BROADENING OUR HORIZONS - Arrium

OneSteel Annual Report 201156Short-term benefitsPostemploymentbenefitsTerminationbenefitsShare-basedpayments 1,2,6Salary & Fees Cash bonus 3 Non-monetarybenefits 5 Superannuation Shares grantedTotalProportionperformancerelated2010 $ $ $ $ $ $ $ %Directors 4L G Cox 133,028 — 1,028 11,972 — — 146,028 —R B Davis 133,028 — — 11,972 — — 145,000 —E J Doyle 133,028 — 1,701 11,972 — — 146,701 —C R Galbraith, AM 133,028 — 1,612 11,972 — — 146,612 —P G Nankervis 133,028 — 2,094 11,972 — — 147,094 —G J Plummer 1,613,726 1,826,000 62,340 45,825 — 1,384,118 4,932,009 65.1D A Pritchard 133,028 — 4,652 11,972 — — 149,652 —N J Roach 9 50,387 — — 4,535 — — 54,922 —P J Smedley 435,000 — 13,361 — — — 448,361 —G J Smorgon 133,027 — — 11,972 — — 144,999 —ExecutivesR C Bakewell 267,001 — 20,000 2,781 — — 289,782 —S H Hamer 598,117 409,000 4,993 45,004 — 240,744 1,297,858 50.1M R Parry 566,658 390,000 19,018 22,361 — 220,361 1,218,398 50.1A J Reeves 356,523 — 41,682 24,717 763,545 10 143,439 1,329,906 10.8A G Roberts 635,966 403,000 2,314 37,108 — 240,744 1,319,132 48.8L J Selleck 494,869 355,000 33,800 66,828 — 217,450 1,167,947 49.0G A Waters 445,252 337,000 32,500 47,250 — 118,025 980,027 46.4D Taylor 8 355,227 74,263 16,598 — — 41,504 487,592 23.7A Candy 97,507 52,947 — — — — 150,454 35.2Total 6,847,428 3,847,210 257,693 380,213 763,545 2,606,385 14,702,4741 There were no share-based payments for Non-Executive Directors for the year ended 30 June 2010 and year ended 30 June 2011 following thesuspension of the long-term component of Non-Executive Directors’ remuneration.2 The shares have been valued using a Monte-Carlo simulation option pricing model, modified to incorporate an estimate of the probability ofachieving the TSR hurdle and the number of shares vesting. The value of the shares has been apportioned over the three-year vesting period.3 Cash bonuses are in respect of short-term incentives.4 Directors’ fees are comprised of salary, fees, and superannuation.5 Non-monetary benefits include items such as fringe benefits tax paid on benefits provided, rental assistance, living away from home allowanceand cost of living allowance.6 Dividends paid to executives on unvested shares under the LTI Share Plan are implicitly included in the fair value of the share-based paymentexpense recognised as remuneration. Cash dividends paid to the executives on unvested shares held at the end of the year were: G J Plummer$229,187 (2010: $93,471); R C Bakewell $12,384 (2010: $nil); L J Selleck $28,348 (2010: $13,522); M R Parry $30,776 (2010: $13,795); A G Roberts$33,324 (2010: $15,705); S H Hamer $33,324 (2010: $15,705); G A Waters $27,390 (2009: $11,255).7 E J Doyle retired as a Non-Executive Director on 15 November 2010. In addition to the above remuneration she was paid a retirement allowanceof $247,900 from the Non-Executive Director retirement plan which was discontinued on 17 November 2003.8 Includes share-based payments in relation to OneSteel Limited ordinary shares and Steel & Tube Holdings Limited ordinary shares.9 N J Roach retired as a Non-Executive Director on 16 November 2009. In addition to the above remuneration he was paid a retirement allowanceof $247,846 from the Non-Executive Director retirement plan which was discontinued on 17 November 2003.10 Inclusive of outstanding leave balances paid of $189,545 on leaving the Company.11 R C Bakewell’s remuneration for 2011 and 2010 is inclusive of a sign-on bonus to the value of $125,000 paid in April 2010 and April 2011respectively. A further bonus to the equivalent value is payable at the completion of two years’ service in April 2012.