Page 62 - NZPM Annual Report 2020

NZPM GROUP LIMITED
Notes to the Consolidated Financial Statements for the year ended 31 March 2020

31.2. Key management personnel and director remuneration

Compensation made to directors and other members of key management of the Group is set out in the two tables below in
aggregate for each of the categories specified.

2020 2019
$’000 $’000
Directors
Directors' fees 453 370
Post-employment benefits 62 70
Total director remuneration 515 440

Compensation is calculated on an accrual basis. Post-employment benefits include a directors retiring allowance.

Key management personnel
Short-term employee benefits 1,358 1,342
Long-term employee benefits 225 215
Total key management personnel remuneration 1,583 1,557

Compensation is calculated on an accrual basis. Long-term benefits include an Executive Incentive Scheme.
Executive Incentive Scheme

Each executive has a long-term incentive (LTI) based on plan/forecast revenue for the financial year ended three years
following the effective yearly grant date. The level of incentive payment (if any) depends upon whether the criteria for that
incentive component is achieved. A portion of the amount payable under the LTI is subject to a deferral mechanism. The
aggregate LTI for the three year period ending 31 March 2020 was $224,993 (2019: $214,732) with half the amount to be paid out
following the current year end and the balance due March 2022. (Balance due March 2021 $107,365).

2020 2019
31.3. Shares held by key management personnel and directors (at 31 March)
$’000 $’000
New redeemable preference shares of $1 each held by key personnel management 401 312
Ordinary shares of $1 each held by directors 60 71
New redeemable preference shares of $1 each held by directors 205 163
Total shares held by key management personnel and directors 666 546

Transactions relating to dividends, calls on partly paid ordinary shares and subscriptions for new redeemable preference shares were
on the same terms and conditions that apply to other shareholders.

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NZPM GROUP LIMITED ANNUAL REPORT 2020