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The NZX Board confirms CEO Mark Peterson’s remuneration disclosure for 2018.
As outlined in the NZX 2017 Annual Report, Mark’s remuneration is a mix of base salary, and short and long-term incentive plan components.
Mark’s base salary for 2018 is $500,000. His potential short term incentive (STI) plan payment for 2018 is $500,000 ($250,000 for on-target performance).
Mark's 2018 STI comprises of two components. This first component is based on the company’s financial performance against target. The second is based against a small number of individual objectives aligned to the five-year strategy of NZX, including improving listings pipeline, delivery of NZX Wealth Technologies projects, derivatives growth and margin improvement.
In addition to this, Mark is allocated performance rights under a long term incentive (LTI) plan.
Mark will be issued 1,177,894 performance rights, each of which will give him an option to acquire one ordinary share in NZX Limited. Mark may exercise the options if the performance rights vest. Vesting of the performance rights is dependent on NZX meeting performance hurdles in respect of its total return to shareholders and the growth in its earnings per share, and on Mark remaining an employee of the NZX Group for the duration of the five year vesting period. There is also a cap on the maximum value of performance rights that can vest.
Mark’s LTI is also aligned to the delivery of NZX’s strategy to ensure the company is committed to generating long term value for its shareholders.
Further information on the LTI plan will be included in the NZX 2018 Annual Report.
