Disclosure of remuneration practices as required by prudential standard CPS 511.
Remuneration of Directors and Executive Officers
The Board has implemented an annual assessment process for the periodic review and evaluation of the performance of the Board, Committees, individual Directors and the Chair. The Chair of the Board, who is an independent Director, meets with each Director annually to discuss the performance and effectiveness of the Board. An external independent review of Board skills and performance is engaged periodically.
Director remuneration consists of Board fees, superannuation guarantee contributions and the reimbursement of reasonable expenses, to reflect the demands on and responsibilities of Directors. Directors are not paid separate fees for their participation in board committees, except the Chair of the Investment Committee and Chair of the Finance, Risk, Audit and Compliance Committee, who from 1 October 2026 receive an additional fee for the extra work involved.
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.
Principles for determining remuneration arrangements for Directors and Executive Officers include:
Executive Officers’ remuneration comprises salaries, superannuation guarantee contributions, and in the case of the Chief Executive Officer, a discretionary short-term incentive payment and the reimbursement of reasonable expenses. The Chief Executive Officer is responsible for determining the remuneration of Executive Officers. Executive Officers are not paid variable remuneration. The Board reviews and approves the remuneration of the Directors and Executive Officers annually, on the recommendation of the Governance Remuneration & Nomination Committee, who holds four meetings throughout the year. Remuneration levels are benchmarked against independent external sources.
The Chief Executive Officer, Michelle Boucher, is potentially eligible to receive a short term incentive payment at the discretion of the Board if KPIs are attained for the current year. The minimum potential value of this annual amount is zero, and the maximum will not exceed the amounts requiring variable remuneration to be deferred by law.
Terms of employment and fixed remuneration are reflected in individual employment contracts with each Executive Officer, appointment agreements with each independent Director and letters of appointment with Member Representative Directors. Contracts are entered into on or prior to commencement in the individual’s position 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.
Remuneration information for key personnel including Directors and Executive Officers is contained in the Directors’ Report in the REI Super Financial Statements Year End 30 June 2026.