About us

Corporate Governance

Principle 1, Principle 2, Principle 3, Principle 4, Principle 5, Principle 6, Principle 7, Principle 8

Principle 8

Remunerate fairly and responsibly

Trust has remuneration policies in place to maintain and attract talented and motivated directors and employees.  The policies are designed to improve the performance of Trust, while also aligning the financial interests of employees and directors with the interests of shareholders. 

People and Remuneration Committee
Trust has established a People and Remuneration Committee.  The Committee is comprised of three independent non-executive Directors, with a Chairman who is different to the Chairman of the Board.  The Committee Members are John Macarthur-Stanham (Chairman), Bruce Corlett and Jim King.  The Committee is reviewing its charter, which sets out its role and responsibilities and a copy of this charter will be available on the Trust website.

In relation to remuneration matters, the Committee’s purpose is to review and assess the performance of the CEO and his direct reports and ensure appropriate remuneration policies and arrangements are applied.  The Committee also reviews succession planning for employees, particularly at more senior levels of management, and Trust’s policies and practices for the development of its people.

Director’s Remuneration
The Board  is responsible for reviewing each Director’s remuneration.  In 2005 shareholders approved a cap of $500,000 on the total value of non-executive directors’ remuneration. It is proposed that shareholders approve an increase in the total value of non-executive directors’ remuneration to $600,000 to accommodate the appointment and remuneration of Josephine Sukkar as an additional independent non-executive director.  It is also proposed to increase director fees, effective 1 July 2010.  Director fees were last increased in 2005.

Non-executive directors are remunerated by way of director fees and superannuation contributions.  Non-executive directors do not participate in equity or option based incentive schemes, nor do they receive bonus payments.

Details of the directors’ remuneration, together with the details of the remuneration of key management personnel, are set out in the Remuneration Report.

Executive Team remuneration
The Board, with advice from the People and Remuneration Committee, is responsible for approving the Executive Team’s incentive remuneration arrangements, which includes both fixed and performance related arrangements.  The object of Trust’s Executive Team remuneration policy is to reflect both short-term and long-term performance objectives of Trust and to align the Executive Team’s rewards with Trust’s strategic objectives and business plans, including the consistent growth in shareholder distributions.

Incentive plans
At an Extraordinary General Meeting of shareholders held on 16 December 2009 shareholders approved new short and long term incentive plans (Performance Rights Plan).  Trust currently has two other incentive plans designed for the Executive Team and senior staff, which have been previously approved by shareholders and which will expire in 2012.  Details of the expiring short and long term incentive plans and the Performance Rights Plan are contained in the Remuneration Report and a copy of the terms of the new Performance Rights Plan is available on this website.

During 2009 Trust introduced a policy of prohibiting the hedging of unvested equity entitlements.

Downloads

• Trust Performance Rights Plan