Corporate Governance Remuneration
PRINCIPLE 8: Remunerate fairly and responsibly
Human Resource and Remuneration Committee
Sally Pitkin (Chair)
The Human Resource and Remuneration Committee consists only of Non-Executive Directors and, since 29 May 2014, the Committee has been comprised of a majority of independent members. The Chair of the Committee is an independent Non-Executive Director. Throughout the financial year ended 30 June 2014 there have been at least 3 members on the Committee.
The Committee may extend an invitation to any person to attend all or part of any meeting of the Committee which it considers appropriate but no member of management may be present when the Committee considers that person's remuneration.
The Human Resource and Remuneration Committee met four times during the year. Details of these Directors' attendance at Committee meetings are set out in the Directors' Report on page 19.
The main functions of the Committee are to assist the Board in establishing human resource and remuneration policies and practices which:
in particular to:
The Committee reviews and sets key performance indicators (KPIs) relating to financial and non-financial targets for senior management at the commencement of each financial year. These KPIs are evaluated at the end of each reporting period and impact on the discretionary element of the Executive's remuneration.
The Human Resource and 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 20-46.
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: