Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 4 - Deferred remuneration obligations  

SECTION 37EA   Meaning of variable remuneration  

(1)  
The variable remuneration of an accountable person of an ADI, or a subsidiary of an ADI:


(a) means so much of the accountable person ' s total remuneration as is conditional on the achievement of objectives; and


(b) includes so much of the accountable person ' s total remuneration as is remuneration of a kind determined under paragraph (3)(a) or (4)(a).

(2)  
However, remuneration of a kind determined under paragraph (3)(b) or (4)(b) is not variable remuneration of an accountable person of an ADI, or a subsidiary of an ADI.

(3)  
APRA may, by written notice given to an ADI, or a subsidiary of an ADI, determine that:


(a) remuneration of a particular kind, of one or more accountable persons of the ADI or subsidiary, is variable remuneration; or


(b) remuneration of a particular kind, of one or more accountable persons of the ADI or subsidiary, is not variable remuneration.

A determination under this subsection may apply to all accountable persons of the ADI or subsidiary, or be limited to a particular accountable person or class of accountable persons of the ADI or subsidiary.

(4)  
APRA may, by legislative instrument, determine that:


(a) remuneration of a particular kind is variable remuneration; or


(b) remuneration of a particular kind is not variable remuneration.




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