Trustee Board & Management

AvSuper Board Attendance for current Trustee Directors

As at 1 December 2016

Director name Number of Trustee Board meetings attended per financial year
2010 2011 2012 2013 2014 2015 2016 2017
D Allen 6 5 6 4 6 5 6 4
A Cooke N/A N/A N/A N/A 6 5 6 4
G Fishlock 6 5 6 4 6 5 6 4
L Cox N/A 5 5 4 6 4 5 4
B Firkins 6 5 6 4 6 5 6 4
M Farrell N/A N/A N/A N/A N/A 2 6 3
J-A Schafer N/A N/A N/A N/A N/A N/A 5 4
H Mathews N/A N/A N/A N/A N/A N/A 5# 4

Most AvSuper Directors also attend Board and Committee meetings during the year.

#joined the Board on 1 October 2015 so eligible for five meetings

AvSuper Trustee and Executive Officer remuneration

Current as at 27 September 2016

Policy principles

The key principles that underpin AvSuper’s Trustee and Executive Remuneration Policy are that remuneration levels will:

  • be linked to the “profit-for-members” philosophy and management of the Fund and comply with relevant legal requirements
  • for Executives – reward financial and non-financial performance by aligning corporate and individual performance
  • for Directors – be treated as financial compensation for individual directors for their efforts; for clarity this means that Directors’ Fees are not paid to any third party associated with the Director. Directors do not receive bonuses or other incentive payments.
  • reflect the market in which the Trustee operates, and which is referenced to appropriate external benchmarks for similar roles.

Trustee Director remuneration for the year ending 30 June 2016

AvSuper pays remuneration to Directors for their role on the Trustee Board, together with reimbursement of travel and other expenses properly incurred when attending to Fund business. AvSuper’s Directors are not paid any short or long term incentives, or given bonuses, equities or other retirement benefits while they hold (or when they cease to hold) office, other than superannuation benefits that have accrued under relevant legislation.

Trustee remuneration is reviewed annually by the Remuneration and Nominations Committee and the Trustee Board.

The total amounts paid to Directors as remuneration for the previous two financial years are shown below.

Name Remuneration*
(to year ending 30 June)
2016 2015
D Allen Directors Fees
Super (SG) contributions
Total
$48,833
$4,639
$53,472
$46,820
$4,448
$51,268
A Cooke Directors Fees
Super (SG) contributions
Total
$45,662
$4,338
$50,000
$44,076
$4,187
$48,263
L Cox Directors Fees
Super (SG) contributions
Total
$51,333
$4,877
$56,210
$45,662
$4,349
$50,011
M Farrell Directors Fees
Super (SG) contributions
Total
$42,491
$4,037
$46,528
$14,782
$1,404
$16,186
B Firkins Directors Fees
Super (SG) contributions
Total
$52,004
$4,940
$56,944
$52,004
$4,940
$56,944

G Fishlock,

Chair

Directors Fees
Super (SG) contributions
Total
$76,887
$7,304
$84,191
$84,212
$8,000
$92,212
J-A Schafer
appointed 28 July 2015
Directors Fees
Super (SG) contributions
Total
$4,077
$4,187
$48,264
$0
$0
$0
H Matthews
appointed 1 October 2015
Directors Fees
Super (SG) contributions
Total
$33,454
$3,178
$36,632
$0
$0
$0

 

Executive remuneration for the year ending 30 June 2016

Executive remuneration for the previous two financial years is shown below.

Executive’s base salary is determined with reference to external benchmarking data of equivalent roles in other financial services companies. Incentive remuneration is determined by the achievement of key performance indicators (KPIs). Executive’s KPIs are generally tied to the achievement of targets set in the Fund’s strategic and business plans.

The Chief Executive Officer’s remuneration  is reviewed by the Remuneration and Nominations Committee which then makes recommendations to the Trustee Board for approval. The CEO’s remuneration consists of a base salary (including superannuation) as fixed remuneration and an incentive remuneration component.

The Remuneration and Nominations Committee is also responsible for annually reviewing Executive’s performance against the required standard for their KPIs and makes recommendations to the Trustee Board about appropriate incentive remuneration for that year. Note any incentive payment not earned in a given financial year is forfeited (ie not carried forward into future years).

Executive personnel Date appointed Compensation Performance related incentive payments per financial year
Name Title   2015 2016 Amount Paid % paid % forfeited
M Wade  Chief Executive Officer & Company Secretary 4 Dec 2007 salary
super
total
$295,104
$28,359
$323,463
$347,500
$33,876
$381,376
 $41,438 (2015)
 $47,025 (2016)
 01/15
 12/15
 85%
 95%
 15%
  5%
A Ward Manager – Compliance, Risk Management & Governance 13 July 2009 salary
super
total
$170,000
$25,000
$195,000
$175,000
$28,159
$203,159
 $26,000 (2015)
 $33,250 (2016)
07/15
07/16
 89%
  95%
 11%
  5%

 

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Phone 1800 805 088 (Free call)
Email:
avsinfo@avsuper.com.au