Remuneration report
FY24 Executive KMP STI outcomes The STI performance outcomes and awards for the CEO and Executive KMP, are provided in the following table.
STI as a % of maximum opportunity
STI as a % of target opportunity
STI Deferred equity 1 ($)
STI Outcome ($)
STI Cash ($)
Current Executive KMP M Jablko
1,547,700
= = = = =
773,850 319,500
+ + + + +
773,850 319,500
61% 58% 58% 71% 71%
92% 86% 86%
H Byrne N Green 2
639,000
47,400
23,700
23,700
S Moorfield
703,600 837,500
351,800 418,750
351,800 418,750
107% 107%
H Wehby
Former Executive KMP S Charlton 3
648,733 402,300
= =
648,733 201,150
+ +
0
62% 50%
93% 74%
M Huey 4
201,150
S Johnson 4
0 =
0 +
0
0%
0%
LTI outcomes Value of FY21 LTI plan performance awards vested and lapsed in FY24 The FY21 LTI plan performance awards, which were granted on 22 October 2020 with a single performance measure of relative TSR and covered the performance period from 1 July 2020 to 30 June 2023, vested on 31 August 2023. The overall vesting outcome of the performance tests was as follows:
Looking ahead – performance awards to be granted in FY25 LTI awards to be granted in FY25 will have a four-year performance period (1 July 2024 to 30 June 2028), with 50% subject to relative TSR and 50% subject to FCF 5 per security growth rate. This grant is allocated based on a full-face value methodology. The FY25 LTI Performance awards for the FCF 5 tranche will have a compound annual growth rate (CAGR) 6 range which determines 50% and 100% vesting. The annual growth rate may be higher or lower in a given year however translates to an aggregate FCF 5 as shown below.
that 0% of awards will vest for eligible participants. Details of vesting for each Executive KMP will be included in next year’s Remuneration Report. LTI grants Performance awards granted in FY24 The FY24 LTI Plan has a four-year performance period (1 July 2023 to 30 June 2027), with 50% subject to relative TSR and 50% subject to FCF (excluding Capital Releases) per security growth rate. This grant is allocated based on a full-face value methodology. The former CEO, Scott Charlton, did not receive an LTI award for FY24.
Performance measure
Vesting outcome %
Results
TSR (100%)
Transurban ranked 18th out of 29 companies (39th percentile)
0%
Overall vesting
0%
FCF growth based on FY24 distribution 7 excluding Cash Reserve Releases
FCF growth based on FY24 distribution
Aggregate FCF (cps)
Value of FY22 LTI plan performance awards to vest/lapse in FY25 First tranche (50%) of the FY22 LTI plan (1 July 2021 to 30 June 2024) is scheduled to vest in August 2024. This plan has a single performance measure of relative TSR, with testing of the performance hurdle indicating
Base
58.9 cps
62.0 cps
50% vesting
5.6% CAGR
3.5% CAGR
270.5
100% vesting
7.1% CAGR
5.0% CAGR
280.6
1 S ecurities are subject to a two-year restriction period following the end of the performance year. Securities will be granted in October 2024 2 N Green’s STI outcome reflects the period she was an Executive KMP 3 S cott Charlton’s STI was delivered February 2024. The value represents the pro-rata amount earned during the period he was Executive KMP, being 1 July – 19 October 2023 4 M Huey and S Johnson’s STI reflects the period they were Executive KMP 5 R eferences to FCF in relation to FY25 LTI Plan exclude Capital and Cash Reserve Releases 6 T he FCF (excluding Capital and Cash Reserve Releases) per security target range is calculated by adding each of the FCF (excluding Capital and Cash Reserve Releases) budget and forecasts over the four year performance period and determining the CAGR required to achieve the four year aggregate FCF (excluding Capital and Cash Reserve Releases). Capital Releases refer to the injection of debt into Transurban assets, thereby releasing equity. Cash Reserve Releases refer to the permanent movement in a cash reserves that were required under relevant concession and / or loan agreements 7 T he FY24 distribution included 3.1 cps of Cash Reserve Releases
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