Remuneration

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