CQUniversity Annual Report - Central Queensland University
CQUniversity Annual Report - Central Queensland University
CQUniversity Annual Report - Central Queensland University
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50<br />
<strong>Central</strong> <strong>Queensland</strong> <strong>University</strong><br />
and Controlled Entities<br />
Notes to the Financial Statements<br />
for the year ended 31 December 2012<br />
Note 32. Key Management personnel and remuneration (continued)<br />
(d) Key Executive Management Personnel (continued)<br />
CQU Institute of Higher Learning Pte Ltd<br />
Current Incumbents<br />
Position<br />
Responsibilities<br />
Contract classification<br />
and appointment<br />
authority<br />
Date appointed to position<br />
Chief Executive Officer<br />
The Chief Executive Officer is<br />
responsible for oversight and strategic<br />
management of the Company.<br />
Appointed by authority of<br />
The Company’s<br />
Shareholder. Contract<br />
terms are based on<br />
market forces and<br />
research.<br />
Appointed 9 April 2012<br />
(Resigned 4 July 2012)<br />
Australian International Campuses Pty Ltd and CQU Travel Centre Pty Ltd have no Key Executive Management Personnel.<br />
(e) Remuneration of Key Executive Management Personnel<br />
Remuneration policies for the Group's key executive management personnel is set by the <strong>University</strong> Council or the Board of C<br />
Management Services Pty Ltd as applicable. The remuneration and other terms of employment for the key executive<br />
management personnel are specified in individual employment contracts. The contracts provide for the provision of other<br />
benefits where applicable.<br />
For the 2012 year, remuneration of <strong>Central</strong> <strong>Queensland</strong> <strong>University</strong> key executive management personnel increased by 6% in<br />
line with the applicable Enterprise Agreement as approved by the <strong>University</strong> Council with C Management Services key<br />
executive management personnel increasing by 3% (as from 1 December 2012) in line with the Company's Enterprise<br />
Agreement as approved by the Board.<br />
Remuneration packages for key executive management personnel comprise the following components:-<br />
• Short term employee benefits include:<br />
<br />
provided for the entire year or for that part of the year during which the employee occupied the specified position. Amounts<br />
disclosed equal the amount expensed in the Statement of Comprehensive Income.<br />
<br />
• Long term employee benefits include long service leave accrued during the period.<br />
• Post employment benefits include superannuation contributions.<br />
• Redundancy payments are in line with individual employment contracts and /or the Enterprise Agreements.<br />
• Performance bonuses may be paid or payable annually to the Vice-Chancellor and President only depending upon<br />
satisfaction of key criteria. The quantum of the performance bonus is determined against pre-defined key performance<br />
indicators as set during annual performance review discussions with the Chancellor.<br />
No loans have been made to any key management personnel of the Group or their related parties.<br />
Consolidated<br />
Parent Entity<br />
2012 2011 2012 2011<br />
$ $ $ $<br />
Short-term employee benefits 3,343,281 3,717,154 2,379,642 2,473,110<br />
Long term employee benefits 209,823 122,252 174,072 72,039<br />
Post employment benefits 457,833 475,624 354,727 370,979<br />
Termination benefits 1,469,983 - 470,440 -<br />
5,480,920 4,315,030 3,378,881 2,916,128
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