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Following on from my earlier report High Flyers and Underperformers, (VIEW LINK) today's financial report shows Christopher Rex had a very good year with total remuneration of $17.98 million, including $13.3 million for the vesting of his performance rights (the market value using a 5-day VWAP), $2.297 million for his STI award (he only managed to achieve 99.1% of this maximum STI this year, when the other executive KMP received 100%). With 56% of his STI linked to non-financial KPIs, and with those KPIs split into target and stretch KPIs that set different performance requirements not simply higher levels for the same measures, it appears the Board has assessed that his performance fell just short of meeting the 'stretch' targets. It is quite different reading to some other remuneration reports this season, where payments are made despite a number of the performance measures not meeting the thresholds set for vesting.


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