Note 14: Senior Executive Remuneration

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TORRES STRAIT REGIONAL AUTHORITY

Notes to and forming part of the financial statements for the period ended 30 June 2014

Note 14: Senior Executive Remuneration

Note 14A: Senior Executive Remuneration Expenses for the Reporting Period
2014
$		 2013
$
Short-term employee benefits
Salary 816,906 954,775
Remote area and other allowances 140,200 156,682
Total short-term employee benefits 957,106 1,111,457
Post-employment benefits
Superannuation 143,215 165,052
Total post-employment benefits 143,215 165,052
Other long-term employee benefits
Annual Leave Accrued 129,884 110,153
Long-service leave 18,637 38,484
Total other long-term employee benefits 148,521 148,637
Total senior executive remuneration expenses 1,248,842 1,425,146

Notes

1. Note 14A was prepared on an accrual basis (therefore the performance bonus expenses disclosed above differ from the cash 'Bonus paid' in Note 14B).

2. Note 14A excludes acting arrangements and part-year service where remuneration expensed was less than $195,000

TORRES STRAIT REGIONAL AUTHORITY

Notes to and forming part of the financial statements for the period ended 30 June 2014

Note 14B: Average Annual Reportable Remuneration Paid to Substantive Senior Executives during the Reporting Period

Average annual reportable remuneration paid to substantive senior executives in 2014

Average annual reportable remuneration1 Substantive senior executives
No.		 Reportable salary2
$		 Contributed superannuation3
$		 Reportable allowances4
$		 Bonus paid5
$		 Total reportable remuneration
$
Total reportable remuneration (including part-time arrangements)
less than $195,000 4 128,260 17,002 - - 145,262
$195,000 to $224,9992 177,175 24,968 - - 202,143
$225,000 to $254,9991 211,366 27,690 - - 239,056
Total number of substantive senior executives 7

Average annual reportable remuneration paid to substantive senior executives in 2013

Average annual reportable remuneration1 Substantive senior executives
No.		 Reportable salary2
$		 Contributed superannuation3
$		 Reportable allowances4
$		 Bonus paid5
$		 Total reportable remuneration
$
Total reportable remuneration (including part-time arrangements)
less than $195,000 6 123,115 19,753 - - 142,869
$195,000 to $224,999 1 188,137 22,588 - - 210,726
$225,000 to $254,999 1 208,744 32,484 - - 241,228
Total number of substantive senior executives 8

Notes:

1. This table reports substantive senior executives who received remuneration during the reporting period. Each row is an averaged figure based on headcount for individuals in the band.

2. 'Reportable salary' includes the following:

a) gross payments (less any bonuses paid, which are separated out and disclosed in the 'bonus paid' column);

b) reportable fringe benefits (at the net amount prior to 'grossing up' to account for tax benefits);

c) exempt foreign employment income; and

d) salary sacrificed benefits.

3. The 'contributed superannuation' amount is the average cost to the entity for the provision of superannuation benefits to substantive senior executives in that reportable remuneration band during the reporting period.

4. 'Reportable allowances' are the average actual allowances paid as per the 'total allowances' line on individuals' payment summaries.

5. 'Bonus paid' represents average actual bonuses paid during the reporting period in that reportable remuneration band. The 'bonus paid' within a particular band may vary between financial years due to various factors such as individuals commencing with or leaving the entity during the financial year.

6. Various salary sacrifice arrangements were available to senior executives including superannuation, motor vehicle and expense payment fringe benefits. Salary sacrifice benefits are reported in the 'reportable salary' column, excluding salary sacrificed superannuation, which is reported in the 'contributed superannuation' column.

Note 14C: Average Annual Reportable Remuneration Paid to Other Highly Paid Staff during the Reporting Period

There were no other employees where total remuneration exceeded $195,000.

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