CCA's Long Term Incentive Plan is an equity incentive plan used to align the reward of the company's senior executives to the returns generated for its shareholders.
Despite an improved showing last year, the minimum performance requirements for CCA's 2013-2015 Long Term Incentive Plan were not met, according to the company's 2015 Annual Report released this week.
"Our historic three year performance was below the targets that were set back in 2013," the company said.
"This is the third consecutive Long Term Incentive Award that has failed to vest and is a disappointing outcome for CCA and the participants."
The senior executives had an earnings per share (EPS) growth target of six per cent. Two consecutive years of EPS declines meant average growth was -10.1 per cent over the three year period, despite positive EPS growth of 4.7 per cent in 2015.
Over the three years, CCA also fell well short of the required benchmark for Relative Total Shareholder Return versus both its consumer staples and ASX peer groups.
Rallying performance
However, executives' short-term incentives reflected CCA's rallying performance of 2015.
Group Managing Director Alison Watkins received $1,095,150 under the Short Term Incentive Program (STIP), bringing her total remuneration for 2015 to $3,385,632.
Managing Director Australian Beverages Barry O'Connell received $344,013 under the STIP, bringing his total remuneration to $1,540,005.
"We set very clear performance expectations for the group at the outset of the year," said CCA's People Committee Chairman Anthony G. Froggatt.
"Our performance objectives for each executive mirrored those commitments and our achievements against those objectives have been reflected in the 2015 Short Term Incentive Plan outcomes described in this report," he said.
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