Disclosure of Directors' Fees
Below is a summary of Board, Committee, Industry Advisory Panel and Ambassadors' fees payable by National Roads & Motorists’ Association Limited (NRMA).
NRMA's Board fees are determined and set by Members in general meeting, in accordance with its Constitution. Committee, Industry Advisory Panel and Ambassadors' fees are determined by the Board with reference to independent external advisers.
By convention, the President and Deputy President do not receive fees for their attendance at Committee meetings. Statutory superannuation guarantee contributions are paid by NRMA on behalf of all employees and Directors at the rate of 13 per cent, other than for those employees and Directors who join the group after 1 February 2009, from which time statutory contributions will be paid at a rate of 9 per cent.
Statutory superannuation contributions are in addition to any fees paid to the Directors set out below.
Under the new governance model, the CEO or General Manager of each operating business will report directly to the Group CEO, Tony Stuart. Subsidiaries will retain only a statutory Board, for which fees are no longer payable. To advise Mr Stuart, the NRMA Board has approved the appointment of four Industry Advisory Panels (IAPs) comprising one NRMA non-Executive Director, the Business CEO/GM and up to three independent industry experts to provide advice and to act as a sounding board to the Business CEO/GM and Group CEO. The Business CEO/GM will chair the relevant Industry Advisory Panel.
The Industry Advisory Panels are:
A range of fees was proposed by Mr Carroll. The Governance, Compensation and Remuneration Committee subsequently reviewed and approved the following, with the exception of Board fees payble to Directors of NRMA, which are approved by Members in general meeting:
NRMA's Board fees are determined and set by Members in general meeting, in accordance with its Constitution. Committee, Industry Advisory Panel and Ambassadors' fees are determined by the Board with reference to independent external advisers.
By convention, the President and Deputy President do not receive fees for their attendance at Committee meetings. Statutory superannuation guarantee contributions are paid by NRMA on behalf of all employees and Directors at the rate of 13 per cent, other than for those employees and Directors who join the group after 1 February 2009, from which time statutory contributions will be paid at a rate of 9 per cent.
Statutory superannuation contributions are in addition to any fees paid to the Directors set out below.
Commercial Trading Subsidiaries - Adventure World Travel, Thrifty Car Rental and NRMA Holiday Parks
With effect from 20 March 2009, fees are no longer paid to Board members of each of the commercial trading subsidiaries (Tourism & Leisure Holdings, Thrifty Car Rental, NRMA Holiday Parks and MotorServe) or any other NRMA subsidiary, following a restructure of the group's governance model.
Industry Advisory Panels
Under the new governance model, the CEO or General Manager of each operating business will report directly to the Group CEO, Tony Stuart. Subsidiaries will retain only a statutory Board, for which fees are no longer payable. To advise Mr Stuart, the NRMA Board has approved the appointment of four Industry Advisory Panels (IAPs) comprising one NRMA non-Executive Director, the Business CEO/GM and up to three independent industry experts to provide advice and to act as a sounding board to the Business CEO/GM and Group CEO. The Business CEO/GM will chair the relevant Industry Advisory Panel.The Industry Advisory Panels are:
- Holiday Parks Industry Advisory Panel
- Travel Industry Advisory Panel
- Vehicle Rental Industry Advisory Panel; and
- Vehicle Servicing & Repair Industry Advisory Panel.
Ambassadors
In addition to the appointment of Industry Advisory Panels, the NRMA Board has approved the creation of three Ambassadorial roles, covering areas of advocacy which are considered core to NRMA. The Ambassadors will work with NRMA as a champion for the following roles:- Alternative Fuels & Technologies Ambassador
- Driver Safety Ambassador; and
- Youth Ambassador.
Fees
NRMA sought assistance from an independent external remuneration consultant, Michael Carroll in order to determine whether fees should be payable and, if so, at what level those fees should be paid. This external review also ensured that any fees payable would be set in accordance with market rates and were independently assessed.A range of fees was proposed by Mr Carroll. The Governance, Compensation and Remuneration Committee subsequently reviewed and approved the following, with the exception of Board fees payble to Directors of NRMA, which are approved by Members in general meeting:
Fees Payable to Directors of National Roads & Motorists' Association Limited and Subsidiaries
| National Roads & Motorists' Association |
Annual Fees |
|
Fees for Board |
|
|
| President* | $165,000 | |
| Deputy President* | $110,000 | |
| Non-Executive Director | $55,000 | |
| * By convention, the President and Deputy President do not receive additional fees for Committee work. |
||
Finance & Investment Committee Governance, Compensation and Nomination Committee and Policy & Advocacy Committee |
|
|
| Committee Chair | $18,585 | |
|
Committee Member
|
$12,000 | |
Fees for Audit Committee |
||
| Committee Chair |
$25,665 | |
| Committee Member |
$12,000 | |
Fees Payable for Industry Advisory Panel/Ambassadorial Roles
| Industry Advisory Panels |
Annual Fees |
| Non-Executive Director Member | $25,000 a |
| Independent Member | $25,000 b |
| Executive Member | - |
| a = includes superannuation at 13% and all travel expenses | |
| b = includes all travel expenses. No superannuation is payable | |
| Ambassadors |
Annual Fees |
|
| |
| Non-Executive Director Ambassador | $20,000 a |
| Independent | $20,000 b |
| a = includes superannuation at 13% and all travel expenses | |
| b = includes all travel expenses. No superannuation is payable | |
| NRMA Subsidiary Boards |
Annual Fees |
|
| |
| Non-Executive Director Executive Director |
$0 |
Font Size: 
