Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (103 of 2004)

Schedule 5   Remuneration of directors and executives

Corporations Act 2001

12   Paragraph 300A(1)(c)

Repeal the paragraph, substitute:

(c) the prescribed details in relation to the remuneration of:

(i) each director of the company; and

(ii) each of the 5 named company executives who receive the highest remuneration for that year; and

(iii) if consolidated financial statements are required - each of the 5 named relevant group executives who receive the highest remuneration for that year; and

(d) if an element of the remuneration of a person referred to in paragraph (c) consists of securities of a body and that element is not dependent on the satisfaction of a performance condition - an explanation of why that element of the remuneration is not dependent on the satisfaction of a performance condition; and

(e) for each person referred to in paragraph (c):

(i) an explanation of the relative proportions of those elements of the person's remuneration that are related to performance and those elements of the person's remuneration that are not; and

(ii) the value (worked out as at the time they are granted and in accordance with any applicable accounting standards) of options that are granted to the person during the year as part of their remuneration; and

(iii) the value (worked out as at the time they are exercised) of options that were granted to the person as part of their remuneration and that are exercised by the person during the year; and

(iv) the value (worked out as at the time they lapse) of options that were granted to the person as part of their remuneration and that lapse during the year; and

(v) the aggregate of the values referred to in subparagraphs (ii), (iii) and (iv); and

(vi) the percentage of the value of the person's remuneration for the financial year that consists of options; and

(vii) if the person is employed by the company under a contract - the duration of the contract, the periods of notice required to terminate the contract and the termination payments provided for under the contract; and

(f) such other matters related to the policy or policies referred to in paragraph (a) as are prescribed by the regulations.

If a person is covered by both subparagraph (c)(ii) and subparagraph (c)(iii) and details of the person's remuneration are included in the directors' report under subparagraph (c)(ii), details of the person's remuneration do not need to be included in the report under subparagraph (c)(iii).