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New Board Members

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The Australian Government appointed four new CEFC Board members for five-year terms from August 2017, to replace retiring Board members. The new appointees are:

Mr Steven Skala AO Chair

Mr Skala has more than 35 years’ experience in law, business and banking, as well as extensive service in the arts and community sectors. He is Vice Chairman (Australia) of Deutsche Bank AG. He is a former Chairman of Film Australia Limited and Wilson Group Limited, and a former Director of the Australian Broadcasting Corporation, the Channel Ten Group of Companies and Max Capital Group. Mr Skala was a senior partner at Arnold Bloch Leibler lawyers for almost 20 years, and has Arts and Law (Honours) degrees from the University of Queensland and a Bachelor of Civil Law from the University of Oxford. He is Chairman of the Heide Museum of Modern Art, Deputy Chairman of the General Sir John Monash Foundation, a Director of The Centre for Independent Studies, a Founding Panel Member of Adara Advisors Pty Ltd and a Member of the International Council of the Museum of Modern Art (MoMA) in New York. In 2010, Mr Skala was appointed an Officer of the Order of Australia for service to business and commerce, the arts and the community.

Ms Leeanne Bond

Ms Bond is one of Australia’s leading engineers, with extensive experience in the water and energy sectors in Queensland and the Northern Territory. She serves on the boards of Snowy Hydro, Territory Generation, Liquefied Natural Gas Limited, JKTech Pty Ltd, the Queensland Building and Construction Commission (QBCC) and Engineers Australia Ltd. She is also incoming Chair of Synertec Corporation. Ms Bond recently retired from the board of Coffey International Limited. She has previously held board positions on a number of water and energy businesses, including Tarong Energy and the Queensland Bulk Water Supply Authority (Seqwater) and was Chair of Brisbane Water. Ms Bond was awarded Australian Professional Engineer of the Year in 2007. She is a Fellow of the Australian Institute of Company Directors and an honorary fellow of Engineers Australia.

Ms Nicola Wakefield Evans

Ms Wakefield Evans is a non-executive director of Macquarie Group Limited, Lend Lease Corporation Limited, BUPA Australia & New Zealand and the national board of the Australian Institute of Company Directors. She is also a member of the boards of Asialink (University of Melbourne), the University of New South Wales’ Foundation and is a member of the Takeovers Panel. Ms Wakefield Evans was a partner of King & Wood Mallesons for 20 years, which included responsibility for the development and growth of the firm’s international practice and its Hong Kong, China and London offices. Ms Wakefield Evans’ key areas of expertise include resources and energy, infrastructure, airports, financial services, technology and media and communication.

Ms Samantha Tough

Ms Tough has extensive executive and board experience in the energy and resources sectors. She currently serves on the boards of Synergy and Saracen Mineral Holdings Limited and is deputy Chair of the WA Academy of Performing Arts. Ms Tough was previously Chair of Retail Energy Market Company Ltd, Structerre Pty Ltd, Molopo Energy Ltd, Aerison Pty Ltd and Southern Cross Goldfields Ltd. She is also a former director of Cape PLC, Strike Resources Ltd and Murchison Metals Ltd. Ms Tough has held senior executive roles with Woodside Energy Ltd, Hardman Resources Ltd, the Commonwealth Bank and the Pilbara Power Project. She has a Bachelor of Law and Bachelor of Jurisprudence from the University of Western Australia and worked as a barrister and solicitor before progressing to the commercial sector. Ms Tough is a Fellow of the Australian Institute of Company Directors.

Board committee membership

Board members serve on one of the Board Committees, either as a Committee chair or member. Committee meetings are open to all Board members to attend, but only Committee members have voting rights.

Board Member Remuneration and
Human Resources Committee
Audit and
Risk Committee

Jillian Broadbent AO

Member

 

Paul Binsted

 

Chair

Ian Moore

 

Member

Anna Skarbek

Member

 

Andrew Stock

Chair

 

Martijn Wilder AM

 

Member

Figure 42: Board committee memberships 2016-17

Meeting attendance by Board members

In 2016-17 there were 14 Board meetings and a further 12 Board Committee meetings. The attendance of Committee members is recorded in Figure 43.

  Board Meeting Remuneration and Human Resources Committee Audit and Risk Committee
Board Member Attended Eligible to Attend Attended Eligible to Attend Attended Eligible to Attend

Jillian Broadbent AO

12

14

7

7

-

-

Paul Binsted

13

14

-

-

5

5

Ian Moore

12

14

-

-

5

5

Anna Skarbek

14

14

6

7

-

-

Andrew Stock

14

14

7

7

-

-

Martijn Wilder AM

12

14

-

-

3

5

Figure 43: Board member meeting attendance 2016-17

Board member remuneration and allowances

Under the CEFC Act and the Remuneration Tribunal Act 1973, remuneration for Board members is determined independently by the Australian Government Remuneration Tribunal. Throughout 2016-17, the Remuneration Tribunal Determinations reflected in Figure 44 were in effect.

Determination Date of effect

Remuneration Tribunal Determination 2015/20: Remuneration and Allowances for Holders of Part-Time Public Office (as amended)

1 January 2016

Remuneration Tribunal Determination 2016/18: Remuneration and Allowances for Holders of Part-Time Public Office (as amended)

8 December 2016

Figure 44: Remuneration Tribunal Determinations 2016-17

Under both determinations, Board members were remunerated annually (rather than per day or by meeting) as outlined in Figure 45. The remuneration amount did not change between each determination.

Office Annual remuneration

Chair

$104,450

Board member

$52,230

Figure 45: Rates of Board member remuneration 2016-17

In addition, superannuation is payable on these amounts at the rate of 9.5 per cent in accordance with the Superannuation Guarantee Charge Act 1992. Actual amounts paid to each Board member during the reporting period are specified in Note 5.3 in the Financial Statements.

Travel allowances are also payable under the Remuneration Tribunal Determinations. During 2016-17 these were set by the Remuneration Tribunal Determination 2015/11: Official Travel by Office Holders (as amended) (from 30 August 2015) and Remuneration Tribunal Determination 2016/07: Official Travel by Office Holders (as amended) (from 28 August 2016).

Indemnities and insurance premiums for officers 

The CEFC has made certain indemnities and insurances to ‘Officers’ of the Corporation, including Board members and senior managers (for the CEFC, this is the Executive). The CEFC also indemnifies staff for items such as travel expenses on a reimbursement basis. See Figure 46.

Indemnity/Insurance Officers included Period of coverage Premium/fees paid

Comcover indemnity for Directors and Officers

All Board members and the Executive. All Officers and staff

1 July 2016 – 30 June 2017

$65,870

Deed of Insurance, Access and Indemnity with each Director and Officer

All Board members and the CEFC Executive

10 May 2013 – 7 years after ceasing to be a Director or Officer of the Corporation

Nil: indemnity only

Supplementary Directors’ and Officers’ Insurance to fill in gaps in the Comcover coverage

All Directors and Officers

14 June 2013 – 14 June 2021

$590,665

Comcare Workers’ Compensation Insurance

All Directors, Officers and staff

1 July 2016 – 30 June 2017

$63,079

Indemnification for Reasonable Travel and Expenses

All Directors, Officers and staff

Ongoing

Nil: indemnity only

Figure 46: Indemnities and insurance premiums for officers 2016-17

Comcover and Comcare insurance

Insurances provided by Comcover and Comcare have general application that include Board members and the Executive, among others, as per the ordinary insurances required of Commonwealth entities.

Travel and expense reimbursement

The CEFC does not issue corporate credit cards for staff travel and other work-related expenses. Staff members (including the Executive) are indemnified and reimbursed for reasonable travel and ancillary expenses incurred in the performance of their duties, based on verified claims and in accordance with relevant CEFC policies. Board members do not generally require travel reimbursement as their expenses are met through allowances as determined by the Remuneration Tribunal (refer Board member Remuneration and Allowances).

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