BWP TRUST ANNUAL REPORT 2015
48
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2015
16. RELATED PARTY DISCLOSURES (CONTINUED)
(c) Economic dependency
93.7 per cent (2014: 94.6 per cent) of the Trust’s rental income
received during the year was from Bunnings Group Limited,
J Blackwood and Son Pty Limited and Officeworks Superstores Pty Ltd,
all controlled entities of Wesfarmers Limited.
(d) Other transactions
i) In November 2014, the Trust committed to acquire a Bunnings
Warehouse development site in Australind, Western Australia from
Bunnings Group Limited. The purchase price and development fee
totalling $17.9 million was paid in June 2015.
ii) During the year, the Trust made the following payments to
Bunnings Group Limited in relation to warehouse developments:
Property
$ million
Brendale
19.2
Manly West
21.3
Maribyrnong
32.0
Minchinbury
8.6
West Ipswich
17.9
iii) In June 2014, The Trust entered into a contract to sell to Bunnings
Group Limited, the Bunnings Warehouse at Sunshine, Victoria for
$13.0 million, with settlement occurring in December 2014.
iv) In July 2014, the Trust entered into a contract to sell to Bunnings
Group Limited, the Bunnings Warehouse in Coffs Harbour, New
SouthWales for $7.3 million, with settlement occurring in May 2015.
v) The Trust reimbursed Bunnings Group Limited for minor capital
works and repairs and maintenance incurred to the Trust’s
properties for which the Trust had a contractual obligation to incur.
17. DIRECTOR AND EXECUTIVE DISCLOSURES
(a) Details of key management personnel
The following persons were key management personnel of the
responsible entity, BWP Management Limited, during the financial year:
Chairman – non-executive
Mr J A Austin
Managing Director
Mr M J Wedgwood
Non-executive directors
Mr J K Atkins
Mr E Fraunschiel (from 1 February 2015)
Ms F E Harris
Mr R D Higgins
Mr A J Howarth
Mr M J G Steur (from 1 February 2015)
(b) Remuneration policy
Remuneration expenses of the directors and executives of the
responsible entity are not borne by the Trust. Directors are
remunerated by the responsible entity and management services are
provided to the responsible entity by Wesfarmers Limited.
The right of the responsible entity to be remunerated and indemnified
by the Trust is set out in the constitution of the Trust and summarised
in Note 2. The constitution is lodged with ASIC and is available to
unitholders on request.
For the financial year ended 30 June 2015, each director was entitled
to director’s fees and/or superannuation for their services and the
reimbursement of reasonable expenses.
The fees paid reflect the demands on, and the responsibilities of, those
directors. The advice of independent remuneration consultants is taken to
establish that the fees are in line with market standards. Directors do not
receive option or bonus payments, nor do they receive retirement benefits
in connection with their directorships other than statutory superannuation.
There are no equity incentive schemes in relation to the Trust.
Wesfarmers Limited employees seconded to the responsible
entity to provide management services to the Trust are engaged in
dedicated roles to act exclusively for the responsible entity on behalf
of the Trust and are paid directly by Wesfarmers Limited. Short-term
incentives paid by Wesfarmers Limited to employees engaged by the
responsible entity are based entirely on the performance of the Trust
and furthering the objectives of the Trust.
FINANCIAL REPORT
