Purpose and Scope
To provide remuneration to directors for the time they spend and the responsibility they carry, as a Skills Insight Director having regard for the not-for-profit status of the organisation, the need to meet JSC grant requirements and to support Skills Insight to attract suitably qualified and experienced directors.
Principals
Non-executive directors of the Skills Insight Board, , will be remunerated for the time they spend on Skills Insight Director activities. All payments made to a director, will in addition attract the “Superannuation Guarantee Contribution” (SGC) payment. Remuneration is based on assumption for time required to perform the role of the director and based on a rate of $800 per day as a requirement of the JSC grant funding.
Payment of Directors
Directors will be remunerated based on an assumed daily workload associated with the role and formulation on the for time used to prepare for and attendance at meetings and other additional activities as agreed by the Board.
This policy recognises board agreement for directors to be paid each quarter at a set rate of 2.5 days per quarter, noting that this will usually include one formal board meeting, one or more director updates, and Board related ad hoc activities. This payment covers time spent in preparation for meetings, attendance, and reading of the papers for all board and committee meetings and participation in other activities as agreed by the Board.
Chair
In recognition of additional responsibilities and workload (including review and authorisation of payments, operational and strategic overviews with CEO and CEO performance management) the chair will be remunerated at the daily rate for directors per day for 10 days per year in addition to the normal director payments or to the maximum allowed by the grant program, whichever is the lesser.
More time as needed
The Board may determine that more time is required than anticipated by the 2.5 days per quarter assumption and resolve, by normal resolution of the Board, to pay individual directors or the Board for more days or half days as needed up to the maximum amount allowable in the grant program.
Annual Review
Directors are paid according to the Australian Government Holder of Public Office holder ruling and this is reviewed on an annual basis by the Australian Government Remuneration Tribunal.Reimbursement for Expenses
Non-executive directors will be reimbursed for reasonable business-related expenses. Reimbursed expenses are separate to the remuneration for time used. Some Directors are, or represent key stakeholders in their own right, and may, as stakeholders be called upon to promote the work of the JSC as a stakeholder. Skills Insight may call upon such directors to travel to events or meetings and just like we would do for any stakeholder in such instances, we will reimburse directors for any costs incurred in the performance of such work, consistent with our reimbursement policies that apply to all stakeholders. Unlike paying directors for additional time spend, which requires board approval, reimbursement of expenses is an operational matter and executed consistent with our reimbursement policies.
Travel Expenses
Travel bookings will be undertaken by Skills Insight except in unforeseen circumstances. The travel policy details travel guidelines and limits for all staff and stakeholders when Skills Insight funds travel. Flights will be purchased on the basis of ‘best available fare but will need to provide flexibility when required’. Directors may upgrade travel and accommodation bookings at their own expense.
Professional Development
Skills Insight will pay the costs of an organisational approved course, conference, or professional development activity and reasonable traveling expenses in accordance with the Skills Insight Travel Policy. Skills Insight will not pay for directors’ time.
Responsibilities
Board
It is the responsibility of the Board to approve this policy.
Company Secretary
It is the responsibility of the Company Secretary to ensure the non-executive directors are paid in accordance with this policy.
Remuneration Table
| Activity | Days Per Activity | Board Approved Regular Payment |
|---|---|---|
| Chair of Board, Interaction with CEO, sign off on finances | Ten days per year (in addition to normal director duties) | Ten days per year, at $800 per day in addition to the normal director payments or to the maximum allowed by the grant program, whichever is the lesser. 10 days x $832 = $8320 pa |
| Board Activities per quarter | 2.5 days per quarter including all regular director duties that may occur during the quarter | For maintaining the role as director including attendance at minimum of four meetings/engagements during the year four quarters at 2.5 days per quarter 10 days x $32 = $8320 pa |
| Additional Activities | As required and as agreed by the Board on a case-by-case basis | $832 per day until the maximum days’ payment is made in accordance with the JSC grant contract. |