Property development giant Stockand is currently undertaking a ‘comprehensive review’ of its executive remuneration policies.

 

In a Notice of Annual General Meeting sent to Stockland security holders last month, Chairman Graham Bradley said the company would review the composition of short term incentives (STI) and long term incentives (LTI).

 

The company announced the review will be completed later this year, but acknowledged a climate of high focus on remuneration policies. The Board will provide an update on several changes, including:

  • A portion of STI for Executive Committee members, including the Managing Director, will be awarded in Stockland securities rather than fully in cash as is currently the case.
  • Vesting of this equity portion of STI will be deferred until future years
  • Deferred equity awards will be forfeited by executives who resign before besting.

 

“The Stockland Board is committed to ensuring that executive pay is fair and competitive, and properly reflects both management performance and value created for shareholders. These changes will more closely align our execuive remuneration with the interests of our security holders.”

 

“Our policies, including current performance and hurdles for LTI are also under review. Details of the revised policies will be advised once the review has been completed,” Mr Bradley said.