Page 33 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 31

3. Non‑executive director arrangements – audited

3.1 Remuneration structure

Remuneration policy

Remuneration arrangements for non‑executive directors are designed to ensure that the Company can attract and retain suitably qualifed and experienced directors. Arrangements are based on a number of factors, including requirements of the role, the size and complexity of the Suncorp Group and market practice. Fee structure

In April 2007, shareholders approved a maximum aggregate total remuneration limit of $3,500,000 for all non‑executive directors. The limit includes superannuation contributions but excludes retirement benefts. In addition:

–– non‑executive directors receive fxed pay only, paid as directors’ fees and do not participate in performance‑based incentive plans

–– although directors of the Company are also directors of the Suncorp Group’s major operating subsidiary companies including Suncorp‑Metway Ltd, no additional fees are paid for membership of those boards; and

–– the Company pays the superannuation guarantee contribution (SGC) on behalf of all eligible non‑executive directors. If a director ceases to be eligible for SGC payments, the equivalent amount is paid in fees. The SGC payments for non‑executive directors are included in the maximum aggregate total remuneration limit referred to above. The approved non‑executive director fee structure for 2011 is set out in the table below.

ROLE

2011 FEE P.A.  1

$’000

2012 FEE P.A.  1

$’000

Chairman 550 570

Non‑executive director base fee 200 207

Loading for Audit Committee Chairman 50 50

Loading for Audit Committee member 25 25

Loading for Risk Committee Chairman 40 50

Loading for Risk Committee member 20 25

Loading for Remuneration Committee Chairman 30 40

Loading for Remuneration Committee member 15 20

Loading for Chairmanship of New Zealand company boards 50 50

Loading for Chairmanship of New Zealand joint venture 20 50

1 Fees exclude Superannuation Guarantee Contribution.