Mike Smith and gardening leave

ANZ's disclosure of the succession of Elliott to Group CEO and Mike Smith's retirement is good as it deals with the arrangements for both. Smith's contract entitled ANZ to terminate on 12 months' notice or pay in lieu of notice. The upshot is that he will receive his annual fixed remuneration of $3.4 million up until 7 July 2016. He will work 3 months as CEO until 31 December 2015. He will then be on leave for 6 months (known as gardening leave and indulging his vineyard interests might actually come close to gardening) and he will receive 3 months' pay in lieu of notice. He is entitled to be considered for a STI award for FY2015 (ANZ's financial year ended 30 September 2015) but will not receive any STI award for FY2016. His unvested LTI awards and deferred STI will remain 'on foot' and remain subject to performance hurdles being met . What is worth noting as different is the consulting arrangement for 12 months from 11 July 2016 at $250k plus expenses.