Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 1 - Annual financial reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 300C   ANNUAL DIRECTORS ' REPORT - REGISTRABLE SUPERANNUATION ENTITIES  

Remuneration

300C(1)    
The directors ' report for a financial year for a registrable superannuation entity must also include (in a separate and clearly identified section of the report):

(a)    the prescribed details in relation to the remuneration of each member of the key management personnel for the registrable superannuation entity; and

(b)    such other matters (if any) relating to such remuneration as are prescribed by the regulations.

300C(2)    
The material referred to in subsection (1) must be included in the directors ' report under the heading " Remuneration report " .

300C(3)    
Without limiting paragraph (1)(a) , the regulations may:

(a)    provide that the value of an element of remuneration is to be determined, for the purposes of this section, in a particular way or by reference to a particular standard; and

(b)    provide that details to be given of an element of remuneration must relate to the remuneration provided in:

(i) the financial year to which the directors ' report relates; and

(ii) the earlier financial years specified in the regulations.

Non-audit services and auditor independence

300C(4)    
The directors ' report for a registrable superannuation entity for a financial year must also include the following in relation to each auditor:

(a)    details of the amounts paid or payable to the auditor for non-audit services provided, during the year, by the auditor (or by another person or firm on the auditor ' s behalf);

(b)    a statement whether the directors are satisfied that the provision of non-audit services, during the year, by the auditor (or by another person or firm on the auditor ' s behalf) is compatible with the general standard of independence for auditors imposed by this Act;

(c)    a statement of the directors ' reasons for being satisfied that the provision of those non-audit services, during the year, by the auditor (or by another person or firm on the auditor ' s behalf) did not compromise the auditor independence requirements of this Act.

300C(5)    
The details and statements mentioned in subsection (4) must be included in the directors ' report under the heading " Non-audit services " .

300C(6)    
For the purposes of paragraph (4)(a) , the details of amounts paid or payable to an auditor for non-audit services provided, during the year, by the auditor (or by another person or firm on the auditor ' s behalf) are:

(a)    the name of the auditor; and

(b)    the dollar amount that:

(i) the registrable superannuation entity; or

(ii) the RSE licensee for the registrable superannuation entity;

paid, or is liable to pay, for each of those non-audit services.

300C(7)    
The statements under paragraphs (4)(b) and (c) must be made in accordance with advice provided by the registrable superannuation entity ' s audit committee.

300C(8)    
For the purposes of subsection (7) , a statement is taken to be made in accordance with advice provided by the registrable superannuation entity ' s audit committee only if:

(a)    the statement is consistent with that advice and does not contain any material omission of material included in that advice; and

(b)    the advice is endorsed by a resolution passed by the members of the audit committee; and

(c)    the advice is written advice signed by a member of the audit committee on behalf of the audit committee and given to the directors.

Audit

300C(9)    
If an individual plays a significant role in the audit of a registrable superannuation entity for a financial year in reliance on an approval granted under section 324DAA , the directors ' report for the entity for the financial year must also include details of, and reasons for, the approval.

300C(10)    
If a registered company auditor plays a significant role in the audit of a registrable superannuation entity for a financial year in reliance on a declaration made under section 342A , the directors ' report for the entity for the financial year must also include details of the declaration.