19Director/Manager Remuneration

19 Director/Manager Remuneration

19.1 The disclosures required by this policy are material by nature.

19.2 The following information must be disclosed in the notes to the financial statements in regard to the remuneration of directors of an authority:

(a) the number of directors of the Commonwealth authority whose total remuneration for the financial year derived from the authority, whether as a director or otherwise, falls within each band of $10,000;

(b) the total of the remuneration referred to in paragraph (a) of all directors referred to in that paragraph.

19.3 The consolidated financial statements must include in a note the total of the remuneration of all directors of each entity in the economic entity, comprising the Commonwealth authority and its subsidiaries, for the financial year.

19.4 The following information must be disclosed in the notes to the financial statements in regard to the remuneration of managers:

(a) the aggregate remuneration of all managers of the entity whose remuneration for the financial year is $100,000 or more;

(b) the number of managers of the entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;

being remuneration received or due and receivable, directly or indirectly, from the entity or any related party in connection with the management of the affairs of the agency or authority or any of its subsidiaries, whether as a manager otherwise.

19.5 The following information must be disclosed in the notes to the financial statements of an economic entity where an agency or authority is the parent entity in the economic entity:

(a) the aggregate remuneration of all managers of the economic entity whose remuneration for the financial year is $100,000 or more;

(b) the number of managers of the economic entity whose total remuneration for the financial year falls within each successive $10,000 band, commencing at $100,000;

being remuneration received or due and receivable, directly or indirectly, from the entities in the economic entity or a related party in connection with the management of the affairs of the entities in the economic entity, whether as a manager or otherwise.

19.6 In addition to all other requirements of this policy, the aggregate amount of separation and redundancy payments for managers should be disclosed separately.