The remuneration committee assists the board in the oversight of the remuneration, bonuses and incentives paid to the CEO and employees. Remuneration committees are expected to undertake the detailed work in this area and make recommendations to the board.
Recommendation 8.1 of The ASX Corporate Governance Council’s Corporate Governance Principles and Recommendation (ASX Principles) states:1
The board of a listed entity should:
- have a remuneration committee which:
- has at least three members, a majority of whom are independent directors; and
- is chaired by an independent director, and disclose:
- the charter of the committee;
- the members of the committee; and
- as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or
- if it does not have a remuneration committee, disclose that fact and the processes it employs for setting the level and composition of remuneration for directors and senior executives and ensuring that such remuneration is appropriate and not excessive.
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