Remuneration
4 Remuneration
A director is entitled to be paid—
remuneration consisting of a base amount adjusted annually in accordance with the annual percentage increase (if any) in the Consumer Price Index occurring after the determination or redetermination of the base amount takes effect, and
allowances to reimburse the director for expenses that the director may incur (such as for travel or accommodation).
The Statutory and Other Offices Remuneration Tribunal may, on the application of the Board, redetermine the base amount from time to time, with effect from the date of the redetermination or such later date as the Tribunal may specify.
In this clause—
base amount means an amount determined for the purposes of this clause by the Statutory and Other Offices Remuneration Tribunal (which determination, whenever made, is taken to be effective on the commencement of this subclause).
Consumer Price Index means the number appearing in the Consumer Price Index (All Groups Index) for Sydney issued by the Australian Statistician.
This Act’s bill:Explanatory memorandumSecond reading speech
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