Independent Review of NAIF's Staff Remuneration Policy and Associated Practices
Following the completion of the ANAO Performance Audit (refer Corporate Governance section), NAIF completed an independent review of its remuneration procedures and policies.
The intention of the review was to confirm the NAIF Employee Remuneration Policy and associated policies including position mapping remain appropriate taking into account the unique operating environment of the NAIF including its legislative mandate and timeframes, the commercial market in which NAIF operates as a gap financier and the requirements of the NAIF Investment Mandate to have regard to Australian best government governance principles, and Australian best practice corporate governance for Commercial Financiers.
The scope for the review was prepared in FY18-19 and work by a selected independent adviser was completed in FY19-20. Findings from this review contributed to the review of NAIF’s human resources remuneration and associated policies and practices as part of the broader response to matters raised by the ANAO in discussions with NAIF.
Post-employment benefits | Other long-term benefits | Termination Benefits | Total Remuneration | |||
|---|---|---|---|---|---|---|
Average Bonuses | Average Other benefits and allowances | Average Superannuation contributions | Average Long service leave | Average Other long-term benefits | Average Termination Benefits | Average total remuneration |
($) | ($) | ($) | ($) | ($) | ($) | ($) |
- | - | 9,900 | 290 | - | - | 113,198 |
42,500 | - | 25,551 | 7,991 | - | - | 406,962 |
63,000 | - | 30,044 | 7,991 | - | - | 443,925 |
Post-employment benefits | Other long-term benefits | Termination Benefits | Total Remuneration | ||
|---|---|---|---|---|---|
Average Other benefits and allowances | Average Superannuation contributions | Average Long service leave | Average Other long-term benefits | Average Termination Benefits | Average total remuneration |
($) | ($) | ($) | ($) | ($) | ($) |
6,771 | 19,237 | 5,000 | - | - | 243,736 |
4,643 | 22,616 | 4,566 | - | - | 284,636 |
- | 22,658 | 5,936 | - | - | 301,026 |
- | 23,530 | 6,164 | - | - | 332,056 |
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https://www.transparency.gov.au/annual-reports/northern-australia-infrastructure-facility/reporting-year/2019-20-86