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Frequency of remuneration reviews

An important feature of the remuneration system is the reduced frequency of remuneration reviews to recognise the current low inflation environment (this may be revisited if the rate of inflation warrants it).

Under the renewed approach, there is generally only one mid-term review of Target Remuneration where the Chief Executive's appointment term is for more than three years. A chief executive appointed for a term of less than three years will generally have the same remuneration for the duration of their term. A chief executive who is reappointed will receive a remuneration review at their closest performance review, and any change will take effect from their reappointment start date.

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