ANNUAL REVIEW 2009

The board

 
The board

James Strong

AO
Chairman and independent non executive director

Appointed Chairman in August 2001. Member of the IAG Nomination, Remuneration & Sustainability Committee. Chairman of Woolworths Limited and the Australia Council for the Arts. Director of Qantas Airways Limited and the Australian Grand Prix Corporation.

Michael Wilkins

BCom, MBA, DLI, FCA
Managing Director and
Chief Executive Officer

Appointed Managing Director and Chief Executive Officer in May 2008 after joining as Chief Operating Officer and director in November 2007. Director of the Insurance Council of Australia and non executive director of Maple–Brown Abbott Limited.

YASMIN ALLEN

BCom, FAICD
Independent non–executive director

Appointed in November 2004. Chairman of the IAG Audit, Risk Management & Compliance Committee and member of the IAG Nomination, Remuneration & Sustainability Committee. Director of Macquarie Specialised Asset Management (chairman of its Audit Committee) and Salvation Army Advisory Board.

HUGH FLETCHER

BSc/BCom, MCom (Hons), MBA
Independent non executive director

Appointed in September 2007. Member of the IAG Audit, Risk Management & Compliance Committee. Non executive director of the Reserve Bank of New Zealand, Fletcher Building Limited, Rubicon Limited, Vector Limited and IAG New Zealand Limited, and Councillor of the University of Auckland.

PHILLIP COLEBATCH

BSc, BE (Hons), SM, DBA
Independent non executive director

Appointed in January 2007. Member of the IAG Nomination, Remuneration & Sustainability Committee. Non executive director of Lend Lease Corporation Limited and Man Group plc.

ANNA HYNES

BSc (Hons), MBA
Independent non executive director

Appointed in September 2007. Member of the IAG Audit, Risk Management & Compliance Committee. Previously a non executive director of Promina Group Limited and Country Road Limited.

BRIAN SCHWARTZ

FCA, AM
Independent non executive director

Appointed in January 2005. Chairman of the IAG Nomination, Remuneration & Sustainability Committee. Non executive director of Brambles Limited and Westfield Group Limited and consultant to Investec Bank (Australia) Ltd. Deputy chairman of the board of Football Federation Australia Limited and member of the Federal Government's Australian Multicultural Advisory Council.

PHILIP TWYMAN

BSc, MBA, FIA, FIAA, FAICD
Independent non executive director

Appointed in July 2008. Director of Perpetual Limited, Medibank Private Limited, Swiss Re (Australia), ANZ Lenders Mortgage Insurance Limited and Tokio Marine Management (Australasia) Pty Ltd.

Our approach to remuneration is aimed at ensuring IAG can attract and retain the best people and reward performance aligned with returns delivered to our shareholders.

There was no increase to the overall fees received by directors during the 2009 financial year and, mindful of the current economic conditions, no increase is planned for the 2010 financial year. Similarly, there will be no increase to the fixed pay for the CEO and executive team in the 2010 financial year.

The board has also made a number of changes to executive remuneration during the year, including setting a maximum value for short term incentives; and adjusting the performance hurdles for long term incentives under the Executive Performance Rights Plan to a better match of comparable companies. Under this plan, performance will be benchmarked to that of the Top 50 ASX Industrials and to achieve the full incentive the performance of the Group must rank in the top quartile.

Detailed information on IAG's board and executive remuneration can be found in the remuneration report contained in the 2009 annual report.