Corporate Report for the year ended 30 June 2022
Introduction and overview
Governance and risk
Security holder information
Our remuneration governance framework at a glance 1
Board Sets and oversees the implementation of the Remuneration Policy.
Remuneration, People and Culture Committee Assists the Board in fulfilling its responsibilities in relation to the remuneration of the Chairman and other Non-executive Directors, performance and remuneration of, and incentives for, the CEO and Senior Executives, remuneration strategies, practices and disclosures, and management programs to develop the capability of Transurban’s workforce and align to the Group’s purpose, strategy and culture. The Committee may request additional information from Management or external advisors where required. The Committee uses a range of inputs when assessing performance and outcomes of Executive KMP, including both what and how results have been achieved. Detailed performance assessments as well as audited financial results, external remuneration benchmarking and an overarching view to the organisation’s values and risk profile are taken into account. The Committee and the Board review relevant information and exercise discretion, and may adjust remuneration outcomes, including application of malus and claw back.
Management Provide management information on financial, customer and risk matters which may impact remuneration. The CEO and the Group Executive, People and Culture attend Committee meetings, however they do not participate in formal decision making or in discussions involving their own remuneration.
External Advisors The Committee may seek and consider advice from independent remuneration consultants where appropriate. Protocols are in place for the independent engagement of remuneration consultants and the provision of remuneration recommendations. During FY22, remuneration consultants only provided benchmark data and insights on market practices to the Committee. No remuneration recommendations relating to KMP were provided by consultants.
1 R efer to Governance and Risk section of the Corporate Report on page 74 for details of Transurban’s Governance Framework
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