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Directors’ Report

For the year ended 30 June 2009

REMUNERATION REPORT (Audited)

This Remuneration Report outlines the Director and Executive Remuneration arrangements of the Company and its controlled entities in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purposes of this Report,

Key Management Personnel (KMP) of the Consolidated Entity are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and its controlled entities, directly or indirectly, including Directors (whether Executive or otherwise) and the Executive Committee members.

In addition, information is provided relating to the five highest

paid employees.

1. Details of Key Management Personnel and the five highest paid Executives

(i) Directors

S Cheong RJ Rowley PK Summers

(1)

Chairman (Non-Executive) Deputy Chairman (Non-Executive)

Managing Director and Chief Executive Officer

E Sam HR Hochstadt B Chin BG Hayman LF Milkovits

Director (Non-Executive) Director (Non-Executive) Director (Non-Executive) Director (Non-Executive)

Managing Director and Chief Executive Officer (Resigned 1 December 2008)

(1) Appointed as Managing Director and Chief Executive Officer on 19 February 2009. Prior to this, Mr Summers was Finance Director and Chief Financial Officer of the Company.

Following the appointment of Mr Summers in February 2009 to the position of Chief Executive Officer, an Executive Committee was formally established. Prior to this, state operational divisions generally reported directly to the Chief Executive Officer.

18 AVJennings Limited ABN 44 004 327 771

(ii) Executives Key Management Personnel (KMP)

M Henesey-Smith(2) Chief Operating Officer, Developments

A Soutar(3)

Executive General Manager, Contract Building

SC Orlandi(4) CD Thompson(5)

Chief Financial Officer

Company Secretary/ General Counsel

L Hunt(6)

General Manager, Human Resources

Other Executives P Vlitas

Executive General Manager, Developments (Victoria)

PA Jackson

Executive General Manager, Developments (South Australia)

GW Trezise(7)

State Manager, Apartments (New South Wales)

M Roser(8)

Executive General Manager, Contract Building

The “Other Executives” above were part of KMP prior to the formation of the Executive Committee in February 2009.

( 2 ) A p p o i n t e d a s C h i e f O p e r a t i n g O f fi c e r , D e v e l o p m e n t s o n 1 9 F e b r u a r y 2 0 0 9 .

Prior to this,

Mr Henesey-Smith was Executive General Manager

Developments (Queensland). Member of Executive Committee. (3) Appointed on 19 January 2009. Member of Executive Committee.

  • (4)

    Appointed as Chief Financial Officer on 3 June 2009. Prior to this, Mr Orlandi was Executive General Manager, Developments (New South Wales). Member of Executive Committee.

  • (5)

    Appointed on 12 January 2009. Member of Executive Committee.

  • (6)

    Appointed on 22 June 2009. Member of Executive Committee.

  • (7)

    Ceased employment on 30 January 2009.

  • (8)

    Ceased employment on 19 December 2008.

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