IAG’s approach to executive remuneration is to ensure IAG can attract and retain talented people. Building and retaining a high quality management team will enable IAG to achieve superior performance and create shareholder value.
| Non-executive DIRECTORS |
Short term EMPLOYMENT benefits |
Post employment benefits |
Other long term employment benefits |
Termination benefits | Share based payment |
Total | ||
|---|---|---|---|---|---|---|---|---|
| IAG
board fees received as cash $000 |
Other boards and committees fees $000 |
Super- annuation $000 |
Retirement benefits $000 |
$000 | $000 | IAG board fees received as IAG shares $000 |
$000 | |
| James Strong Chairman and independent non-executive director |
238 | 195 | 58 | – | – | – | 213 | 704 |
| Yasmin Allen Independent non-executive director |
128 | 66 | 13 | – | – | – | 28 | 235 |
| Phillip Colebatch Independent non-executive director |
79 | 115 | 15 | – | – | – | 71 | 280 |
| Hugh Fletcher Independent non-executive director Appointed 1 September 2007 |
46 | 90 | 13 | – | – | – | 79 | 228 |
| Neil Hamilton Independent non-executive director |
27 | 43 | 13 | – | – | – | 128 | 211 |
| Anna Hynes Independent non-executive director Appointed 1 September 2007 |
108 | 14 | 12 | – | – | – | 18 | 152 |
| Rowan Ross Independent non-executive director |
79 | 52 | 18 | – | – | – | 71 | 220 |
| Brian Schwartz Independent non-executive director |
112 | 50 | 13 | – | – | – | 43 | 218 |
| Directors who retired during the year | ||||||||
| John Astbury Independent non-executive director Retired 31 August 2007 |
17 | 8 | 3 | 184 | – | – | 4 | 216 |
| Geoffrey Cousins Independent non-executive director Retired 31 August 2007 |
17 | 3 | 2 | 169 | – | – | 4 | 195 |
| Executives | Short term EMPLOYMENT benefits |
Post employment benefits | Other long term EMPLOYMENT benefits |
Termination benefits | Share based payment | Total | |||
|---|---|---|---|---|---|---|---|---|---|
| Base salary $000 |
Short term incentives $000 |
Other $000 |
Super- annuation $000 |
Long service leave accruals $000 |
$000 | Value of deferred 2007 STI granted as DARs $000 |
Value of DARs/EPRs/ PARs/shares granted $000 |
$000 | |
| Michael Wilkins Managing Director and Chief Executive Officer KMP since 26 November 2007 |
857 | 395 | – | 78 | 4 | – | – | 133 | 1,467 |
| Justin Breheny Chief Executive Officer, Asia |
736 | 226 | – | 89 | 6 | – | 115 | 261 | 1,433 |
| Nicholas Hawkins Chief Executive Officer, NZ1 |
648 | 137 | 57 | 89 | 10 | – | 115 | 303 | 1,359 |
| Jacki Johnson Chief Executive Officer, eVentures |
726 | 280 | – | 50 | 13 | – | 138 | 232 | 1,439 |
| Leona Murphy Group Executive, Business Services2 KMP since 3 December 2007 |
270 | 145 | – | 35 | 1 | – | – | 18 | 469 |
| Neil Utley Chief Executive Officer, UK |
978 | 590 | – | 127 | – | – | 90 | 202 | 1,987 |
| Duncan West Chief Executive Officer, CGU KMP since 29 January 2008 |
358 | 229 | – | 43 | 2 | – | – | 20 | 652 |
| Executives who were key management personnel during the year, but will cease in the 2009 financial year | |||||||||
| Tony Coleman Chief Risk Officer and Group Actuary |
713 | 538 | – | 93 | 17 | – | 134 | 395 | 1,890 |
| Christine McLoughlin Group Executive, Strategy, People & Reputation |
699 | 421 | – | 50 | 8 | – | 100 | 233 | 1,511 |
| Jan van der Schalk Chief Executive Officer, Asset Management & Reinsurance |
634 | 360 | – | 50 | 10 | – | 69 | 267 | 1,390 |
| George Venardos Chief Financial Officer |
826 | 594 | – | 100 | 27 | – | 149 | 464 | 2,160 |
| Executives who ceased as key management personnel | |||||||||
| Michael Hawker Former Chief Executive Officer and Managing Director KMP until 26 May 2008 |
1,561 | 1,565 | – | 45 | (77) | 1,939 | 174 | (1,446) | 3,761 |
| David Issa Former Chief Executive Officer, Direct Insurance KMP until 4 July 2008 |
858 | 784 | – | 50 | 45 | 1,075 | 142 | 405 | 3,359 |
| Sam Mostyn Former Group Executive, Culture & Reputation KMP until 15 October 2007 |
155 | 112 | – | 21 | 2 | – | 32 | 87 | 409 |
| Mario Pirone Former Chief Executive Officer, CGU KMP until 29 January 2008 |
806 | 580 | – | 50 | 29 | 725 | 119 | 408 | 2,717 |
The tables above provide an extract from our 2008 remuneration report which is contained in the IAG annual report. The remuneration report details the remuneration received during the year by IAG’s directors and executives having the greatest authority and responsibility for planning, directing and controlling the activities of IAG, otherwise known as key management personnel (KMP), and includes an explanation of remuneration components and individual circumstances.
