Correction to Remuneration Report
APA Group (ASX: APA) has identified that the current termination payments of CEO and Managing Director, Mick McCormack, were incorrectly stated in the Remuneration Report contained within the Annual Financial Results lodged with the Australian Securities Exchange on 22 August 2018.
In particular, the Remuneration Report did not correctly describe the termination entitlements due to Mr McCormack on cessation of employment.
The terms of Mr McCormack’s employment agreement, as varied in February 2013, are summarised in Attachment 1.
The section of the Remuneration Report dealing with the contractual arrangements of key management personnel (KMP) (being section 5.1) has been updated and is set out in Attachment 2. The termination payments were also not correctly stated in previous Remuneration Reports.