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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
112 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
26 Share-based payments (continued)
(e) Recognition and measurement (continued)
Equity-settled transactions (continued)
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a
market condition.
Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had
not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of
the modification, as measured at the date of modification.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense
not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled
award, and designated as a replacement award on the date that it is granted, the cancelled and new award is treated as
if it was a modification of the original award, as described in the previous paragraph.
Upon the settlement of equity settled share awards, the balance of the share-based payments reserve relating to those
rights and awards is transferred to share capital. The dilutive effect, if any, of outstanding rights is reflected as additional
share dilution in the computation of diluted earnings per share.
27 Related party transactions
(a) Transactions with other related parties
During the financial year, a wholly-owned subsidiary paid dividends of $22,000,000 (2015: $48,000,000) to
Independence Group NL. This amount has been eliminated on consolidation for the purposes of calculating the profit of
the Group for the financial year.
Loans were made between Independence Group NL and certain entities in the wholly-owned group. The loans
receivable from controlled entities are interest-free and repayable on demand.
(b) Key management personnel
Compensation of key management personnel
2016
$
2015
$
Short-term employee benefits
4,162,227
3,212,925
Post-employment benefits
302,964
242,994
Long-term benefits
45,191
40,301
Share-based payments
474,978
607,413
4,985,360
4,103,633
Detailed remuneration disclosures are provided in the remuneration report on pages 44 to 58.
Independence Group NL
84