annual report 2011

IOOF | annual report 2011
Share option component of total remuneration
The following table summarises the percentage of remuneration consisting of rights and options, value of options granted and the
percentage vested and forfeited during the year to Directors and senior management:
Name
Remuneration consisting of
Value at grant date (2) % vested
rights and options (1) in year
% forfeited
in year
Financial years
in which grant
vests
2011 2010 2011 2010 2011 2011
% % $ $ % %
S Abley 28 4 428,090 43,628 - - 2013
M Carter 39 9 535,112 231,000 - - 2013
D Coulter 37 3 428,090 231,000 - - 2013
C Kelaher 33 12 1,240,875 874,276 - - n/a
G Riordan 34 8 535,112 231,000 - - 2013
R Mota 35 21 428,090 70,199 - - 2012
(1) The percentage of the value of remuneration consisting of options, based on the value of the options expensed during the year.
(2) The value at grant date calculated in accordance with AASB 2 Share-based payment of options granted during the year as part of remuneration and accounted for over
the vesting period.
Options and performance rights over equity instruments granted as compensation
Details of options over ordinary shares in the Company that were granted as compensation to each key management person during
the reporting period and details on options that vested during the reporting period are as follows:
Name
Number of
options granted
during 2011
Grant
date
Fair value per
option at
grant date $
Exercise
price per
option $
Exercise
period
Number of
options vested
during 2011
S Abley (1) 200,000 29-Jul-10 2.517 6.14 1 Jul 13 - 30 Jun 15 nil
M Carter (1) 250,000 29-Jul-10 2.517 6.14 1 Jul 13 - 30 Jun 15 nil
D Coulter (1) 200,000 29-Jul-10 2.517 6.14 1 Jul 13 - 30 Jun 15 nil
C Kelaher (2) 300,000 23-Nov-10 2.383 6.93 23 Nov 13 - 23 Nov 16 nil
S Merlicek (1) 200,000 29-Jul-10 2.517 6.14 1 Jul 13 - 30 Jun 15 nil
R Mota (1) 200,000 29-Jul-10 2.517 6.14 1 Jul 13 - 30 Jun 15 nil
G Riordan (1) 250,000 29-Jul-10 2.517 6.14 1 Jul 13 - 30 Jun 15 nil
(1) The options vest subject to continued employment with the Group.
(2) The granting of an offer of options to Mr Kelaher were approved by shareholders at the 23 November 2010 AGM.
Details on performance rights over ordinary shares in the Company that were granted as compensation to each key management
person during the reporting period and details on options that vested during the reporting period are as follows:
Name
Number of
rights granted
during 2011
Grant date
Fair value
per right at
grant date $
Vesting dates
Number of
rights vested
during 2010
Performance
hurdles
C Kelaher 150,000 23-Nov-10 3.51 50% - 27 Nov 2012 nil TSR and ROE (1)
25% - 27 Nov 2013
25% - 27 Nov 2014
(1) The Board has determined that this element of the plan will not activate unless a minimum average Return on Equity (ROE) of 5.5% per annum over the performance
period has been achieved. The performance hurdle of the performance rights will be based on the Company’s Total Shareholder Return (TSR) relative to a comparator
group comprising the ASX200 index companies per annum over the performance period. TSR measures the return to the shareholder over the performance period in
terms of changes in the market value of the shares plus the value of the dividends paid on the shares.
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