Remuneration report | Contents
Remuneration report Introduction from the Chair of the Remuneration, People and Culture Committee
On behalf of the Board, I am pleased to present Transurban’s remuneration report for the year ended 30 June 2025. In FY25, we continued our focus on creating value for stakeholders, driving operational efficiency and pursuing growth. Average daily traffic (ADT) across the Group increased by 2.2%, averaging 2.5 million trips per day and saving our customers an average of 479,000 hours every workday. 1 Changes to our leadership team and operating model focused on driving efficiencies across our business, making us more nimble and dynamic and setting us up to better focus on and invest in future growth. This organisational change included the difficult decision to reduce our workforce, and this process was implemented with great consideration and care for all those affected. We also continued to bring together our physical assets with our digital offerings by investing in tangible benefits – like our expanded Linkt Rewards program – and technology upgrades to improve the end-to- end customer experience. Safety – both on and off the road – continues to be a major priority, and we were pleased to see that Monash University Accident Research Centre’s (MUARC) 2025 2 found, compared to like roads in each state, our roads are on average at least twice as safe. We also saw a lot of progress on our major projects this year, with the West Gate Tunnel and the 495 Express Lanes Northern Extension nearing completion, and significant progress made on the M7-M12 Integration Project. These projects exemplify our commitment to creating better, safer, and more efficient roads for our communities. A successful outcome on NSW toll reform for all stakeholders remains one of our most important priorities. At the end of 2024, Transurban and our partners progressed to Stage 2 of the NSW Government’s Direct Dealing process. We continue to work collaboratively with the Government on a range of options which could positively contribute to toll reform outcomes for customers.
We remain focused on sustainability initiatives and activities that support our purpose to ‘be the link between people, places and progress,’ and in FY25, we continued to reduce scope 1 and 2 emissions, engage with our suppliers on GHG management, and implement climate resilience and adaptation measures across assets and projects. Transurban also continues to foster an inclusive workplace and recruit and retain high calibre talent, the outcome of which is strong gender balance across the business. Our gender pay gap continues to improve, reflecting our focus on this important issue. More details on the following can be found in the Corporate Report: • Project updates (page 18) • Business performance (page 21)
The Board recognises that the outcomes of certain key deliverables, namely NSW toll reform and delivery of the West Gate Tunnel Project over the coming months, are still in progress as work is ongoing as at the date of this report. The current remuneration framework enables the Board to consider any remuneration implications for accountable executives with regard to the outcome of key deliverables at the appropriate time. Fixed remuneration Fixed annual remuneration reviews were conducted, with adjustments made to the FY25 fixed remuneration of two Executive Key Management Personnel (KMP), effective 1 July 2024. This was made in recognition of role scope, accountability, experience and performance of the individuals, and to remain competitive. Details can be found in the Executive KMP remuneration table on page 99. Short Term Incentive (STI) The FY25 Group Performance Scorecard, which consists of financial and non-financial measures, is used to assess the overall Group performance for STI purposes. In assessing the Group’s performance, the Board also takes into consideration alignment with security holder outcomes. The overall FY25 STI outcome as assessed by the Board is 105% of target opportunity (70% of maximum). Details are provided on page 88. Executive STI outcomes In determining the STI outcomes of the CEO and Executive KMP, the Board considered both individual performance, and all factors that contributed to the overall Group result, ultimately delivering value to our stakeholders. The Board approved the following STI outcomes: • The CEO received a final STI outcome of 108% of target opportunity (72% of maximum opportunity) • Other Executive KMP received between 85% and 111% of target opportunity (57% to 74% of maximum opportunity)
• Customers (page 32) • Road safety (page 35)
• Purpose and values (page 47) • Climate disclosure (page 52)
FY25 remuneration outcomes The success of our business is tied to the value we create for all our stakeholders. This approach is reflected in our Group Performance Scorecard, which we use to determine the Short Term Incentive (STI) pool. The scorecard’s financial and non- financial measures assess our performance in terms of Financials (Proportional EBITDA and Proportional Net Cost) 1 and Non- Financials (Health, Safety and Environment (HSE); Customer and Delivery; and Sustainability, Reputation and Leadership). The FY25 remuneration outcomes are outlined below and, in the Board’s view, fairly reflect individual and Group performance, taking into consideration market conditions and security holder experience.
1 Non-IFRS measure/s 2 Data from 2024, with analysis and report finalised in 2025
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