Principle 8: Remunerate fairly and responsibly
Companies should ensure that the level and composition of remuneration is sufficient and reasonable and that its relationship to performance is clear.
• Remuneration Committee
• Expense reimbursement
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Remuneration CMIL does not have a remuneration committee, as it does not employ any personnel directly.
The remuneration arrangements for the Directors are set by CMIL’s parent entity, through the Bank’s People and Remuneration Committee. Only independent Directors are remunerated for their duties – it is the practice of the Bank that no senior executives of the Bank are remunerated for director appointments.
During the 2010-11 financial year, the remuneration paid to Directors of CMIL by the Bank was as follows:
| Director |
Category |
Remuneration |
| R M Haddock |
Independent non-executive Director |
$154,620 |
| J F Kropp |
Independent non-executive Director |
$95,100 |
| N J Milne |
Independent non-executive Director |
$86,100 |
| G A Peterson |
Executive Director |
Nil |
| M J Venter |
Executive director |
Nil |
| G Johnston |
Executive Director |
Nil |
Director remuneration is not paid by the Fund. The remuneration paid to independent Directors is for the duties undertaken for CMIL (as a Responsible Entity, AFSL, Manager and company), including all of the funds it issues being its ASX-listed and its unlisted property funds, both wholesale and retail. Remuneration is not linked to the number of funds on issue, rather to the scope and complexity of the business activities of CMIL.
The Bank’s People and Remuneration Committee considers senior executive appointments and associated remuneration. It operates in accordance with a Charter and comprises only independent Directors of the Bank.
It is the Bank’s policy to set remuneration that is competitive so as to attract, motivate and retain high calibre local and international executive staff.
Details of the Bank’s Remuneration Committee can be found in the Corporate Governance section of the Bank’s website.
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Expense reimbursement
Directors and the Compliance Committee members are entitled to be reimbursed for reasonable expenses incurred in the performance of their duties.
