Page 147 - Suncorp_Metway

Suncorp-Metway Ltd Annual Report 2010/2011

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Directors and executives of the Company and their related parties received normal distributions on these shares. Details of the directors' shareholdings in the Company at the date of signing these financial reports are set out in the Directors' Report.

Movements in the number of SML Convertible Preference Shares held directly, indirectly or beneficially by each key management personnel, including their related parties, are noted in the table below:

Notes

1. Retired on 16 April 2010. Shares held upon retirement are shown in ‘Other changes’. 2. There were no movements during the 2010 and 2011 financial years.

36.4. Other key management personnel transactions with the Company or

its subsidiaries

Financial instrument transactions

Financial instrument transactions (other than loans and shares disclosed within this report) between the Group and directors, executives and their related parties during the financial year were in the nature of normal personal banking, investment and deposit transactions. These transactions were on commercial terms and conditions no more favourable than those given to other employees or customers and are trivial or domestic in nature.

Transactions other than financial instrument transactions

No director has entered into a material contract with the Company or the Group since the end of the previous financial year and there were no material contracts involving directors’ interests existing at year end.

Other transactions with directors, executives and their related parties are conducted on arm's length terms and conditions, and are deemed trivial or domestic in nature. These transactions are in the nature of personal investment, General Insurance and Life Insurance policies.

37. Share-based payments

Prior to the NOHC restructure on 7 January 2011, the Company operated a number of employee share plans. Shares offered in these share plans were granted by the Company over its own ordinary shares to employees of its subsidiaries.

Effective from the date of restructure, the responsibility and obligation of all share plans were transferred from the Company to Suncorp Group Limited. Suncorp Group Limited ordinary shares replaced the Company’s ordinary shares being offered under the share plans. The NOHC restructure also resulted in the disposal of all subsidiaries with employees participating in the share plans. As such, the Group has no employees participating in the Suncorp Group Limited share plans from this date.

Shares required for the share plans were acquired by a special purpose trustee and/or custodial companies in ordinary trading on the Australian Securities Exchange.

Balance

1 July 2009 Other changes

Balance 30 June 2010

Balance 30 June 2011

Non-executive directors

Dr C Hirst AO 1 100 (100) - - Senior executives

D Foster ² 90 - 90 90