Reserve Bank of Australia Annual Report – 2008 Financial Statements Note 12
Note 12 KEY MANAGEMENT PERSONNEL
AASB 124 – Related Party Disclosures requires disclosure of information relating to aggregate compensation of key management personnel. The key management personnel of the RBA are members of the RBA Board, members of the Payments System Board and senior staff who have responsibility for planning, directing and controlling the activities of the RBA. In 2007/08, this group comprises 22 in total (21 in 2006/07), including the Governor and Deputy Governor, 8 non-executive RBA Board members, 6 non-executive Payments System Board members and 6 senior staff. Fees of the non-executive members of the Reserve Bank Board and the Payments Systems Board are determined by the Remuneration Tribunal. A committee of non-executive Board members reviews annually the remuneration of the Governor and Deputy Governor in terms of Section 24A of the Reserve Bank Act 1959. The Governors determine the remuneration of other key executives.
The remuneration of the RBA's key management personnel was as follows:
| 2008 $ | 2007 $ | ||
|---|---|---|---|
| Short-term employee benefits | 3,618,564 | 3,172,165 | |
| Post-employment benefits | 668,114 | 580,651 | |
| Other long-term benefits | 144,990 | 318,635 | |
| Share based payments | – | – | |
| Termination benefits | – | – | |
| Total Compensation | 4,431,668 | 4,071,451 |
Short-term benefits include cash salary, and in the case of staff, annual leave, motor vehicle benefits, car parking, health benefits and the fringe benefits tax paid or payable on these benefits. Post-employment benefits include superannuation benefits and, in the case of staff, health benefits. Other long-term benefits include long service leave. The components of remuneration are reported on an accruals basis.
As at 30 June 2008 and 30 June 2007 there were no loans by the RBA to key management personnel.
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, $97,354 ($169,604 in 2006/07) was paid for non-executive members of the Board of NPA Limited who are not employees of the RBA or members of the Bank Board.