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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F/A No. 1

(Mark One)


o		REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934


þ		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 31 March 2011


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o		SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from to

Commission file number 1-15240

JAMES HARDIE INDUSTRIES SE

(Exact name of Registrant as specified in its charter)

N/A
(Translation of Registrant’s name into English)

Ireland
(Jurisdiction of incorporation or organization)

Europa House, Second Floor
Harcourt Center
Harcourt Street, Dublin 2, Ireland
(Address of principal executive offices)

Marcin Firek
(Contact name)


353 1411 6924 (Telephone)		353 1479 1128 (Facsimile)

Securities registered or to be registered pursuant to Section 12(b) of the Act:


Title of each class:		Name of each exchange on which registered:
Common stock, represented by CHESS Units of Foreign Securities		New York Stock Exchange*
CHESS Units of Foreign Securities		New York Stock Exchange*
American Depositary Shares, each representing five units of CHESS Units of Foreign Securities		New York Stock Exchange


*		Listed, not for trading, but only in connection with the registered American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission

Securities registered or to be registered pursuant to Section 12(g) of the Act.
None.
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None.

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report 436,386,587 shares of common stock at 31 March 2011.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. þ Yes o No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. o Yes þ No

Note — Checking the box will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See the definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer þ		Accelerated filer o		Non-accelerated filer o

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:


U.S. GAAP þ	International Financial Reporting Standards as issued by the International Accounting Standards Board o	Other o

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

o Item 17 o Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes þ No


54	James Hardie Annual Report 2011

REMUNERATION REPORT

(CONTINUED)

5.2 Equity Holdings for the Years Ended 31 March 2011 and 2010

(a) Options


			Exercise		Holding				Total						Value at				Value at		Holding		Weighted
			Price		at				Value at						Exercise				Lapse		at		Average
	Grant		per right		1 April				Grant¹						per right²				per right³		31 March		Fair Value
Name	Date		(A$)		2010		Granted		(US$)		Vested		Exercised		(US$)		Lapsed		(US$)		2011		per right⁴
Senior Executives


Louis Gries		3-Dec-02⁶	$	6.4490		325,000		325,000	$	210,633		325,000		–		–		–		–		325,000	$	0.6481

		5-Dec-03⁵	$	7.0500		325,000		325,000	$	338,975		325,000		–		–		–		–		325,000	$	1.0430

		22-Nov-05⁶	$	8.5300		1,000,000		1,000,000	$	2,152,500		–		–		–		1,000,000		–		–	$	2.1525

		21-Nov-06⁷	$	8.4000		415,000		415,000	$	888,100		415,000		–		–		–		–		415,000	$	2.1400

		21-Nov-06⁷	$	8.4000		381,000		381,000	$	1,131,570		228,600		–		–		–		–		381,000	$	2.9700

		29-Aug-07⁷	$	7.8300		445,000		445,000	$	965,650		445,000		–		–		–		–		445,000	$	2.1700

		29-Aug-07⁷	$	7.8300		437,000		437,000	$	1,302,260		244,720		–		–		–		–		437,000	$	2.9800


Russell Chenu		22-Feb-05⁵	$	6.3000		93,000		93,000	$	107,973		93,000		–		–		–		–		93,000	$	1.1610

		22-Nov-05⁶	$	8.5300		90,000		90,000	$	193,725		–		–		–		90,000		–		–	$	2.1525

		21-Nov-06⁷	$	8.4000		65,000		65,000	$	139,100		65,000		–		–		–		–		65,000	$	2.1400

		21-Nov-06⁷	$	8.4000		60,000		60,000	$	178,200		36,000		–		–		–		–		60,000	$	2.9700

		29-Aug-07⁷	$	7.8300		68,000		68,000	$	147,560		68,000		–		–		–		–		68,000	$	2.1700

		29-Aug-07⁷	$	7.8300		66,000		66,000	$	196,680		36,960		–		–		–		–		66,000	$	2.9800


Robert Cox		–		–		–		–		–		–		–		–		–		–		–		–


Mark Fisher		17-Dec-01	$	5.0586		68,283		68,283	$	28,904		68,283		68,283		1.7114		–		–		–	$	0.4233

		3-Dec-02	$	6.4490		74,000		74,000	$	47,959		74,000		–		–		–		–		74,000	$	0.6481

		5-Dec-03	$	7.0500		132,000		132,000	$	137,676		132,000		–		–		–		–		132,000	$	1.0430

		14-Dec-04	$	5.9900		180,000		180,000	$	183,276		180,000		–		–		–		–		180,000	$	1.0182

		1-Dec-05	$	8.9000		190,000		190,000	$	386,137		190,000		–		–		–		–		190,000	$	2.0323

		21-Nov-06	$	8.4000		158,500		158,500	$	291,069		158,500		–		–		–		–		158,500	$	1.8364

		10-Dec-07	$	6.3800		277,778		277,778	$	275,084		277,778		–		–		–		–		277,778	$	0.9903


Nigel Rigby		17-Dec-01	$	5.0586		20,003		20,003	$	8,467		20,003		–		–		–		–		20,003	$	0.4233

		3-Dec-02	$	6.4490		27,000		27,000	$	17,499		27,000		–		–		–		–		27,000	$	0.6481

		5-Dec-03	$	7.0500		33,000		33,000	$	34,419		33,000		–		–		–		–		33,000	$	1.0430

		14-Dec-04	$	5.9900		180,000		180,000	$	183,276		180,000		–		–		–		–		180,000	$	1.0182

		1-Dec-05	$	8.9000		190,000		190,000	$	386,137		190,000		–		–		–		–		190,000	$	2.0323

		21-Nov-06	$	8.4000		158,500		158,500	$	291,069		158,500		–		–		–		–		158,500	$	1.8364

		10-Dec-07	$	6.3800		277,778		277,778	$	275,084		277,778		–		–		–		–		277,778	$	0.9903


James Hardie Annual Report 2011	55

(b) RSUs


		Holding				Total						Holding		Weighted
		at				Value at						at		Average
	Grant	1 April				Grant¹						31 March		Fair Value
Name	Date	2010		Granted		(US$)		Vested		Lapsed		2011		per unit⁴
Senior Executives


Louis Gries	15-Sep-08⁸		201,324		201,324	$	746,107		201,324		–		–	$	3.7060
	15-Sep-08⁹		558,708		558,708	$	1,592,318		–		–		558,708	$	2.8500
	29-May-09		487,446		487,446	$	1,640,256		–		–		487,446	$	3.3650
	15-Sep-09⁹		234,900		234,900	$	1,176,849		–		–		234,900	$	5.0100
	11-Dec-09⁹		81,746		81,746	$	564,865		–		–		81,746	$	6.9100
	07-Jun-10¹¹		–		360,267	$	2,142,760		–		–		360,267	$	5.9477
	15-Sep-10⁹		–		577,255	$	2,595,627		–		–		577,255	$	4.4965


Russell Chenu	15-Sep-08⁹		108,637		108,637	$	309,615		–		–		108,637	$	2.8500
	29-May-09		94,781		94,781	$	318,938		–		–		94,781	$	3.3650
	15-Sep-09⁹		45,675		45,675	$	228,832		–		–		45,675	$	5.0100
	11-Dec-09⁹		15,895		15,895	$	109,834		–		–		15,895	$	6.9100
	07-Jun-10¹¹		–		70,052	$	416,648		–		–		70,052	$	5.9477
	15-Sep-10⁹		–		72,157	$	324,454		–		–		72,157	$	4.4965


Robert Cox	15-Sep-08⁹		155,196		155,196	$	442,309		–		62,504		92,692	$	2.8500
	29-May-09		135,402		135,402	$	455,628		–		61,580		73,822	$	3.3650
	15-Sep-09⁹		65,250		65,250	$	326,903		–		65,250		–	$	5.0100
	11-Dec-09⁹		22,707		22,707	$	156,905		–		22,707		–	$	6.9100
	07-Jun-10¹¹		–		100,074	$	595,210		–		96,788		3,286	$	5.9477


Mark Fisher	17-Jun-08¹⁰		36,066		36,066	$	144,625		36,066		–		–	$	4.0100
	17-Dec-08⁹		116,948		116,948	$	268,980		–		–		116,948	$	2.3000
	29-May-09		77,548		77,548	$	260,949		–		–		77,548	$	3.3650
	15-Sep-09⁹		39,150		39,150	$	196,142		–		–		39,150	$	5.0100
	11-Dec-09⁹		13,624		13,624	$	94,142		–		–		13,624	$	6.9100
	07-Jun-10¹¹		–		60,044	$	357,124		–		–		60,044	$	5.9477
	15-Sep-10⁹		–		67,003	$	301,279		–		–		67,003	$	4.4965


Nigel Rigby	17-Jun-08¹⁰		36,066		36,066	$	144,625		36,066		–		–	$	4.0100
	17-Dec-08⁹		116,948		116,948	$	268,980		–		–		116,948	$	2.3000
	29-May-09		77,548		77,548	$	260,949		–		–		77,548	$	3.3650
	15-Sep-09⁹		39,150		39,150	$	196,142		–		–		39,150	$	5.0100
	11-Dec-09⁹		13,624		13,624	$	94,142		–		–		13,624	$	6.9100
	07-Jun-10¹¹		–		60,044	$	357,124		–		–		60,044	$	5.9477
	15-Sep-10⁹		–		72,157	$	324,454		–		–		72,157	$	4.4965


¹		Total Value at Grant = Weighted Average Fair Value per right multiplied by number of rights granted.

²		Value at Exercise/right = Value Market Value of a share of the company’s stock at Exercise less the Exercise price per right.

³		Value at Lapse/right = Fair Market Value of a share of the company’s stock at Lapse less the Exercise price per right.

⁴		Weighted Average Fair Value per right is estimated on the date of grant using the Black-Scholes option-pricing model or Monte Carlo option pricing method, depending on the plan the options were issued under.

⁵		Options granted under 2001 JHI SE Equity Incentive Plan. See section 7, page 58 for summary of key terms of options granted.

⁶		Options granted under 2005 Managing Board Transitional Stock Option Plan. See section 7, page 60 for summary of key terms of options granted.

⁷		Options granted under James Hardie Industries Long-Term Incentive Plan 2006 (LTIP). See section 7, pages 59-60 for summary of key terms of options granted.

⁸		Deferred Bonus RSUs granted under Deferred Bonus Program and LTIP. See section 7, page 61 for key terms of Deferred Bonus RSUs.

⁹		Relative TSR RSUs granted under LTIP. See section 7, page 59 for key terms of Relative TSR RSUs.

¹⁰		Deferred Bonus RSUs granted under Deferred Bonus Program and 2001 JHI SE Equity Incentive Plan.

¹¹		Hybrid RSUs (formerly Executive Incentive Plan RSUs) granted under LTIP. See Section 7, Page 60 for key terms of Hybrid RSUs.


SIGNATURES
Exhibit Index
EX-12.1
EX-12.2
EX-13.1


	JAMES HARDIE INDUSTRIES SE
	By:	/s/ Louis Gries
		Louis Gries
		Chief Executive Officer


Exhibit
Number		Description of Exhibits
12.1		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12.2		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

13.1		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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