Remuneration report
CEO transition arrangements
Current CEO As previously disclosed, in August 2023, the Board confirmed the appointment of Michelle Jablko to the position of Chief Executive Officer and Managing Director of Transurban. Michelle officially commenced in the role following the 2023 AGM on 19 October 2023. The Board confirmed the following remuneration arrangements in relation to the incoming CEO, with effect from 19 October 2023: • Fixed remuneration of $2,000,000 per annum • STI target opportunity (at risk) of $2,000,000 (100% of fixed remuneration) • LTI target opportunity (at risk) of $2,940,000 (147% of fixed remuneration) • CEO notice period remains unchanged from that disclosed earlier in this report.
The Remuneration, People and Culture Committee received advice from an independent external remuneration consultant in relation to the incoming CEO’s remuneration arrangements, including benchmarking data and details of current remuneration practices in the Australian market. Former CEO As previously disclosed, Scott Charlton stepped down as CEO on 19 October 2023, and ceased employment on 30 November 2023 (‘employment end date’). He has received his contractual entitlements and benefits outlined below: • Payment of his fixed remuneration up to and including his employment end date; • Payment of statutory accrued leave entitlements;
• A pro-rated FY24 STI award calculated up until 30 November 2023; • STI Securities held at the time of cessation were retained and will be released in accordance with the terms of the applicable STI plan; • Performance Rights held at the time of cessation will be pro-rated based upon the employment end date with vesting subject to the original performance and vesting conditions in the applicable LTI plan; and • No LTI awards were granted for FY24.
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