Notes to the Financial Statements
7. Employee disclosures
7.1 Key management personnel compensation
Transactions with KMP
Key management personnel compensation Details of Key Management Personnel compensation are disclosed in the Directors’ Report on pages 10 to 75 of the Annual Report. The aggregate compensation made to Key Management Personnel ( KMP ) of the Company and the Group is set out below 2 :
Consolidated
2024
2023
$
$
Short-term employee benefits Post-employment benefits
4,952,651
5,695,277
223,420 352,646
827,178
323,722 262,281
Share based payments 1 Termination benefits
-
6,003,248 6,633,926
Total
1 In FY23, the FY20 LTIP reserve was reversed due to the non-market performance conditions not being met. 2 2024 column excludes aggregate compensation made to former key management personnel of $2.1 million as outlined in the Directors’ Report.
Non-recourse loans Non-recourse loans were granted to KMP ESP participants in May 2017. This non-recourse loan facility is secured by the ESP shares held and became interest bearing from 30 November 2017 at 3 month BBSY rate plus a margin of 1%. This non-recourse facility is reflected as loans on balance sheet of the listed entity. In accordance with AASB 9, an expected credit loss ( ECL ) of $0.7 million (30 June 2023: $0.7 million) was recognised against the non-recourse loans given the decrease in ClearView’s share price subsequent to the issue of the loans. The loans were granted up to a maximum of $1 per vested ESP share held. 7.2 Share based payments
Share based payment arrangements
Share-based payment transactions Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The Company issues shares from time to time under the ClearView Rights Plan (the Plan) and the Executive Shares Plan ( ESP ). The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight- line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
158
ClearView Annual Report 2024
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