Directors’ Report
FY 24 Approach
Short term remuneration and STVR Long term remuneration and LTVR Opportunity as % of Fixed pay Opportunity as % of Fixed pay Target Stretch Target
Managing Director
50%
60% Managing Director 36% Other executives
100% - 120%
Other executives
30%
50% - 70%
Weightings
Performance conditions
2024 LTVR Issue: The TSR vesting is based upon the Company’s performance against two equally-weighted vesting conditions on 30 June 2027 being: (1) Total Shareholder Return reflected as the Company’s share price as at the end of the measurement period based on a vesting scale in the share price range of $0.78 - $0.84. The Company’s TSR is calculated as growth in shareholder value based on share price growth and dividends. (2) Embedded Value ( EV ), excluding franking credits, calculated at the end of the measurement period (using the discount rate adopted in the 30 June 2023 EV calculations) based on a vesting scale in the range of $620-$680 million. The EV calculation is adjusted for dividends, capital restructuring and related impacts. 2023 LTVR Issue: The TSR vesting is based upon the Company’s performance against two equally-weighted vesting conditions on 30 June 2026 being: (1) Total Shareholder Return reflected as the Company’s share price as at the end of the measurement period based on a vesting scale in the share price range of $0.72 - $0.78. The Company’s TSR is calculated as growth in shareholder value based on share price growth and dividends. (2) Embedded Value ( EV ), excluding franking credits, calculated at the end of the measurement period based on a vesting scale in the range of $625-$675 million. The EV calculation is adjusted for dividends, capital restructuring and related impacts. 2022 LTVR Issue: Based on the Company’s TSR calculated as a growth in shareholder value based on share price growth and dividends, assuming they are reinvested into shares. The TSR vesting condition is based upon a market capitalisation target of the Company 1 of $483.75m on 30 June 2025. 2021 LTVR Issue: Based on the Company’s TSR calculated as a percentage growth in shareholder value based on share price growth and dividends, assuming they are reinvested into shares. The TSR vesting condition is based upon an annual compound growth rate of 25% over the measurement period (FY24).
Target outcomes
6%
13%
30%
9%
42%
Business performance and growth Customer Transformation, simplification and employee engagement Risk management and compliance Shareholder management and engagement
Underpinned by gate openers being risk management, culture and values with the 2024 deferral component settled on 30 June 2027.
56
ClearView Annual Report 2024
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