Disclosure of remuneration as required by section 29QB of the Superannuation Industry (Supervision) Act
Remuneration of Directors and Executive Officers
This remuneration disclosure covers the basis of remuneration of Directors and Executive Officers of REI Super.
The Board has implemented a process for the periodic review and evaluation of its performance and the performance of its committees, individual Directors and Executive Officers.
Director remuneration consists of Board fees, superannuation guarantee contributions and the reimbursement of reasonable expenses. The fees reflect the demands on and responsibilities of those Directors. Directors are not paid separate fees for their participation in board committees.
Executive Officers’ remuneration comprises salaries, superannuation guarantee contributions, and in the case of the Chief Executive Officer, a short-term incentive payment and the reimbursement of reasonable expenses. The Chief Executive Officer is responsible for determining the remuneration of Executive Officers. The Board reviews and approves the remuneration of the Chief Executive Officer, Directors and Executives, on the recommendation of the Governance Remuneration & Nomination Committee.
Director and Executive Officer remuneration, including the Chief Executive Officer’s, is reviewed annually. Remuneration levels are benchmarked against independent external sources. The Directors and Executive Officers are paid in accordance with the Fund’s Remuneration Policy. In the case of Directors fees, they may be paid to the Director or salary sacrificed as superannuation contributions.
The Chief Executive Officer, Jarrod Coysh, is potentially eligible to receive a short term incentive payment of up to 20% of annual salary if individual KPIs are attained for the current year. The minimum potential value of this annual amount is zero.
Terms of employment and remuneration are reflected in individual employment contracts with each Executive Officer. Contracts are entered into on commencement in the position as an Executive Officer with REI Super. Terms of employment for Executive officers, where applicable, also include long term employee benefits such as applicable long service leave consistent with state legislation.
The following table sets out the detailed remuneration paid and payable to each Director and Executive Officer for the financial years ending 30 June 2019 and 2020.
Year ended 30 June 2020
|
Title
|
Name
|
Fees / Salary
|
Super
|
STI*
|
Total
Remuneration
|
|
Chairperson
|
Claire Higgins
|
85,183
|
8,092
|
0
|
93,275
|
|
Independent Director
|
Emery Feyzney
|
59,992
|
5,699
|
0
|
65,692
|
| Independent Director |
Michelle Beveridge |
63,156 |
5,999 |
0 |
69,156 |
|
Member
Elected Director
|
Ian Armstrong
|
30,188
|
15,088
|
0
|
45,276
|
|
Member
Elected Director
|
Richard Simpson
|
31,018
|
2,946
|
0
|
33,965
|
|
Member
Elected Director
|
John Bailey1
|
13,782
|
1,309
|
0
|
15,092
|
|
Member
Elected Director
|
Jonathan Blocksidge
|
39,420
|
5,860
|
0
|
45,280
|
|
Member
Elected Director
|
Neville Pozzi
|
41,348
|
3,928
|
0
|
45,276
|
|
Member
Elected Director
|
Greg Paterson
|
34,148
|
11,128
|
0
|
45,276
|
|
Member
Elected Director
|
Elizabeth Stratfold2
|
0
|
15,092
|
0
|
15,092
|
|
Member
Elected Director
|
Diane Helmich
|
41,348
|
3,928
|
0
|
45,276
|
|
Chief Executive
Officer
|
Jarrod Coysh |
327,447 |
23,303 |
55,407 |
406,157 |
|
Chief Executive
Officer
|
Mal Smith3
|
179,479
|
8,333
|
0
|
187,812
|
|
Group Executive
Governance
Risk & Compliance
|
Lisa Saunders
|
162,505
|
0
|
0
|
162,505
|
|
Group Executive
Member Services
|
Kimbra Jones |
127,535 |
12,115 |
0 |
139,651 |
|
General Manager -
Investment Governance
& Operations
|
Angelos Siapkas
|
237,444
|
22,557
|
32,576
|
292,577
|
|
General Manager -
Marketing & Growth
|
Andrew Tait |
220,537 |
18,749 |
14,885 |
254,173 |
Year ended 30 June 2019
|
Title
|
Name
|
Fees / Salary
|
Super
|
STI*
|
Total
Remuneration
|
|
Chairperson
|
Claire Higgins
|
74,268
|
16,910
|
0
|
91,178
|
|
Independent Director
|
Emery Feyzney
|
58,644
|
5,572
|
0
|
64,216
|
| Independent Director |
Michelle Beveridge |
52,776 |
5,014 |
0 |
57,790 |
|
Member
Elected Director
|
Ian Armstrong
|
29,268
|
15,001
|
0
|
44,269
|
|
Member
Elected Director
|
John Bailey1
|
40,428
|
3,841
|
0
|
44,269
|
|
Member
Elected Director
|
Jonathan Blocksidge
|
38,496
|
5,773
|
0
|
44,269
|
|
Member
Elected Director
|
Neville Pozzi
|
40,428
|
3,841
|
0
|
44,269
|
|
Member
Elected Director
|
Greg Paterson
|
32,228
|
12,041
|
0
|
44,269
|
|
Member
Elected Director
|
Elizabeth Stratfold2
|
26,952
|
17,317
|
0
|
44,269
|
|
Member
Elected Director
|
Diane Helmich
|
40,428
|
3,841
|
0
|
44,269
|
|
Chief Executive
Officer
|
Mal Smith3
|
287,656
|
24,996
|
0
|
312,652
|
|
Risk & Compliance Manager
|
Lisa Saunders
|
126,004
|
0
|
0
|
126,004
|
|
Marketing &
Communication
Consultant
|
Hilary Spear4
|
154,233
|
14,644
|
0
|
168,795
|
|
General Manager -
Investment Governance
& Operations
|
Angelos Siapkas
|
220,233
|
20,922
|
0
|
241,155
|
1Retired 30 September 2019
2Resigned 14 October 2019
3Resigned 31 May 2019
4Resigned 21 May 2019
*Short term incentive