Remuneration repor t (cont’d) Mr Coulter 3.5 Short Term Incentive: Targets and Outcomes Mr Merlicek Mr Mota Mr Riordan Mr Stephen Managing Director Executive KMP During the financial year ended 30 June 2012, Mr Coulter  received a remuneration package comprising total fixed  remuneration of $322,000. Mr Coulter was entitled to a total  STI opportunity of up to a maximum of $128,800 based on  achievement of superior performance against set targets. The  Managing Director assessed Mr Coulter’s performance against  those targets and determined a total STI amount of $125,000. During the financial year ended 30 June 2012, Mr Merlicek  received a remuneration package comprising total fixed  remuneration of $375,000. Mr Merlicek was entitled to a total  STI opportunity of up to a maximum of $375,000 based on  achievement of superior performance against set targets. In  August 2012 the Managing Director assessed Mr Merlicek’s  performance against those targets and was not awarded an  STI for 2012. During the financial year ended 30 June 2012, Mr Mota  received a remuneration package comprising total fixed  remuneration of $350,000. Mr Mota was entitled to a total  STI opportunity of up to a maximum of $140,000 based on  achievement of superior performance against set targets. The  Managing Director assessed Mr Mota’s performance against  those targets and determined a total STI amount of $125,000. During the financial year ended 30 June 2012, Mr Riordan  received a remuneration package comprising total fixed  remuneration of $410,000. Mr Riordan was entitled to a total  STI opportunity of up to a maximum of $164,000 based on  achievement of superior performance against set targets. The  Managing Director assessed Mr Riordan’s performance against  those targets and determined a total STI amount of $155,000. During the financial year ended 30 June 2012, Mr Stephen  received a remuneration package comprising total fixed  remuneration of $250,000. Mr Stephen was entitled to a total  STI opportunity of up to a maximum of $100,000 based on  achievement of superior performance against set targets. In  August 2012 the Managing Director assessed Mr Stephen’s  performance against those targets and determined an STI  amount of $55,000. The Managing Director’s Short Term Incentive targets/ objectives for the 2011/2012 performance period included,  but were not limited to, responsibility and oversight of the  IOOF Group’s risk management; compliance and governance  framework; product and system rationalisation; evaluate  acquisition opportunities to create shareholder wealth;  succession planning; and creating cost efficiencies. The Board  through its Remuneration Committee assessed each of the  Managing Director’s targets and awarded a STI amount of  $626,400. Each Executive KMP is provided with a number of targets at  the beginning of the performance period that are set and  agreed with the Managing Director. Each Executive KMP  has included in their targets an objective relating to risk  management, regulatory and company compliance and  ensuring that all outcomes from internal and external audit are  actioned tested. In addition Executive KMP has specific targets  relating to their business and aligned targets with other KMP  to ensure they are working towards the Company’s overall  objectives. At the end of the performance period, their targets were  assessed by the Managing Director and considered and  approved by both the Remuneration Committee and the  Board. The outcome of each assessment is set out in Section  3.4 above. page 36