The Suncorp Group's remuneration framework links executive remuneration to the performance and governance of the Group and ensures consistency with the Australian Prudential Regulation Authority's remuneration standards.
The year to 30 June 2011 was eventful but it was also one from which the Suncorp Group emerged a far stronger organisation.
This was despite the effects on our businesses of the extraordinary sequence of natural disasters, and on our profits of the volume of insurance claims. The strength of our response to the challenges, combined with the successful delivery of a range of key strategic projects, provided the platform for the creation of sustained long-term value for shareholders, customers and employees.
We start the new operating year with good momentum with management focused on unlocking the value within our businesses. The Board will work to ensure that the Suncorp Group's remuneration framework reinforces progress towards this goal as well as achieving industry best practice.
| Position | Salary and fees including super- annuation $’000 |
Non- monetary benefits and other payments $’000 |
STI $’000 |
Deferred STI1 $’000 |
Total excluding share- based payments $’000 |
Share- based payments2 $’000 |
|
| Executive director | |||||||
| Patrick Snowball | Group CEO | 2,192 | 196 | 990 | 607 | 3,985 | 1,531 |
| Non-executive directors (in office at 30 June 2011) | |||||||
| John Story (Chairman) | Non-executive Chairman | 600 | 1 | – | – | 601 | – |
| IIana Atlas (appointed 1 January 2011) |
Non-executive director | 136 | – | – | – | 136 | – |
| William Bartlett | Non-executive director | 266 | 1 | – | – | 267 | – |
| Paula Dwyer | Non-executive director | 278 | 1 | – | – | 279 | – |
| Stuart Grimshaw (until 23 August 2011) |
Non-executive director | 267 | 1 | – | – | 268 | – |
| Ewoud Kulk | Non-executive director | 306 | 1 | – | – | 307 | – |
| Geoffrey Ricketts | Non-executive director | 272 | 1 | – | – | 273 | – |
| Dr Zygmunt Switkowski | Non-executive director | 272 | 1 | – | – | 273 | – |
| Senior Leadership Team | |||||||
| Anthony Day | CEO, Commercial Insurance | 672 | 13 | 455 | 245 | 1,385 | 179 |
| Gary Dransfield (from 23 May 2011) |
CEO, Vero New Zealand | 62 | 9 | 39 | 21 | 131 | 8 |
| David Foster | CEO, Suncorp Bank | 741 | 44 | 504 | 271 | 1,560 | 464 |
| Mark Milliner | CEO, Personal Insurance | 776 | 6 | 556 | 299 | 1,637 | 485 |
| John Nesbitt | Group CFO | 831 | 23 | 611 | 329 | 1,794 | 737 |
| Amanda Revis (from 16 August 2010) |
Group Executive, Human Resources | 473 | 22 | 387 | 208 | 1,090 | 78 |
| Jeff Smith | CEO, Suncorp Business Services | 776 | 49 | 614 | 331 | 1,770 | 512 |
| Robert Stribling | Group CRO | 602 | 6 | 436 | 235 | 1,279 | 65 |
| Geoff Summerhayes | CEO, Suncorp Life | 675 | 2 | 455 | 245 | 1,377 | 335 |
| Former Senior Executive | |||||||
| Roger Bell | CEO, Vero New Zealand | 1,381 | 288 | 337 | 181 | 3,5053 | 393 |
Notes:
- The amount of deferred STI awarded to Mr Snowball is discounted and amortised over the vesting period. The amount of deferred STI awarded to members of the SLT is recognised in full as there are no performance or service conditions required.
- The amounts that appear under the column headed 'Share-based payments' are the amounts required under the Accounting Standards to be expensed by the Suncorp Group in respect of long-term incentives. These amounts are therefore not amounts actually received by executives during the year. Whether executives receive any value from the allocation of long-term incentives in the future will depend upon the relative future performance of the Suncorp Group.
- Includes $1,318,000 of termination benefits.
Full details of remuneration strategy and components, individual contracts, and remuneration of former directors in office during the year are disclosed in the full Remuneration Report in the 2010/11 Annual Report of Suncorp Group Limited online at www.suncorpgroup.com.au.