Page 120 - Suncorp_Review

118

Notes to the consolidated fnancial statements (continued)

for the year ended 30 June 2011

28. Changes in the composition of the Suncorp Group (continued)

28.2 Associates and joint venture entities

28.2.1 Acquisitions

The Suncorp Group did not acquire any material interests in joint ventures or associates in the current or prior fnancial year.

28.2.2 Disposals

On 30 September 2010, the Suncorp Group received proceeds of $7 million for the sale of a 15% interest in the RACT Insurance Pty Ltd joint venture entity. The Suncorp Group now has a 50% share in the joint venture entity. In the prior year, on 7 October 2009, the Suncorp Group had received proceeds of $2 million for the sale of a 5% interest. Following this sale the Suncorp Group had a 65% share in the joint venture entity.

On 28 February 2010, the Suncorp Group sold its 50% shares in the RACQ Insurance Limited and RAA Insurance Holdings Limited for $280 million and $51 million respectively, resulting in a proft before tax of $165 million.

29. Key management personnel disclosures

The Suncorp Group has applied the exemption under AASB 124 Related Party Disclosures which exempts listed companies from providing remuneration disclosure in relation to their key management personnel in the notes to the fnancial statements where this information is disclosed in the Directors’ Report. Information regarding key management personnel remuneration and some equity instruments disclosure is included in the Remuneration Report section of the Directors’ Report.

29.1 Key management personnel compensation

The key management personnel compensation included in ‘Staff expenses’ (refer note 10) are as follows:

CONSOLIDATED

2011 2010 $000 $000

Short-term employee benefts 16,566 17,731 Long-term employee benefts 3,011 1,060 Post-employment benefts 1,311 850 Share-based payments 4,787 5,869 Termination benefts 1,318 4,868 26,993 30,378