I could have this wrong so suggest people DYOR. Pages 86 and 87 of the 2017 annual report is where you will find the details. It has been kindly pointed out to me by PM that probably there is no issue with partly paid shares previously issued at 63 cents to Geoff, (although clearly he will exercise them and it will be somewhat dilutive to future EPS) but its the options and the performance share rights that appear to confer a future obligation in terms of expense upon the company. Its all about as clear as the mud at a Rotorua hot pool though. Costs recorded last year of previous LTI schemes was about $2.5m, just on $3m the year before that. I expect that annual cost to head north at a very rapid rate. That said as long as the company keeps growing strongly it probably doesn't matter and Geoff deserves a very comfortable retirement, I have no issue with that but party paid shares, share options and performance rights, (3 different classes of long term incentive) as well as the usual short term incentive (AKA annual salary bonus) on top of an already lucrative salary package does make this hound scratch his head a bit.
I guess at least its only as a total,3.6% of market cap and its the benefits vest over quite some years and Geoff has helped create an awful lot of value for shareholders...
Wonder if the new CEO will do as good ????