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 Remuneration Committee reviews and sets the Chief Executive Officer’s remuneration. The Committee makes recommendations to the Board for its approval.
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, Mal Smith, is potentially eligible to receive a short term incentive payment of up to 10% of annual salary if individual KPIs are attained for the current year. The minimum potential value of this annual amount is zero. There are no short term incentive payments paid to other Executive Officers.
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 2016 and 2017.
Year ended 30 June 2018
|
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^ |
35,207 |
3,345 |
0 |
38,552 |
|
Member
Elected Director
|
Ian Armstrong
|
29,268
|
15,001
|
0
|
44,269
|
|
Member
Elected Director
|
John Bailey
|
40,428
|
3,841
|
0
|
44,269
|
|
Member
Elected Director
|
Jonathan Blocksidge
|
38,496
|
5,773
|
0
|
44,269
|
|
Member
Elected Director
|
Michael Kumm#
|
10,107
|
961
|
0
|
11,068
|
|
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 Stratfold
|
26,952
|
17,317
|
0
|
44,269
|
|
Member
Elected Director
|
Diane Helmich
|
40,428
|
3,841
|
0
|
44,269
|
|
Chief Executive
Officer
|
Mal Smith
|
287,656
|
24,996
|
0
|
312,652
|
|
Risk & Compliance Manager
|
Lisa Saunders
|
123,044
|
0
|
0
|
123,044
|
|
Marketing &
Communication
Consultant
|
Hilary Spear
|
150,684
|
14,316
|
0
|
165,000
|
|
General Manager -
Investment Governance
& Operations
|
Angelos Siapkas
|
212,785
|
20,215
|
0 |
233,000
|
^ Started 31 October 2017
# Retired 1 October 2017
*Short term incentive
Year ended 30 June 2017
|
Title
|
Name
|
Fees / Salary
|
Super
|
STI*
|
Total
Remuneration
|
|
Chairperson
|
Claire Higgins
|
83,267
|
7,910
|
0
|
91,177
|
|
Independent Director
|
Emery Feyzney
|
58,642
|
5,572
|
0
|
64,214
|
|
Member
Elected Director
|
Ian Armstrong
|
29,272
|
14,997
|
0
|
44,269
|
|
Member
Elected Director
|
John Bailey
|
40,428
|
3,841
|
0
|
44,269
|
|
Member
Elected Director
|
Jonathan Blocksidge
|
38,504
|
5,765
|
0
|
44,269
|
|
Member
Elected Director
|
Michael Kumm#
|
40,428
|
3,841
|
0
|
44,269
|
|
Member
Elected Director
|
Neville Pozzi
|
40,428
|
3,841
|
0
|
44,269
|
|
Member
Elected Director
|
Greg Paterson
|
27,265
|
17,004
|
0
|
44,269
|
|
Member
Elected Director
|
Elizabeth Stratfold
|
20,214
|
24,055
|
0
|
44,269
|
|
Member
Elected Director
|
Diane Helmich
|
40,428
|
3,841
|
0
|
44,269
|
|
Chief Executive
Officer
|
Mal Smith
|
270,935
|
34,992
|
0
|
305,927
|
|
Risk & Compliance Manager
|
Lisa Saunders
|
123,044
|
0
|
0
|
123,044
|
|
Marketing &
Communication
Consultant
|
Hilary Spear
|
159,994
|
0
|
0
|
159,994
|
|
General Manager -
Investment Governance
& Operations
|
Angelos Siapkas
|
184,200
|
17,499
|
0 |
201,699
|
*Short term incentive