Reserve Bank of Australia Annual Report – 2003 Financial Statements Note 15 – Related Party and Other Disclosures
The Remuneration Tribunal determines the remuneration appropriate to the RBA's non-executive Board members. In 2002/03, payments to executive and non-executive Board members totalled $1146,065 ($1,241,410 in 2001/02). Remuneration includes amounts paid to members of the Bank Board who are also executives (refer Note 13).
The number of directors whose remuneration packages, measured in terms of costs to the RBA, fell within the following bands was:
| Remuneration band | Number 2003 |
Number 2002 |
|---|---|---|
| $10,000 – $19,999 | 1 | |
| $30,000 – $39,999 | 4 | 4 |
| $40,000 – $49,999 | 2 | 1 |
| $60,000 – $69,999 | 1 | |
| $160,000 – $169,999 | 1 | |
| $340,000 – $349,999 | 1 | |
| $380,000 – $389,999 | 1 | |
| $490,000 – $499,999 | 1 | |
| $500,000 – $509,999 | 1 |
At 30 June 2003 and 30 June 2002 there were no loans by the RBA to the Governor, Deputy Governor or non-executive members of the Board.
There were no other related-party transactions with Board members; transactions with director-related entities which occurred in the normal course of the RBA's operations were conducted on terms no more favourable than similar transactions with other employees or customers.
In addition, $106,401 was paid for the services of non-executive members of the Board of Note Printing Australia Limited who are not employees of the RBA or members of the Bank Board ($101,787 in 2001/02). The RBA also paid $154,055 for the services of members of the Payments System Board who are not employees of the RBA ($147,252 in 2001/02).