Superannuation Industry (Supervision) Regulations 1994

PART 2 - INFORMATION FOR CERTAIN PARTIES  

Division 2.6 - Remuneration of executive officers and individual trustees  

REGULATION 2.37   PRESCRIBED DETAILS  

2.37(1)  
For paragraph 29QB(1)(a) of the Act, details of the kind set out in the table are prescribed in relation to:


(a) an executive officer of the RSE licensee of a registrable superannuation entity (a relevant executive officer ) or


(b) an individual trustee of a registrable superannuation entity (a relevant individual trustee ).


Prescribed remuneration details
Item Condition (if any) Details
General
1 The name of the each person who is a relevant executive officer or relevant individual trustee
2 If a person:
(a) began to hold a position as a relevant executive officer or relevant individual trustee during the current financial year; or
(b) retired from a position as a relevant executive officer or relevant individual trustee during the current financial year
The date on which the person:
(a) began holding the position; or
(b) retired from the position
3 If the position of a person who is either of the following changes during the current financial year:
(a) a relevant executive officer who is a chief executive officer or director;
(b) a relevant individual trustee
(a) The person ' s name and position; and
(b) when the change occurred
4 If a relevant executive officer who is not mentioned in item 3 has retired during the current financial year (a) The relevant executive officer ' s name and position; and
(b) when the retirement took effect
Payments and benefits
5 The short-term employee benefits of each relevant executive officer or relevant individual trustee for the 2 most recently completed financial years, divided into at least the following components:
(a) cash salary, fees and short-term compensated absences;
(b) short-term cash profit-sharing and other bonuses;
(c) non-monetary benefits;
(d) other short-term employee benefits
6 The post-employment benefits of each relevant executive officer or relevant individual trustee for the 2 most recently completed financial years, divided into at least the following components:
(a) pension and superannuation benefits;
(b) other post-employment benefits
7 The long-term employee benefits other than benefits mentioned in items 5 and 6 for each relevant executive officer or relevant individual trustee for the 2 most recently completed financial years (any amount attributable to a long-term incentive plan being separately identified)
8 If a person ' s position as a relevant executive officer or relevant individual trustee was terminated during the current financial year The person ' s termination benefits
9 If a person:
(a) began to hold a position as relevant executive officer or relevant individual trustee during the most recently completed financial year; and
(b) received a payment as part of the consideration for agreeing to hold the position
Details of the payment, including:
(a) the monetary value of the payment; and
(b) the date of the payment
10 The share-based payments made to each person who was a relevant executive officer or relevant individual trustee during the 2 most recently completed financial years, divided into at least the following components:
(a) equity-settled share-based payment transactions, showing separately:
    (i) shares and units; and
    (ii) options and rights;
(b) cash-settled share-based payment transactions;
(c) all other forms of share-based payment compensation (including hybrids)
Compensation
11 If a grant of a cash bonus, performance-related bonus or share-based payment compensation benefit, whether part of a specific contract for services or not, was made to a relevant executive officer or relevant individual trustee during the most recently completed financial year The terms and conditions of each grant affecting compensation, including the following:
(a) the grant date;
(b) the nature of the compensation granted;
(c) the service and performance criteria used to determine the amount of compensation;
(d) if there has been any alteration of the terms or conditions of the grant since the grant date - the date, details and effect of each alteration;
(e) the percentage of the bonus or grant for the financial year that was paid to the person, or that vested in the person, in the financial year;
(f) the percentage of the bonus or grant for the financial year that was forfeited by the person (because the person did not meet the service and performance criteria for the bonus or grant) in the financial year;
(g) the financial years, after the most recently completed financial year, for which the bonus or grant will be payable if the person meets the service and performance criteria for the bonus or grant;
(h) estimates of the maximum and minimum possible total value of the bonus or grant (other than option grants) for financial years after the most recently completed financial year
12 If, during the most recently completed financial year, a contract for services was negotiated between the RSE licensee and a relevant executive officer or relevant individual trustee An explanation of:
(a) how the amount of compensation was determined; and
(b) how the terms of the contract affect compensation in future periods
13 If the terms of share-based payment transactions (including options or rights) granted as compensation to a relevant executive officer were altered or modified by the RSE licensee during the most recently completed financial year (a) The date of the alteration or modification; and
(b) the market price of the underlying equity instrument at the date of the alteration or modification; and
(c) the terms of the grant of compensation immediately before the alteration or modification, including:
    (i) the number and class of the underlying equity instruments;
    (ii) the exercise price for any option or other right affected by the alternation or modification, immediately before and after the alteration or modification; and
    (iii) the time remaining until expiry of the underlying equity instruments; and
    (iv) each other condition in the terms affecting the vesting or exercise of an option or other right; and
(d) the modified or altered terms; and
(e) the difference between:
    (i) the total of the fair value of the options or other rights affected by the alteration or modification immediately before the alteration or modification; and
    (ii) the total of the fair value of the options or other rights immediately after the alteration or modification
14 If, during the most recently completed financial year, options and rights over an equity instrument issued or issuable by the RSE licensee or by a related body corporate were provided as compensation to a person who was a relevant executive officer or relevant individual trustee (a) The number of options and the number of rights that, during the financial year, were:
    (i) granted; and
    (ii) vested; and
(b) the terms and conditions of each grant made during the financial year, including:
    (i) the fair value per option or right at grant date; and
    (ii) the exercise price per share or unit; and
    (iii) the amount, if any, paid or payable by the person; and
    (iv) the expiry date of the grant; and
    (v) when the options or rights may be exercised; and
    (vi) a summary of the service and performance criteria that must be met before the beneficial interest vests in the person
15 If an equity instrument that is issuable by the RSE licensee or a related body corporate was issued as a result of the exercise, during the most recently completed financial year, of options and rights that were granted as compensation to a relevant executive officer or relevant individual trustee (a) How many equity instruments were issued; and
(b) if the number of options or rights exercised differs from the number of equity instruments disclosed under paragraph (a) - how many options or rights were exercised; and
(c) the amount paid under each instrument; and
(d) the amount payable under each instrument that is yet to be paid
16 If an amount attributable to the service of a relevant executive officer who is a director, or a relevant individual trustee, for the most recently completed financial year is paid to an organisation or entity rather than to the relevant executive officer or relevant individual trustee (a) The amount; and
(b) the name of the organisation or entity

2.37(2)  
If:


(a) a person is:


(i) an executive officer of the RSE licensee of a registrable superannuation entity (the reporting entity ); or

(ii) an individual trustee of a registrable superannuation entity (the reporting entity ); and


(b) the person receives a payment, benefit or compensation from a related entity of the reporting entity;


(c) all or part of the payment, benefit or compensation relates to work performed for the reporting entity;

then, to the extent that the payment, benefit or compensation relates to that work, the payment, benefit or compensation must be disclosed in the table in the same way as it would be disclosed if it had been paid or given by the reporting entity.

2.37(3)  
The RSE licensee entity must apply the requirements of relevant accounting standards when disclosing the information mentioned in the table.

2.37(4)  
If an expression used in the table is defined in an accounting standard that is applied for the purpose of disclosing information, the expression has the meaning given by the standard.

2.37(5)  
A disclosure required by item 14 or 15 of the table must:


(a) be separated into each class of equity instrument; and


(b) identify each class of equity instrument by:


(i) the name of the issuing entity;

(ii) the class of equity instrument; and

(iii) if the instrument is an option or right - the class and number of equity instruments for which it may be exercised.



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