Notes to the Financial Statements
Share schemes
A summary of deferred equity award plans for employees is set out below: Plan Available to
Nature of the award Vesting conditions
The restricted rights are deferred to vest on the fourth anniversary of the award. STVR outcomes are subject to the achievement of ClearView goals and financial performance as well as risk management targets. On achievement of the performance measures at the end of a four-year performance period, 100% of the performance rights vest. Vesting is subject to the achievement of ClearView Group’s total shareholder return and embedded value targets. No ESP shares have been granted since 14 June 2017. All ESP shares have vested and the loan term of all Employee Participants has extended for a period until 14 months after a Change in Control of the Company (as defined in the ESP Rules) who remain employees at the expiry of their loan term.
Managing Director and executives
60% delivered by cash. 40% deferred as restricted rights to fully paid ordinary shares. Performance rights to fully paid ordinary shares
Short Term Variable Remuneration Plan ( STVR ) (From 1 July 2020) 1, 2
Long Term Variable Remuneration Plan ( LTVR ) (From 1 July 2020) 1, 2, 3
Managing Director and executives
Executive Share Plan ( ESP ) (Prior to 30 June 2017) 2, 4
Fully paid ordinary shares subject to holding lock with non-recourse loans provided as financial assistance
Managing Director, senior management team and key senior employees
1 The Plan rules provide suitable discretion for the Remuneration Committee to adjust any formulaic outcome to ensure that awards under the STVR and LTVR appropriately reflect performance. 2 Recipients must remain in the Group’s service throughout the service period (or the specified service period under the ESP) in order for the award to vest, except in cases approved by the Remuneration Committee. Vesting is also subject to malus provisions. 3 Once vested, performance rights can be exercised for no consideration. 4 In June 2024, the Board exercised its discretion under the ESP Plan Rules to ensure the consistency between participants and given the timeframe that the ESP shares have been on issue. This resulted in the amendment of the conditions attached to the remaining unvested ESP shares (as they were subject to the ‘Change in Control’ vesting criteria), such that the Board approved the immediate vesting in June 2024.
Performance and restricted rights
Details of the number of employee entitlements to performance rights under the Plan ( LTVR ) and restricted rights (deferred component of the STVR) to ordinary shares granted, vested and transferred to employees and forfeited during the year are as follows: No. of rights 2024 2023 Balance at the beginning of the financial year 11,414,805 9,915,447 Granted 3,822,974 4,059,757 Forfeited (3,516,384) (2,560,399) Balance at the end of the financial year 1 11,721,395 11,414,805 Weighted average share price at date of vesting of performance rights during the year n/a n/a Weighted average fair value of performance rights granted during the year $0.34 $0.29 Weighted average fair value of restricted rights granted during the year $0.48 $0.74
1 Balance at end of the financial year does not include the financial year’s deferred STVR component.
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ClearView Wealth Limited
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