Corporate Governance Remuneration
PRINCIPLE 8: Remunerate fairly and responsibly
HR & Remuneration Committee
Sally Pitkin (Chair)
As at the date of signing the Directors’ Report and throughout the financial year ended 30 June 2015, the HR & Remuneration Committee has comprised at least three members, all of whom were Non-Executive Directors and the majority of whom were independent Directors. At all times during the financial year the Chair of the Committee has been an independent Non-Executive Director.
To view a full copy of the HR & Remuneration Committee Charter, please click on the PDF file:
The HR & Remuneration Committee met six times during the year. Details of these Directors’ attendance at Committee meetings are set out in the Directors’ Report on page 18. The Committee may extend an invitation to any person to attend all or part of any meeting of the Committee that it considers appropriate but no executive may be present when the Committee considers that person’s remuneration.
The main functions of the Committee are to assist the Board in establishing human resource and remuneration policies and practices that:
in particular to:
The Committee reviews and sets key performance indicators (KPIs) for the executive leadership at or about the beginning of each financial year. The Committee evaluates these KPIs, which impact upon the discretionary element of the executive's remuneration, at or about the end of each reporting period.
The HR & Remuneration Committee has authority, within the scope of its responsibilities, to access personnel records, senior management and financial and legal advisors as appropriate.
The Human Resource & Remuneration Committee reports to, and makes recommendations to, the full Board in relation to each of its functions.
Structure of Remuneration
Details of the nature and amount of each element of the remuneration for Executive Directors, Non-Executive Directors and key management personnel of the Company, are set out in the 'Remuneration Report' section of the Directors' Report from pages 19-45.
There are no retirement benefits, other than statutory superannuation, for Non-Executive Directors of the Company.
In accordance with Group policy, participants in equity-based remuneration plans are not permitted to enter into any transactions that would limit the economic risk of options or other unvested entitlements. Details of this policy can be found in the Securities' Trading Policy on the Company's website.
To view a full copy of the Group Remuneration Policy, please click on the PDF file: