56 Directors’ Report 2012 5.  Key Management Personnel AGL’s key management personnel are responsible for planning, directing and controlling AGL’s activities. Key Management Personnel (KMP) are the people who have authority and responsibility for planning, directing and controlling the activities  of AGL. They are: AGL’s KMP during the financial year are listed below. Unless otherwise indicated, they were KMP for the entire period. Details of the KMPs’ remuneration for the financial year are set out below. (a) Earned in respect of 2011/2012 financial year and paid in September 2012. (b) Includes the value of benefits such as cars, representational spouse travel and entertainment and Fringe Benefits Tax. (c) The fair value of LTI SPRs has been calculated using the Black-Scholes and Monte Carlo simulation methods. (d) Value of shares acquired under the AGL Share Purchase Plan and other deferred share based payments. All executives are entitled to four weeks annual leave and long service leave based on statutory entitlements. (e) Includes salary sacrifice contributions. > the Managing Director, who is the Chief Executive Officer > the Executives > the non-executive Directors of the Board. Name Position Directors Jeremy Maycock Chairman Les Hosking Non-executive Director Belinda Hutchinson Non-executive Director Sandra McPhee Non-executive Director Max Ould Non-executive Director Bruce Phillips Non-executive Director John Stanhope Non-executive Director Managing Director and Chief Executive Officer Michael Fraser Managing Director and Chief Executive Officer Executives Anthony Fowler Group General Manager Merchant Energy Ken Hodgson  Group General Manager Retail Energy Paul McWilliams Group Head of Corporate Support Services and Company Secretary Stephen Mikkelsen Chief Financial Officer Michael Moraza Group General Manager Upstream Gas Short-Term Benefits Post-  Employment Benefits Other Long-Term  Benefits Termination  Benefits Share Based Payments Executives Cash Salary  & Fees  $ Short-  Term   Incentives  $ Non- Monetary  (a) Benefits   $ Other  Short- Term (b)  Benefits $ Super- annuation  $ Retire- ment  Benefits  $ $ $ Rights $ Other Share  (c) Plans  $$^{(d)}$ Total  $ Value of  Equity as a  percentage  of Total Anthony Fowler 646,712  441,000  8,713   –  38,755  (e)  –   –   –  344,746   –  1,479,926  23.3% Michael Fraser 1,609,417 1,976,000  34,339   – 457,250   –   –   – 2,209,095   –  6,286,101  35.1% Ken Hodgson 687,485  475,200   –   –  29,515  (e)  –   –   –  359,582   –  1,551,782  23.2% Paul McWilliams  497,016  256,500  24,142   –  48,775  (e)  –   –   –  170,427 256,500  1,253,360  34.1% Stephen Mikkelsen  754,225  468,000   –   –  15,775   –   –   –  400,964   –  1,638,964  24.5% Michael Moraza 565,308  292,500   –   –  98,727   –   –   –  333,699   –  1,290,234  25.9% Total 4,760,163 3,909,200  67,194   – 688,797   –   –   – 3,818,513 256,500 13,500,367  Remuneration of Key Management Personnel for year ended 30 June 2012 (Senior Executives) 6.  Remuneration disclosures: KMP