2BSalary of office: executive officers

2B Salary of office: executive officers

2B Salary of office: executive officers

(1) Definition of salary For the purposes of this Act, the salary of office of an executive officer is the salary as last nominated or changed in accordance with this section.

(2) Nomination of salary on initial and subsequent appointments An amount of salary for the purposes of this Act must be nominated to the Association by an executive officer, on, or as soon as practicable after, being appointed or designated as an executive officer. An amount may also be nominated to the Association by the officer on, or as soon as practicable after, being reappointed, or appointed to another position, as an executive officer.

(3) Amount of salary The amount nominated is to be not less than the monetary remuneration payable to the executive officer at the date of nomination and not more than the total value of the remuneration package paid to the officer (less the cost of providing employer’s contributions to superannuation, other than salary sacrifice contributions, under this Act and the State Authorities Non-contributory Superannuation Act 1987 and any performance-related incentive payment), expressed as an annual rate.

(4) Failure to nominate salary If the executive officer fails to nominate an amount of salary within 28 days of first being appointed or designated as an executive officer or within such further period as STC may allow, the officer is taken to have nominated an amount of salary that is equal to the monetary remuneration payable to the officer at the end of the applicable period.

(5) Reduction in nominated salary An executive officer may, from time to time, by notice to the Association elect to reduce the amount of salary nominated under this section, but not so that the amount is less than the monetary remuneration payable to the officer at the date of the election.

(6) Increase in nominated salary An executive officer may, from time to time, by notice to the Association elect to increase the amount of salary nominated under this section, but not so as to increase the amount nominated by a percentage of that amount that is more than the percentage by which the remuneration package of the officer has increased since the amount of salary was last nominated or changed.

(7) Nominations and elections The Association must notify STC of a nomination or election under this section. Any such nomination or election takes effect on the date of notification to STC or on such other date as STC may determine with the consent of the executive officer concerned.