Graincorp FY2015 results - a noticeable decline over the pcp yet STI awards paid?

Graincorp's Remuneration Report is a clear example of how Boards can anticipate declining performance when they set performance thresholds for the STI scheme. The chart on page 60 of the 2015 Annual Report released today indicates the Group NPAT targets, worth 60% of the overall award, met the threshold level for vesting. Group NPAT for FY2015 of $32.1 million is down on FY2014's Group NPAT of $50.3 million. Underlying NPAT for FY2015 of $44.5 million is less than half the pcp's underlying NPAT of $94.5 million. So it's not a case of statutory versus underlying NPAT telling different performance stories...but a case of how the Board set the threshold level of performance. Graincorp's 2015 AGM is scheduled for 18 December 2015.