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Process to determine 2015 incentives

Process to determine 2015 incentives

Incentive pool funding and individual allocations

Once the GRHRC sets the overall business unit and functions’ incentive pools, the Group goes through a structured process to ensure that individual allocations are appropriate as described below.

1. The GRHRC determines Group, business unit and function incentive pools.
2. Managers assess individual performance against individual objectives and behaviour in line with our Balanced Scorecard and Values.
3. Managers recommend individual annual bonus awards, driven by individual performance, market competitiveness and risk and conduct events.
4. Consistency checks are conducted at Group, business unit or function level.
5. The GRHRC reviews and approves incentive pools and individual awards.
6. The total incentive pool is approved by the GACC, based on the Group’s 2015 financial performance.
1 Excludes Woolworths Financial Services Proprietary Limited. These incentives are subject to oversight by the independent Board Remuneration Committee at Woolworths.
2 Entity-related adjustments for consolidation differences between GRHRC oversight and the income statement.
3 Reclassification of non-performance costs.