## Remuneration repor t (cont’d) 

## Mr Coulter 

During the financial year ended 30 June 2012, Mr Coulter received a remuneration package comprising total fixed remuneration of $322,000. Mr Coulter was entitled to a total STI opportunity of up to a maximum of $128,800 based on achievement of superior performance against set targets. The Managing Director assessed Mr Coulter’s performance against those targets and determined a total STI amount of $125,000. 

## Mr Merlicek 

During the financial year ended 30 June 2012, Mr Merlicek received a remuneration package comprising total fixed remuneration of $375,000. Mr Merlicek was entitled to a total STI opportunity of up to a maximum of $375,000 based on achievement of superior performance against set targets. In August 2012 the Managing Director assessed Mr Merlicek’s performance against those targets and was not awarded an STI for 2012. 

## Mr Mota 

During the financial year ended 30 June 2012, Mr Mota received a remuneration package comprising total fixed remuneration of $350,000. Mr Mota was entitled to a total STI opportunity of up to a maximum of $140,000 based on achievement of superior performance against set targets. The Managing Director assessed Mr Mota’s performance against those targets and determined a total STI amount of $125,000. 

## Mr Riordan 

During the financial year ended 30 June 2012, Mr Riordan received a remuneration package comprising total fixed remuneration of $410,000. Mr Riordan was entitled to a total STI opportunity of up to a maximum of $164,000 based on achievement of superior performance against set targets. The Managing Director assessed Mr Riordan’s performance against those targets and determined a total STI amount of $155,000. 

## Mr Stephen 

During the financial year ended 30 June 2012, Mr Stephen received a remuneration package comprising total fixed remuneration of $250,000. Mr Stephen was entitled to a total STI opportunity of up to a maximum of $100,000 based on achievement of superior performance against set targets. In August 2012 the Managing Director assessed Mr Stephen’s performance against those targets and determined an STI amount of $55,000. 

## 3.5 Short Term Incentive: Targets and Outcomes 

## Managing Director 

The Managing Director’s Short Term Incentive targets/ objectives for the 2011/2012 performance period included, but were not limited to, responsibility and oversight of the IOOF Group’s risk management; compliance and governance framework; product and system rationalisation; evaluate acquisition opportunities to create shareholder wealth; succession planning; and creating cost efficiencies. The Board through its Remuneration Committee assessed each of the Managing Director’s targets and awarded a STI amount of $626,400. 

## Executive KMP 

Each Executive KMP is provided with a number of targets at the beginning of the performance period that are set and agreed with the Managing Director. Each Executive KMP has included in their targets an objective relating to risk management, regulatory and company compliance and ensuring that all outcomes from internal and external audit are actioned tested. In addition Executive KMP has specific targets relating to their business and aligned targets with other KMP to ensure they are working towards the Company’s overall objectives. 

At the end of the performance period, their targets were assessed by the Managing Director and considered and approved by both the Remuneration Committee and the Board. The outcome of each assessment is set out in Section 3.4 above. 

