as follows:
Executive Term Notice period and termination provisions/ benefits applying during the financial year ending 30 June 2011
C. Kelaher Ongoing The Company may terminate Mr Kelaher’s employment (except for misconduct) with 12 months written notice.
The Company may elect to make a payment in lieu of part or all of this notice period based on 12 months’ ‘total fixed
remuneration’ (incorporating unpaid leave entitlements, and an amount to reflect a pro-rated entitlement to STI for the
period). The Board has discretion regarding treatment of unvested short and long-term incentives.
S. Abley Ongoing The Company may terminate Mr Abley’s employment (except in the event of misconduct) by giving 5 months written
notice.
Mr Abley may terminate his employment by giving 1 months written notice.
M. Carter Ongoing The Company may terminate Mr Carter’s employment (except in the event of misconduct) by giving 6 months written
notice.
Mr Carter may terminate his employment by giving 1 months written notice.
D. Coulter Ongoing The Company may terminate Mr Coulter’s employment (except in the event of misconduct) by giving 6 months written
notice.
Mr Coulter may terminate his employment by giving 1 months written notice.
S. Merlicek Ongoing The Company may terminate Mr Merlicek’s employment (except in the event of misconduct) by giving 6 months written
notice.
Mr Merlicek may terminate his employment by giving 3 months written notice.
R. Mota Ongoing The Company may terminate Mr Mota’s employment (except in the event of misconduct) by giving a maximum of 7
months written notice depending upon the circumstances of termination.
Mr Mota may terminate his employment by giving 5 weeks written notice.
A. Patterson Ongoing The Company may terminate Mr Patterson’s employment (except in the event of misconduct) by giving 6 months written
notice.
Mr Patterson may terminate his employment by providing 3 months notice.
G. Riordan Ongoing The Company may terminate Mr Riordan’s employment (except in the event of misconduct) by giving 6 months written
notice.
Mr Riordan may terminate his employment by providing 6 months written notice.
K. Morris Ongoing The Company may terminate Mr Morris’ employment (except in the event of misconduct) by giving 12 months notice.
Mr Morris may terminate his employment by providing 6 months notice.
T. Gunning Ongoing The Company may terminate Mr Gunning’s employment (except in the event of misconduct) by giving 12 weeks written
notice.
Mr Gunning may terminate his employment by providing 12 weeks written notice.
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