WorleyParsons 2015 AGM: deferred STI scheme

Kym Sheehan

The Executive Remuneration Reporter

WorleyParsons' 2015 AGM on 27 October features a resolution to grant 100,175 share price performance rights (SPSRs) yielding up to 200,350 shares on vesting. Vesting depends solely on share price: the difference between $7.26 (10 day VWAP following release of FY2015 results) and the share price at the end of the performance period (measured by the 10 day VWAP immediately following the date on which the FY2017 results are released). A multiplier determines the number of shares, with a maximum of 2 shares per SPSR if the share price increases 100% over this period. However a fall in share price of not quite 50% of $7.26 (or a share price just higher than $3.63, aka $3.64) will also result in the SPSR delivering an award of 50,225 shares as the multiplier of 0.5014 applies to the 100,175 SPSRs. Unlike the deferred STI scheme operating for FY2015 which was based on group financial and non-financial performance for FY2015 - and failed to pay out - this new scheme is just based on share price.


MORE ON



1 stock mentioned

The Executive Remuneration Reporter

With a background in human resources, executive search and corporate law, Kym Sheehan brings unique perspectives on corporate governance and meeting resolutions to her work for The Executive Remuneration Reporter. The Executive Remuneration...

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.