Fixed remuneration at Bendigo and Adelaide Bank

Bendigo and Adelaide Bank pays fixed remuneration in the form of cash salary, non-cash benefits and superannuation plus a grant of deferred base pay shares. It amortises the value of the deferred base pay shares over two years, consistent with the accounting standards. The table below calculates the full value of fixed remuneration using the grant date CSP and the number of deferred shares granted. When I add this to the other fixed remuneration items, the value of fixed remuneration is higher than the total remuneration reported by the company on page 38 of the 2015 Annual Financial Report. If I then look at the total remuneration opportunity (fixed remuneration plus STI opportunity plus LTI grant value) for FY2015, I get a clearer sense of what's actually on the table. I use the total remuneration opportunity, the total and the actual and relative weights of each component, to compare to the market; not the accounting values. Bendigo and Adelaide Bank's 2015 AGM is 10 November 2015.