MELBOURNE, Victoria, Sept. 9, 2013 /CNW/ - Newcrest has today released its full Financial Report for the year ended 30 June 2013. The Report is available on our website at www.newcrest.com.au and at www.sedar.com.
The Financial Report includes the Remuneration Report for the 2013 financial year. Reflective of Newcrest's financial performance during the 2013 financial year, remuneration outcomes were considerably lower than in previous years. As detailed in the Remuneration Report, key outcomes include:
- A zero Short Term Incentive (STI) award for the Managing Director and Chief Executive Officer.
- STI awards of 8% or less (of the potential maximum award) for the Finance Director and other Executive Managers.
- No increase in salary for the Managing Director and Chief Executive Officer, Finance Director and other Executive Managers when the Company conducts its annual pay review in October 2013.
- Long Term Incentive (LTI) grants, which are calculated over three consecutive years, are also impacted by the Company's performance. The 2009 LTI partially vested in November 2012, at 78%. The 2010 LTI, due to vest in November 2013, is expected to vest at a substantially lower value reflecting both a lower vesting percentage and the share price decline.
Newcrest's 2013 Annual Report will be issued later this month.