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Australia Post’s remuneration strategy supports the strategic objectives of the enterprise, supporting a performance-based remuneration and recognition framework designed to drive performance whilst remaining aligned to market practice.
In June 2018, the Board approved the following principles to underpin the design of the remuneration and performance management approach:
- Externally accountable: we will appropriately reward executives for their individual contribution to enterprise value creation and be accountable to our Shareholder and the community;
- Simple and transparent: our framework will be simple enough to ensure the highest level of transparency and understanding, externally and internally;
- Fair, equitable and motivational: our approach to executive remuneration helps to enable the attraction and retention of executive talent, who live our values and are collectively motivated by our “One Australia Post” vision and purpose;
- Strategically aligned and performance linked: our executive remuneration framework supports the delivery of Australia Post’s strategy, helps to create long-term enterprise value and delivers strong financial returns to our Shareholder by linking executive remuneration outcomes to relevant and measurable financial and non- financial goals;
- Shared responsibility and personal accountability: our executive remuneration framework recognises the diversity of our business by rewarding individual contribution and behaviours appropriately, reflecting the business unit and enterprise performance; and
- Clear remuneration governance: our remuneration frameworks, policies and processes are governed by clear guidelines and accountabilities balanced with the ability for the Board to apply judgement over potential unintended or unequitable outcomes.