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Our remuneration policy.

Hostplus is run to benefit our members, and does not pay dividends to shareholders or sales commissions to financial planners, our focus is on providing our members with the best quality superannuation services at competitive prices.

As such, our remuneration policy is designed to encourage superior performance and long-term commitment to Hostplus from all staff, with our objective being to remunerate fairly and equitably so we can provide a quality service to our members. 

Our remuneration policy is also informed by our guiding principles and philosophy and applies to directors, officers and all Hostplus employees.  

If there’s something you can’t find here, don’t hesitate to call us on 1300 467 875. We’re available to assist with any enquiries Monday to Friday 8am - 8pm AEST. 

Our remuneration framework

 Our remuneration policy is designed to encourage superior performance from all our staff.

Our guiding principles

Simplicity. Consistency. Equality. Fairness. Alignment with values.
Appropriate risk behaviour. Transparency.

Our philosophy

We believe remuneration should:

  • facilitate the delivery of superior long term results for the business;
  • promote sound risk management principles;
  • support the corporate values and desired culture;
  • attract, retain, motivate and align the talent we need to achieve our business goals;
  • reinforce leadership, accountability, teamwork and innovation;
  • align with the contribution and performance of the business, teams and individuals.

Our remuneration practices have regard to general market conditions, with a focus on what is happening within the financial services, and more specifically, the superannuation sector.  

All remuneration related matters are to be determined and approved by the Board’s People and Remuneration Committee.  The People and Remuneration Committee is accountable for exercising its responsibilities in line with its Charter.

Directors Remuneration

Remuneration, in the form of Director fees for Board members are considered by the People and Remuneration Committee, which makes recommendations to the Board.  Remuneration is reviewed annually, generally in May/June, with any changes to be made effective from 1 July in that year.

Click here to view the Directors remuneration.

CEO and Group Executive Remuneration

The People and Remuneration Committee has the delegated authority to:

  • determine remuneration matters of the Hostplus Group Executive Team;
  • consider and make recommendations to the Board on all remuneration matters concerning Directors and the CEO and all agreements proposed to be made under relevant industrial legislation (e.g. enterprise agreements);

Base or fixed salary reviews for Group Executives occur annually, generally in May/June, with increases payable from 1 July in that year.  Increases for Group Executives, with the exception of the CEO, in excess of the express terms and conditions of the Enterprise Agreement, are subject to People and Remuneration Committee approval.  

The Chairman, on behalf of the Board, conducts the performance assessment of the Chief Executive Officer, having regard to objectives set in the previous year including setting objectives for the coming year.  The Board, as a whole, discusses the outcome in the absence of the Chief Executive Officer which is then communicated to the Chief Executive Officer.

The Chief Executive Officer conducts the performance assessment for each member of the Group Executive  Team, having regard to the operational and financial responsibilities of the Group Executive and the contribution by the Group Executive to the management and leadership of the business.

Click here to view the Executives Remuneration.

Governance

The People and Remuneration Committee are responsible for regularly reviewing the remuneration policy and as appropriate, making recommendations to the Board. This includes an assessment of the policy’s application, effectiveness and compliance with the requirements of APRA’s Prudential Standard SPS 510: Governance.

The People and Remuneration Committee reviews the policy annually to ensure it continues to meet its intended purpose and to identify any material deviations of remuneration outcomes.

The Committee’s responsibilities are set out in the People and Remuneration Committee’s Charter and extend to:

  • approving the staff benefits that have significant monetary impacts;
  • setting fixed remuneration annual review parameters and outcomes;
  • setting maximum variable remuneration;
  • deciding participation in variable remuneration plans;
  • reviewing overall short term incentives (STIs) allocations;
  • approving any proposal for a sign on, retention or termination payment.

Short Term Incentives (STIs) operation and outcomes

Hostplus offers variable remuneration in the form of STIs to the CEO and to members of the Group Executive Team.  At its discretion, the Board may implement a variable remuneration scheme for non-Executive staff based on individual performance, but linked to overall performance of the Fund.

Eligibility

CEO and Group Executive Team – participation is subject to People and Remuneration Committee approval and Board endorsement.

Application of STIs

STIs are discretionary, performance-based remuneration designed to drive and reward short to medium term results, reflecting the level of risk. This includes financial and non-financial results and metrics at an organisation, department, team and individual level.
The STI plan is set at the start of each financial year, with the conditions attached to the specific individual plans and objectives to be met.

Terminations

Any sign-on, retention or termination payments not set out in the employment contract are to be approved by the People and Remuneration Committee.

Contractual

All Group Executives at Hostplus may resign from their employment by giving Hostplus three (3) months’ notice in writing. The relevant Group Executive and Hostplus may agree on a lesser notice period, or Hostplus may, at its discretion, waive the notice period.  Hostplus may terminate their employment and in such circumstances Hostplus must provide them with three (3) months’ notice in lieu. 

In addition, Hostplus may terminate their employment at any time, without notice, if, in the opinion of Hostplus, they engage in serious misconduct, serious neglect of duty, or serious breach of any of the express or implied terms of their employment contract.  In such circumstances they would be entitled to payment of their normal salary and benefits up to the date of termination only.

Details of the remuneration paid to our Responsible Persons are set out below.

Directors 2015/16

Name

Date
commenced

Dates retired
during period

change in position
/date of change

Salary
$

Non-monetary
benefits(f)
$

Super
$

Termination
Benefits

Date Paid

 Independent Directors

David Elmslie
(Chair)

9/02/2007

N/A

N/A

135,826.00

9,240.00

20,374.00

N/A

N/A

Peter Collins ^

1/07/2006

N/A

N/A

114,073.00

N/A

12,370.00

N/A

N/A

Alexandra Grayson

24/10/2013

N/A

N/A

94,950.00

N/A

14,243.00

N/A

N/A

 Employer nominated

Mark Vaile

1/07/2012

N/A

N/A

84,400.00

N/A

12,660.00

N/A

N/A

David Gibson

1/07/2012

N/A

N/A

99,400.00

N/A

14,910.00

N/A

N/A

Mark Robertson
(Deputy Chair)

6/06/2003

N/A

N/A

99,676.00

N/A

14,951.00

N/A

N/A

 Neil Randall (e) 01/07/2013  N/A  N/A  38,000.00 N/A N/A N/A  N/A
 Member nominated

Brian Daley
(Deputy Chair)#

5/06/1990

N/A

31/07/2015(b)

8,306.00

N/A

1,246.00

N/A

N/A

Rebecca Stark#

27/07/2014

N/A

N/A

70,333.00

N/A

10,550.00

N/A

N/A

 David McElrea #  27/03/2015  N/A 14/10/2015(d) 68,300.00 N/A 10,245.00 N/A N/A
 Timothy Lyons
(Deputy Chair)#
15/05/2015  N/A 17/08/2015(a) 119,172.00** N/A 2,110.00 N/A N/A
 Robyn Buckler# 28/05/2003 N/A 14/10/2015(c) 58,133.00 N/A 8,720.00 N/A N/A

(a) Appointed Director and Deputy Chair on 17/08/2015.
(b) Ceased as a Director and Deputy Chair on 31/07/2015.
(c) Ceased as a Director on 14/10/2015 and appointed as an Alternate Director for United Voice nominated Directors on 28/10/2015.
(d) Ceased as an Alternate Director on 27/10/2015 and appointed as a Director on 14/10/2015.
(e) During the period Director Randall acted as an Alternate for AHA nominated Directors. 
(f) Parking benefits 

# With the exception of Director Lyons, United Voice nominated Directors do not personally receive Directors fees or superannuation contributions from Hostplus, as they are appointed by United Voice. An equivalent amount is paid to United Voice to compensate for the time spent by the Directors in fulfilling their responsibilities as a Trustee of Hostplus.  **$14,066.00 in salary and $2110.00 in superannuation contributions was however paid to United Voice for the period July to August 2015 for services rendered by Director Lyons, after which time payment was directed to Reveille Strategy Pty Ltd.

^ For part of the period, director fees and superannuation contribution payments were made payable to the Trustee for Werrington House Trust to compensate for the time spent by the Director in fulfilling his responsibility as a Trustee of Hostplus. 

Executive Managers  2015/16

Name

Date
commenced

Dates retired
during period

change in position
/date of change

Salary
$

STI
$

Non-monetary
benefits (a)
$

Super
$

Termination
Benefits

Date Paid

David Elia
Chief Executive Officer

19/09/2003**

N/A

N/A

577,517.00

190,504.00

9,240.00

30,000.00

N/A

N/A

Sam Sicilia
Chief Investment Officer

31/03/2008

N/A

N/A

432,880.00

153,584.00

9,240.00

30,000.00

N/A

N/A

Umberto Mecchi
Group Executive, Strategy, Marketing & Client Services

28/11/2011

N/A

31/08/2015 (d)

309,159.00

42,991.00

9,240.00

30,000.00

N/A

N/A

Paul Watson
Group Executive, Business Growth, Product & Advice

21/03/2011

N/A

31/08/2015 (e)

274,084.00

45,407.00

9,240.00

30,000.00

N/A

N/A

Mark Abramovich
General Counsel & Group Executive - Compliance
 15/12/2014  N/A 23/12/2015(b) 170,765.00 N/A 4,430.00 15,000.00 20,593.00 N/A

Natalie Strickland 
Group Executive, People, Performance & Culture

17/02/2014

N/A

N/A 172,674.00 19,948.00 9,240.00 28,893.00

N/A

N/A

Therese Kenny
Group Executive, Finance, Risk & Operations

07/11/2013

N/A

 N/A 299,583.00 34,377.00 9,240.00 30,000.00

N/A

N/A

 Ann Wong
Group Executive, Legal and Compliance
12/01/2004 N/A 19/1/2016(c) 100,005.00 N/A 4,140.00 15,346.00 N/A N/A

(a) Parking benefits. 
(b) Resigned as General Counsel & Group Executive – Compliance.
(c) Appointed Group Executive – Legal and Compliance.
(d) Appointed Group Executive, Strategy, Marketing & Client Services from Group Executive Strategy, Marketing and Growth.
(e) Appointed Group Executive Business Growth, Product and Advice, from Group Executive Product and Advice. 
** Date appointed as Chief Executive Officer. Initial commencement date 15/03/1999.

Directors 2016/17

Name

Date
commenced

Dates retired
during period

change in position
/date of change

Salary
$

Non-monetary
benefits(f)
$

Super
$

Termination
Benefits

Date Paid

To whom Paid

 Independent Directors

David Elmslie
(Chair)

9/02/2007

N/A

N/A

135,826.00

9,495.00

20,374.00

N/A

N/A

Himself

Peter Collins ^

1/07/2006

N/A

N/A

109,950.00

N/A

16,493.00

N/A

N/A

Werrington House Trust

Alexandra Grayson

24/10/2013

N/A

N/A

94,950.00

N/A

14,243.00

N/A

N/A

Herself

 Employer nominated

Mark Vaile

1/07/2012

N/A

N/A

84,400.00

N/A

12,660.00

N/A

N/A

Himself

David Gibson

1/07/2012

N/A

N/A

99,400.00

N/A

14,910.00

N/A

N/A

Himself

Mark Robertson
(Deputy Chair)

6/06/2003

N/A

N/A

99,676.00

N/A

14,951.00

N/A

N/A

AHA Victorian Branch

 Neil Randall (e) 01/07/2013  N/A  N/A  33,000.00 N/A N/A N/A  N/A

Himself

 Member nominated

Rebecca Stark
#(d)

27/07/2014

30/01/2017

N/A

49,233.00

N/A

7,385.00

N/A

N/A

United Voice

David McElrea
#(b)

27/03/2015

20/01/2017

14/10/2015

45,149.00

N/A

6,772.00

N/A

N/A

United Voice

Timothy Lyons
(Deputy Chair)#
15/05/2015 N/A 17/08/2015(a) 109,675.00 N/A 16,451.00 N/A N/A

Reveille Strategy

Robyn Buckler# 28/05/2003 N/A 14/10/2015(c) 40,000.00** N/A 5,250.00 N/A N/A

United Voice

Beverley Myers# 10/02/2017 N/A N/A 39,251.00 N/A 5,888.00 N/A N/A

United Voice

Judith Hill# 10/02/2017 N/A N/A 35,167.00 N/A 5,275.00 N/A N/A

Herself

(a) Appointed Director and Deputy Chair on 17/08/2015.
(b) Ceased as a Director and Deputy Chair on 20/01/2017.
(c) Ceased as a Director on 14/10/2015 and appointed as an Alternate Director for United Voice nominated Directors on 28/10/2015.
(d) Ceased as Director on 30/01/2017.
(e) During the period Director Randall acted as an Alternate for AHA nominated Directors. 
(f) Parking benefits 

# With the exception of Director Lyons, United Voice nominated Directors do not personally receive Directors fees or superannuation contributions from Hostplus, as they are appointed by United Voice. An equivalent amount is paid to United Voice to compensate for the time spent by the Directors in fulfilling their responsibilities as a Trustee of Hostplus.  **$14,066.00 in salary and $2110.00 in superannuation contributions was however paid to United Voice for the period July to August 2015 for services rendered by Director Lyons, after which time payment was directed to Reveille Strategy Pty Ltd.

^ For part of the period, director fees and superannuation contribution payments were made payable to the Trustee for Werrington House Trust to compensate for the time spent by the Director in fulfilling his responsibility as a Trustee of Hostplus. 

Executive Managers  2016/17

Name

Date
commenced

Date change
in position

Salary
($)

STI
($)

Parking
benefits
($)

Super
($)

Termination
Benefits
($)

Total
($)

D Elia

15/03/1999

N/A

637,838.00

197,076.00

9,495.00

30,000.00

N/A

874,409.00

S Sicilia

31/03/2008

N/A

538,949.00

151,741.00

9,495.00

30,000.00

N/A

730,185.00

U Mecchi

28/11/2011

N/A

311,305.00

48,573.00

9,495.00

30,000.00

N/A

399,373.00

T Kenny

07/11/2013

22/12/2016(a)

265,697.00

41,231.00

4,518.00

21,990.00

133,869.00

467,305.00

P Watson

21/03/2011

N/A

283,137.00

24,399.00

9,495.00

30,000.00

N/A

347,031.00

A Wong 12/01/2004 30/09/2016(b) 230,244.00 24,506.00 2,374.00 9,423.00 N/A 266,547.00

N Brouwer

23/11/2014

21/11/2016(c)

174,297.00 N/A 5,803.00 26,144.00 N/A

206,244.00

K Cantwell 10/10/2016(d) N/A 180,730.00 N/A 6,872.00 21,346.00 N/A 208,968.00
N Strickland 17/02/2014 N/A 154,812.00 29,909.00 9,495.00 27,708.00 N/A 221,924.00
B Smethurst 25/07/2016(e) 06/03/2017(e) 127,644.00 N/A 5,871.00 17,779.00 N/A 151,294.00
Total N/A N/A 2,904,653.00 517,435.00 72,933.00 244,390.00 133,869.00 3,873,280.00

(a) Resigned as Group Executive – Finance & Investment Operations
(b) Resigned as Group Executive – Legal & Compliance
(c) Appointed as Group Executive – Risk & Compliance
(d) Appointed as Group Executive – Service Operations
(e) B Snethurst temporarily occupied the position of Group Executive - People, Performance & Culture

Issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL No. 244392, RSEL No. L0000093, Hostplus Superannuation Fund ABN 68 657 495 890, RSE No. R1000054, MySuper No.  68657495890198.


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