annual report 2011

IOOF | annual report 2011
Terms of appointment
All Non-Executive Directors have letters of appointment detailing the terms under which they are engaged. The term of appointment
for each is open-ended, subject to the provisions of the Corporations Act and the Company’s Constitution. Under the IOOF Holdings
Ltd Constitution, one-third of Directors must retire from office each year and may seek re-election by shareholders at the AGM of the
Company.
Remuneration table
Key management
personnel
Short-term benefits
Directors Shares (2) Nonmonetary
fees (1)
Postemployment
benefits
Superannuation
Total
shareholder
approved
remuneration (3)
Postemployment
benefits
Retirement
benefits (4)
$ $ $ $ $ $ $
Non-executive directors
I Blair 2011 160,562 30,000 153 14,438 205,153 64,101 269,254
2010 150,363 29,769 3,281 13,368 196,781 - 196,781
J Harvey 2011 112,852 12,000 153 10,148 135,153 - 135,153
2010 105,397 11,908 349 9,395 127,049 - 127,049
J Pfeiffer 2011 92,310 41,857 153 833 135,153 - 135,153
2010 85,166 41,534 - - 126,700 - 126,700
R Sexton 2011 103,381 22,320 153 9,299 135,153 492 135,645
2010 97,822 22,148 - 8,804 128,774 - 128,774
G Venardos 2011 123,861 - - 11,139 135,000 - 135,000
2010 116,319 - - 10,381 126,700 - 126,700
I Griffiths 2011 125,055 - - 9,945 135,000 - 135,000
2010 112,239 - - 14,461 126,700 - 126,700
Total 2011 718,021 106,177 612 55,802 880,612 64,593 945,205
Total 2010 667,306 105,359 3,630 56,409 832,704 - 832,704
(1) Directors fees includes any fees sacrificed into superannuation funds.
(2) Shares represent Directors’ fees sacrificed into the Non-Executive Director Deferred Share Purchase Plan.
(3) Shareholder Approved Remuneration amounted to $880,612 and was within the shareholder approved limit of $980,000 per annum.
(4) Non-Executive Directors appointed after 13 April 2003 are not entitled to retirement benefits. Non-Executive Directors appointed prior to this date accrue retirement
benefits. Where entitled, the provision is based on the average emoluments of Non-Executive Directors over the previous three years’ of service. The benefit accrues
after three years of service and varies according to the number of years of service, reaching twice the average annual emoluments after ten years of service. The
significant increase to Mr Blair during the year is as a result of reaching 10 years of service and accruing retirement benefits at a higher rate. Refer to ‘retirement benefits’
above for further details.
Total
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