Governance Institute discloses executive pay

The Governance Institute of Australia has decided to give more details about the remuneration of its chief executive and directors.

The pay of a dozen key management personnel last year totalled $2,144,561 – $1,773,089 in salaries and bonuses, $165,704 in superannuation contributions, and $205,768 in long-service leave.

The institute’s president and board members are unpaid directors.

While NFPs are not required by law or regulation to provide this level of disclosure, the institute said that it had voluntarily provided more details consistent with many listed companies and the Australian Securities Exchange’s guidelines and recommendations.

In recent months, other associations and professional bodies that had disclosed executive remuneration only on an aggregate basis, including the Tax Institute, Chartered Accountants Australia and New Zealand, CPA Australia, the Australian Institute of Company Directors and the Institute of Public Accountants, had also decided to disclose chief executives’ salaries and bonuses.

The institute’s chief executive Steven Burrell said that the new disclosures provided greater transparency to members.

For the financial year ended 31 December, Mr Burrell received a base salary of $280,000 inclusive of superannuation plus a performance bonus of $10,237.50.

In 2017 Mr Burrell will receive a base salary of $284,200 inclusive of superannuation. Any performance bonus will be determined by the board in March after financial results for the 2017 fiscal year are finalised.
< Back