50<strong>Central</strong> <strong>Queensland</strong> <strong>University</strong>and Controlled EntitiesNotes to the Financial Statementsfor the year ended 31 December 2012Note 32. Key Management personnel and remuneration (continued)(d) Key Executive Management Personnel (continued)CQU Institute of Higher Learning Pte LtdCurrent IncumbentsPositionResponsibilitiesContract classificationand appointmentauthorityDate appointed to positionChief Executive OfficerThe Chief Executive Officer isresponsible for oversight and strategicmanagement of the Company.Appointed by authority ofThe Company’sShareholder. Contractterms are based onmarket forces andresearch.Appointed 9 April 2012(Resigned 4 July 2012)Australian International Campuses Pty Ltd and CQU Travel Centre Pty Ltd have no Key Executive Management Personnel.(e) Remuneration of Key Executive Management PersonnelRemuneration policies for the Group's key executive management personnel is set by the <strong>University</strong> Council or the Board of CManagement Services Pty Ltd as applicable. The remuneration and other terms of employment for the key executivemanagement personnel are specified in individual employment contracts. The contracts provide for the provision of otherbenefits where applicable.For the 2012 year, remuneration of <strong>Central</strong> <strong>Queensland</strong> <strong>University</strong> key executive management personnel increased by 6% inline with the applicable Enterprise Agreement as approved by the <strong>University</strong> Council with C Management Services keyexecutive management personnel increasing by 3% (as from 1 December 2012) in line with the Company's EnterpriseAgreement as approved by the Board.Remuneration packages for key executive management personnel comprise the following components:-• Short term employee benefits include:provided for the entire year or for that part of the year during which the employee occupied the specified position. Amountsdisclosed equal the amount expensed in the Statement of Comprehensive Income.• Long term employee benefits include long service leave accrued during the period.• Post employment benefits include superannuation contributions.• Redundancy payments are in line with individual employment contracts and /or the Enterprise Agreements.• Performance bonuses may be paid or payable annually to the Vice-Chancellor and President only depending uponsatisfaction of key criteria. The quantum of the performance bonus is determined against pre-defined key performanceindicators as set during annual performance review discussions with the Chancellor.No loans have been made to any key management personnel of the Group or their related parties.ConsolidatedParent Entity2012 2011 2012 2011$ $ $ $Short-term employee benefits 3,343,281 3,717,154 2,379,642 2,473,110Long term employee benefits 209,823 122,252 174,072 72,039Post employment benefits 457,833 475,624 354,727 370,979Termination benefits 1,469,983 - 470,440 -5,480,920 4,315,030 3,378,881 2,916,128
<strong>CQ<strong>University</strong></strong> ANNUAL REPORT 2012<strong>Central</strong> <strong>Queensland</strong> <strong>University</strong>and Controlled EntitiesNotes to the Financial Statementsfor the year ended 31 December 2012Note 32. Key Management personnel and remuneration (continued)(e) Remuneration of Key Executive Management Personnel (continued)2012 <strong>Central</strong> <strong>Queensland</strong> <strong>University</strong>PositionVice-Chancellor and President1 January to 31 December 2012Deputy Vice-Chancellor (Academic andResearch)1 January to 10 January 2012Deputy Vice-Chancellor (Academic andResearch) and Acting Deputy Vice-Chancellor (International)11 January to 31 August 2012Short TermEmployee BenefitsBase$'000Non-MonetaryBenefits$'000Long TermEmployeeBenefitsPostEmploymentBenefitsTerminationBenefitsTotalRemuneration$'000 $'000 $'000 $'000450 25 11 74 - 56010 1 2 7 - 19170 14 5 26 - 21551ANNUAL FINANCIAL STATEMENTSActing Deputy Vice-Chancellor(Academic and Research)1 August to 18 November 2012Deputy Vice-Chancellor (Academic andResearch)19 November to 31 December 2012Deputy Vice-Chancellor (International)1 January to 1 August 2012 *Deputy Vice-Chancellor (<strong>University</strong>Services)1 January to 3 July 2012Deputy Vice-Chancellor (Internationaland Services)4 July to 31 December 2012101 1 2 8 - 11338 1 1 3 - 43- - - - - -153 11 4 24 - 193149 11 4 25 - 188Deputy Vice-Chancellor (Development)1 January to 31 January 201248 3 19 4 - 74Deputy Vice-Chancellor (Industry &Vocational Education and Training)1 January to 31 December 2012Deputy Vice-Chancellor (HigherEducation)27 June to 31 December 2012252 19 7 49 - 327160 1 4 26 - 191Pro Vice-Chancellor and ExecutiveDean (Faculty of Sciences,Engineering and Health) and Pro Vice-Chancellor and Executive Dean(Faculty of Arts, Business, Informaticsand Education8 May to 26 June 201238 - 4 4 - 46