Trustee Director and Executive Officer Remuneration

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1 Trustee Director and Executive Officer Remuneration Current Trustee Directors Mark Birrell Independent Director & Chair Publish date: 24 September 2018 Member-Representative Directors Employer-Representative Directors Gregory Rayner Michael Tull Bryan Watkins Christopher Blake Janelle Hopkins Jim Marshall Current Executive Officers Stephen Milburn-Pyle General Manager, APSS Catherine Elmes Head of APSS Member Services Neale Sturt Head of APSS Governance & Operations Alister Wong Head of APSS Investments Former Trustee Directors and Executive Officers Former Trustee Directors and Executive Officers that ceased in the and financial years: Trustee Directors Michael Tenace (ceased 30 May 2018) and Catherine Walsh (ceased 8 July 2016); and former Executive Officers Ezinne Udeh Martinez (ceased 27 April 2018) and Jennifer Guthrie (ceased 31 March 2017). apss.com.au APSS GOVERNANCE

2 Mark Birrell Chair of the Trustee Board and Remuneration Committee (Appointed by: Other APSS Directors on 1 April 2013) Fixed remuneration (including director fees and/or cash salary, as applicable): 107, ,210 Short term cash bonus (performance related): 0 0 Other short term benefits: 0 0 Total: 107, ,210 Pension and superannuation: 10,220 10,185 Total: 10,220 10,185 Long term benefits: 0 0 2

3 Gregory Rayner Trustee Director (Appointed by: Communications, Electrical and Plumbing Union on 18 May 2016 ) Fixed remuneration (including director fees and/or cash salary, as applicable): 53,789* 52,735* Short term cash bonus (performance related): 0 0 Other short term benefits: 0 0 Total: 53,789* 52,735* Pension and superannuation: 0 0 Long term benefits: 0 0 *This amount was paid to the appointing union, not to the individual Trustee Director. 3

4 Michael Tull Trustee Director (Appointed by: Community and Public Sector Union on 7 July 2015) Fixed remuneration (including director fees and/or cash salary, as applicable): 53,789* 52,735* Short term cash bonus (performance related): 0 0 Other short term benefits: 0 0 Total: 53,789* 52,735* Pension and superannuation: 0 0 Long term benefits: 0 0 *This amount was paid to the appointing union, not to the individual Trustee Director. 4

5 Bryan Watkins Trustee Director and Chair of the Membership Committee (Appointed by: Australian Council of Trade Unions on 4 December 2014) Fixed remuneration (including director fees and/or cash salary, as applicable): 64,547 61,541 Short term cash bonus (performance related): 0 0 Other short term benefits: 0 0 Total: 64,547 61,541 Pension and superannuation: 3,705 3,649 Total: 3,705 3,649 Long term benefits: 0 0 5

6 Christopher Blake Trustee Director (Appointed by: Australia Post on 2 September 2016) Fixed remuneration (including director fees and/or cash salary, as applicable): 0 0 Short term cash bonus (performance related): 0 0 Other short term benefits: 0 0 Pension and superannuation: 0 0 Long term benefits: 0 0 This Trustee Director was employed by Australia Post and was not entitled to receive any additional remuneration or benefits for his role as an Employer Representative Director. 6

7 Janelle Hopkins Trustee Director (Appointed by: Australia Post on 31 May 2018) N/A Fixed remuneration (including director fees and/or cash salary, as applicable): 0 Short term cash bonus (performance related): 0 Non monetary benefits: 0 Other short term benefits: 0 Total: 0 Pension and superannuation: 0 Other post employment benefits: 0 Total: 0 Long term benefits: 0 Termination benefits: 0 Share based payments: 0 Sign on benefits: 0 Total: 0 This Trustee Director was employed by Australia Post and was not entitled to receive any additional remuneration or benefits for her role as an Employer Representative Director. 7

8 Jim Marshall Trustee Director and Chair of the Investment Committee (Appointed by: Australia Post on 16 December 2010) Fixed remuneration (including director fees and/or cash salary, as applicable): 64,547 63,282 Short term cash bonus (performance related): 0 0 Other short term benefits: 0 0 Total: 64,547 63,282 Pension and superannuation: 4,511 4,380 Total: 4,511 4,380 Long term benefits: 0 0 8

9 Michael Tenace Trustee Director and Chair of the Audit, Risk and Compliance Committee (Appointed by: Australia Post on 31 May Ceased: 30 May 2018) Remuneration Details FY * FY * Fixed remuneration (including director fees and/or cash salary, as applicable): 41,932 0 Short term cash bonus (performance related): 0 0 Other short term benefits: 0 0 Total: 41,932 0 Pension and superannuation: 2,975 0 Total: 2,975 0 Long term benefits: 0 0 *This Trustee Director ceased employment with Australia Post on 2 October Up until that date he was not entitled to receive any additional remuneration or benefits for his role as an Employer Representative Director. 9

10 Catherine Walsh Trustee Director (Appointed by: Australia Post on 5 March Ceased: 8 July 2016) Remuneration Details FY N/A FY Fixed remuneration (including director fees and/or cash salary, as applicable): 0 Short term cash bonus (performance related): 0 Non monetary benefits: 0 Other short term benefits: 0 Total: 0 Pension and superannuation: 0 Other post employment benefits: 0 Total: 0 Long term benefits: 0 Termination benefits: 0 Share based payments: 0 Sign on benefits: 0 Total: 0 This Trustee Director was employed by Australia Post and was not entitled to receive any additional remuneration or benefits for her role as an Employer Representative Director. 10

11 Stephen Milburn-Pyle General Manager, APSS (Appointed on 14 November 2011) CEO PostSuper Pty Ltd (Appointed by: PostSuper Pty Ltd on 12 December 2011) Fixed remuneration (including director fees and/or cash salary, as applicable): 379, ,788 Short term cash bonus (performance related): 111,549* 99,608 Non monetary benefits: 11, 632** 24,178** Other short term benefits: 25,000^ 25,000^ Total: 527, ,574 Pension and superannuation: 43,056 39,249 Total: 43,056 39,249 Long term benefits: 25,286 4,933 Total: 25,286 4,933 * Short term cash bonus was performance related and was paid/granted on 19 September The service and performance criteria used to determine the amount of the compensation was: Investment (Financial) objectives (30%); Strategic objectives (20%); Customer objectives (15%); Governance objective (15%) and People & Safety objective (20%). The potential bonus payable during the 2018/19 financial year is between 0% and 50% of the individual's base salary, excluding specified allowances. See page [17] for further details on Executive Officer short term cash bonuses. ** Reportable fringe benefits ^ Car allowance 11

12 Catherine Elmes Head of APSS Member Services (Appointed on 1 February 2011) Fixed remuneration (including director fees and/or cash salary, as applicable): 165, ,549 Short term cash bonus (performance related): 32,241* 32,733 Other short term benefits: 25,000^ 25,000^ Total: 223, ,282 Pension and superannuation: 20,652 20,058 Total: 20,652 20,058 Long term benefits: 5,374 3,904 Total: 5,374 3,904 * Short term cash bonus was performance related and was paid/granted on 19 September The service and performance criteria used to determine the amount of the compensation was: Financial objectives (10%); Strategic objectives (75%); Leadership objectives (15%). The potential bonus payable during the 2018/19 financial year is between 0% and 35% of the individual's base salary, excluding specified allowances. See page [17] for further details on Executive Officer short term cash bonuses. ^ Car allowance 12

13 Neale Sturt Head of APSS Governance & Operations (Appointed on 18 February 2008) Fixed remuneration (including director fees and/or cash salary, as applicable): 209, ,902 Short term cash bonus (performance related): 41,120* 43,784 Other short term benefits: 25,000^ 25,000^ Total: 275, ,686 Pension and superannuation: 25,295 23,345 Total: 25,295 23,345 Long term benefits: 12,282 7,480 Total: 12,282 7,480 * Short term cash bonus for the FY was performance related and was paid/granted on 19 September The service and performance criteria used to determine the amount of the compensation was: Financial objectives (60%); Governance objectives (20%) and People & Safety (20%). The potential bonus payable during the 2018/19 financial year is between 0% and 35% of the individual's base salary, excluding specified allowances. See page [17] for further details on Executive Officer short term cash bonuses. ^ Car allowance 13

14 Alister Wong Head of APSS Investments (Appointed on 28 May 2018) N/A Fixed remuneration (including director fees and/or cash salary, as applicable): 21,539 Short term cash bonus (performance related): 0 Non monetary benefits: 0 Other short term benefits: 0 Total: 21,539 Pension and superannuation: 2,148 Other post employment benefits: 0 Total: 2,148 Long term benefits: 394 Termination benefits: 0 Share based payments: 0 Sign on benefits: 0 Total: 394 The potential bonus payable during the 2018/19 financial year is between 0% and 35% of the individual's base salary, excluding specified allowances. See page [17] for further details on Executive Officer short term cash bonuses. 14

15 Ezinne Udeh Martinez Head of APSS Investments (Appointed on 1 December Ceased: 27 April 2018) Fixed remuneration (including director fees and/or cash salary, as applicable): 128,232 85,254 Short term cash bonus (performance related): 0 32,726 Other short term benefits: 5,972^ 14,384^ Total: 134, ,364 Pension and superannuation: 12,836 8,226 Total: 12,836 8,226 Long term benefits: 6,066 5,056 Total: 6,066 5,056 ^ Car allowance 15

16 Jennifer Guthrie Head of Risk & Compliance (Appointed on 28 May, Ceased: 31 March 2017) Company Secretary, PostSuper Pty Ltd (Appointed by PostSuper Pty Ltd on 30 October, Ceased: 31 March 2017) Remuneration Details FY N/A FY Fixed remuneration (including director fees and/or cash salary, as applicable): 173,172 Short term cash bonus (performance related): 0 Non monetary benefits: 0 Other short term benefits: 0 Total: 173,172 Pension and superannuation: 12,607 Other post employment benefits: 0 Total: 12,607 Long term benefits: 6,783 Termination benefits: 294,256 Share based payments: 0 Sign on benefits: 0 Total: 301,039 16

17 Executive Officer short term cash bonuses Terms and Conditions Nature of the compensation granted: Short term cash bonus paid in respect of performance during the 2017/18 financial year ('performance period'). A proportion of the bonus may be deferred for up to one year as a retention incentive. Service and performance criteria used to determine the amount of the compensation: The entitlement to, and amount of, the bonus is based on meeting or exceeding performance targets for the 2017/18 financial year and acting in accordance with Australia Post s cultural values and feedback from the individual s manager, peers and direct reports. The relevant performance targets are set at the beginning of the performance period by the individual and their relevant manager. For the 2017/18 financial year, the target performance measures comprised specific objectives that support the efficient delivery of services to the Trustee and members of the APSS. The weightings that were applied to these objectives for each individual are set out under each individual s profile. Feedback from the APSS Trustee influences the assessment made against strategic objectives. Details of any alterations of the terms & conditions of the grant since the grant date, including details of the effect of each alteration: In addition to meeting or exceeding targets set at the beginning of the performance period, the demonstration of a proactive and collaborative approach to new opportunities or challenges that may arise was taken into account in the 2017/18 financial year and will be taken into account as a matter of ongoing practice. Percentage of the bonus or grant for the financial year that was paid to the person, or that vested in the person, in the financial year: All (100%) of the bonus in relation to 2017/18 financial year performance was paid during the 2018/19 financial year. No bonuses were deferred as retention incentives. Percentage of the bonus or grant for the financial year that was forfeited by the person (because service and performance criteria for the bonus were not met) in the financial year: No amounts were forfeited for the relevant financial year. The 2018/19 financial year, for which the bonus or grant will be payable if the person meets the service and performance criteria for the bonus or grant: The individual's entitlement to any future bonuses will be determined at the end of each financial year. Performance is re evaluated at the end of each financial year based on objectives that are re specified and agreed at the beginning of that financial year. Estimates of the maximum and minimum possible total value of the bonus or grant (other than option grants) for the 2018/19 financial year: The potential bonus payable for the 2018/19 financial year is between a percentage range of the individual's base salary, excluding specified allowances. See each individual s profile page for details. 17

18 PostSuper Pty Ltd ABN: SFN: RSE License Number: L , as the trustee of Australia Post Superannuation Scheme ABN and Registration Number: R apss.com.au

APSS - Register of Relevant Interests and Duties

APSS - Register of Relevant Interests and Duties APRA's Prudential Standard SPS 521 (Conflicts of Interest) provides the following definitions for Relevant Duty and Relevant Interest : Relevant Duty Refers