ANZ's decision to leave Mike Smith's unvested LTI awards to vest at the end of the performance period set at grant and thus remain subject to performance conditions is a better approach than seen at Amcor. When Ken MacKenzie retired on 17 April 2015, the Board decided to accelerate vesting of deferred STI and unvested LTI. He received a cash STI payment of US$3,151,849 for the FY2015 financial year, with no deferred component. He also received a payment of US$338,487 for the unworked portion of the notice period. The table below summarises the treatment of unvested deferred STI and LTI awards. I note the total value of cash settled payments shown in the 2015 Remuneration Report of US$6,172,084 or AUD$7,426,806, a difference of AUD$4,208,991. His last Appendix 3Z notice to the ASX on 17 September 2015 indicates he had 2,451,065 ordinary shares (either directly or indirectly) with a value of AUD$35,295,336. He retained 3,120,825 options.



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