Director and executive remuneration
The tables below provide an extract from our 2009 remuneration report which is contained in the IAG annual report, available at www.iag.com.au. The remuneration report details the remuneration received/receivable 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). For KMP appointed during the year, information relates to the period from their appointment as KMP to 30 June.
| Independent non executive directors |
Short term employment benefits |
Post employment benefits |
Other long term employ- ment benefits |
Term- ination benefits |
Share based payment |
Total | ||
|---|---|---|---|---|---|---|---|---|
| IAG board fees received as cash $000 |
Other board and committee fees $000 |
Super- annuation $000 |
Retire- ment benefits $000 |
$000 | $000 | IAG board fees received as IAG shares $000 |
$000 | |
| James Strong | 231 | 195 | 52 | – | – | – | 225 | 703 |
| Yasmin Allen | 128 | 87 | 14 | – | – | – | 30 | 259 |
| Phillip Colebatch | 75 | 115 | 15 | – | – | – | 75 | 280 |
| Hugh Fletcher | 77 | 109 | 16 | – | – | – | 73 | 275 |
| Anna Hynes | 120 | 24 | 16 | – | – | – | 30 | 190 |
| Brian Schwartz | 108 | 39 | 14 | – | – | – | 45 | 206 |
| Philip Twyman, appointed 9 July 2008 | 125 | 20 | 15 | – | – | – | 22 | 182 |
| Directors who retired during the year | ||||||||
| Neil Hamilton, retired 31 August 2008 | 3 | 7 | 3 | 248 | – | – | 23 | 284 |
| Rowan Ross, retired 31 August 2008 | 13 | 9 | 3 | 232 | – | – | 13 | 270 |
| Executives | Short term employment benefits |
Post employment benefits |
Other long term employ- ment benefits |
Term- ination benefits |
Sub Total (Ex- cludes share based pay- ment) |
Share based payment (Subject to continuing employment and/or performance hurdles) |
Total | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Base salary $000 |
Short term incent- ives $000 |
Other $000 |
Super- annuation $000 |
Long service leave accruals $000 |
$000 | $000 | Value of deferred short term incent- ives $000 |
Value of rights/ shares granted $000 |
$000 | |
| Michael Wilkins Managing Director and Chief Executive Officer |
1,842 | 1,110 | – | 65 | 15 | – | 3,032 | 82 | 744 | 3,858 |
| Justin Breheny Chief Executive Officer, Asia |
746 | 413 | – | 94 | 12 | – | 1,265 | 145 | 500 | 1,910 |
| Andy Cornish Chief Executive Officer, Direct Insurance, KMP since 2 February 2009 |
378 | 200 | 343 | 10 | 1 | – | 932 | 27 | 71 | 1,030 |
| Ian Foy Chief Executive Officer, New Zealand, KMP since 5 August 2008 |
396 | 134 | – | 73 | – | – | 603 | 46 | 178 | 827 |
| Nicholas Hawkins Chief Financial Officer |
771 | 374 | 10 | 66 | 31 | – | 1,252 | 127 | 467 | 1,846 |
| Jacki Johnson Chief Executive Officer, The Buzz |
786 | 413 | – | 47 | 27 | – | 1,273 | 162 | 445 | 1,880 |
| Leona Murphy Group Executive, Corporate Office |
634 | 327 | – | 50 | 6 | – | 1,017 | 43 | 212 | 1,272 |
| Neil Utley Managing Director, UK |
994 | 562 | – | 140 | – | – | 1,696 | 190 | 541 | 2,427 |
| Duncan West Chief Executive Officer, CGU |
881 | 463 | – | 50 | 7 | – | 1,401 | 39 | 296 | 1,736 |
| Executives who ceased as key management personnel | ||||||||||
| Gary Dransfield Former Chief Executive Officer, Direct Insurance, KMP only for the period from 9 July 2008 to 2 February 2009 |
314 | 200 | – | 29 | 11 | – | 554 | – | – | 554 |
| Tony Coleman Former Chief Risk Officer and Group Actuary, KMP until 29 August 2008 |
124 | 100 | – | 14 | 19 | 887 | 1,144 | 134 | 334 | 1,612 |
| Christine McLoughlin Former Group Executive, Strategy, People & Reputation, KMP until 30 September 2008 |
161 | 337 | – | 21 | (15) | 815 | 1,319 | 100 | 293 | 1,712 |
| Jan van der Schalk Former Chief Executive Officer, Asset Management and Reinsurance, KMP until 29 August 2008 |
63 | 69 | – | 13 | 20 | 820 | 985 | 69 | 278 | 1,332 |
| George Venardos Former Group Chief Financial Officer, KMP until 29 August 2008 |
96 | 111 | – | 16 | 14 | 979 | 1,216 | 149 | 383 | 1,748 |