Abacus Property Group – Annual Financial Report 2017
Abacus Property Group – Annual Financial Report 2017
Abacus Property Group – Annual Financial Report 2017
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ABACUS PROPERTY GROUP<br />
DIRECTORS’ REPORT<br />
30 June <strong>2017</strong><br />
REMUNERATION REPORT (audited) (continued)<br />
What discretions does the Board have?<br />
The Board has the discretion to award SARs in excess of the deferred remuneration cap in<br />
the case of exceptional performance.<br />
The board will disclose the exercise of any of these discretions.<br />
No discretions have been exercised in respect of the reporting year.<br />
What happens on cessation of<br />
employment?<br />
To receive the deferred remuneration award the executive must remain employed by<br />
<strong>Abacus</strong>, unless they are considered a good leaver (that is, through disability, termination<br />
without cause, genuine retirement, death or some other circumstance considered<br />
acceptable by the board in its discretion).<br />
Further details about deferred variable remuneration grants are set out in tables 10 to 13 and the terms of prior<br />
year grants are set out in earlier remuneration reports.<br />
Employment contracts and termination entitlements<br />
The Managing Director, Dr Wolf, is employed under a rolling contract. The current employment contract<br />
commenced on 10 October 2002. Under the terms of the contract:<br />
- Dr Wolf may resign from his position by giving 6 months written notice; and<br />
- <strong>Abacus</strong> may terminate the employment agreement by providing 12 months written notice or providing<br />
payment in lieu of notice.<br />
The other executives are employed on an ongoing basis under letter agreements until one month’s notice is given<br />
by either party. <strong>Abacus</strong> may terminate an executive’s service at any time without notice if serious misconduct has<br />
occurred. Where termination with cause occurs the executive is only entitled to remuneration up to the date of<br />
termination. Deferred variable remuneration allocations vest according to the SARs Plan rules.<br />
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