Opportunity The size of the STI opportunity available to each Executive is based on their accountabilities and impact of their role on the Company. Executives who commence or leave during the financial year are generally paid a pro-rata share of their STI entitlements. See i below for further detail. Delivery Cash. This includes setting any maximum payout under the STI Plan, and minimum levels of performance. The Remuneration Committee is responsible, after the preparation of the financial statements each year in respect of financial measures and after a review of performance against non-financial measures by the CEO and in the case of the CEO, by the Board following recommendation by the Committee , for recommending to the Board the final STI payout for the previous financial year.
The Board retains the discretion to vary the final STI payout if performance is considered to be deserving of either a greater or lesser amount. Tranche A are non-financial performance indicators for the particular Executive and Tranche B are financial performance indicators.
These include objectives around leadership and culture, risk and compliance and project management. If an Executive does not meet a minimum performance threshold in Tranche A, they are not eligible to participate in Tranche B. R Kimber commenced employment with the Group 1 June M Loyez commenced employment with the Group 3 August A Smith commenced employment with the Group 6 October C Pendleton-Browne commenced employment with the Group 16 November The amount shown as the target STI payment is the target payment for the period that employee was a KMP, not the full year payment.
L Cox is a part-time employee. J Davidson ceased to be an employee on 4 September N Helm ceased to be an employee on 6 August The key details of the plan are as outlined below: LTI components Details Objective The LTI Plan is designed to link long-term Executive reward with the ongoing creation of shareholder value, with the allocation of equity awards which are subject to satisfaction of performance hurdles. Under the LTI Plan, either performance rights or options can be issued.
Eligibility All Executives participated in the LTI Plan in the financial year if they were an employee at the start of the year. In certain circumstances, one-off allocations of performance rights have been made as part of the initial employment arrangements of a particular Executive.
Instrument Performance rights enable the Executive KMP to acquire an ordinary share in the Company in the future subject to time-based and performance-based vesting conditions being achieved. They are granted for nil cash consideration and have a nil exercise price. They carry no right to vote or receive a dividend. Allocation methodology The number of performance rights issued to each Executive KMP is calculated by dividing their LTI target value by the value per right, being the volume weighted share price in the five days prior to issuance adjusted for the probability of achieving performance levels, and the present value of expected dividends that will not be received by employees during the vesting period.
Allocation timing Generally, performance rights will be issued annually in June. An additional issuance of performance rights outside of the annual issuance may occur as a retention mechanism at different times. Their concern is more that they hold onto your bank account and your mortgage and savings and perhaps sell you some investment products — and while payments specialists keep their focus on foreign exchange transfers our guess is that the banks will be happy to let them get on with it.
Hot competition Amongst themselves, of course, there is hot competition between international payments specialists, with competitors springing up, such as HiFx, CurrencyFair and World First. Ease of use, customer service and marketing will also have a major impact. These are areas where it is possible to have competitive advantages, although they may not be long-lived, and they may only be obvious from results after the fact.
It may also be one of those areas where a little competition actually helps drive revenues, as it all serves to inform potential customers that there is a valid alternative to their bank. At the moment, the facts suggest that OzForex has a competitive offering. On the hook Looking more closely at the finances, the timing of the transaction process has important consequences.
The first is that OzForex is on the hook for a particular exchange rate from the time a quote is delivered to the time it acquires the relevant settlement currency. This netting effect reduces risks as well as transaction costs, and provides further scope for competitive advantages for the bigger players in each currency. On average it adjusts its hedges every eight minutes, although it does so more often in times of volatility.
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