Commonwealth Bank - Report to Shareholders 2003 - Notes to the Financial Statements
 

Notes to the Financial Statements

For the year ended 30 June 2003

Total amount received or due and receivable by non-executive Directors of the Company for the year ended 30 June 2003 was:

NOTE 5 Remuneration of Directors
Base
Fee/Pay
$
Committee
Fee
$
Salary
Sacrifice(2)
$
Superannuation(1)
$
Total
Remuneration
$

Non-Executive Directors
 
 
 
 
 
Mr J T Ralph, AC
216,000
32,000
62,000
5,626 *
315,626
Dr J M Schubert
108,000
20,000
32,000
11,520
171,520
Mr N R Adler, AO
72,000
16,000
22,000
7,920
117,920
Mr R J Clairs, AO
72,000
12,000
21,000
7,560
112,560
Mr A B Daniels, OAM
72,000
12,000
21,000
7,560
112,560
Mr C R Galbraith, AM
72,000
20,000
23,000
8,280
123,280
Ms S C Kay**
25,863
6,465
8,082
2,910
43,320
Mr W G Kent, AO
72,000
20,000
23,000
8,280
123,280
Mr F D Ryan
72,000
16,000
22,000
7,920
117,920
Mr F J Swan
72,000
20,000
23,000
8,280
123,280
Ms B K Ward
72,000
16,000
22,000
7,920
117,920

Executive Director
 
 
 
 
 
Mr D V Murray (refer Note 6)
 
 
 
 

     
* Mr J T Ralph turned 70 during the 2002/03 financial year. The Bank’s SG obligations generally cease after a person attains age 70.
     
**   Ms S C Kay was appointed a Director on 5 March 2003.
     
(1)   The Bank is currently not contributing to the Officers’ Superannuation Fund. A notional cost of superannuation has been determined on an individual basis for certain of the Directors. Other Directors have superannuation contributions made to other funds.
     
(2)   Under the Non-Executive Directors Share Plan detailed in the Explanatory Memorandum to the Notice of Meeting for the 2000 Annual General Meeting, Non-Executive Directors are required to receive 20% of their remuneration in shares. This was implemented from the second quarter of the financial year.
     
Directors’ Retirement Allowance Scheme
The Board has discontinued the retirement scheme which provided for benefits to be paid to non-executive directors. The terms of this scheme, which were approved by shareholders at the 1997 Annual General Meeting, allowed for a benefit on a pro rata basis to a maximum of four years’ total emoluments after twelve years’ service. The entitlements of the non-executive directors in office at the time of discontinuance will not be affected and are shown below. No new members will be admitted to the scheme from that time.
 
Increase in
accrued benefit
in year
$
Entitlement
as at
30 June 2003
$

Non-Executive Directors
 
 
Mr J T Ralph, AC
127,635
1,160,000
Dr J M Schubert
102,537
577,260
Mr N R Adler, AO
34,867
395,342
Mr R J Clairs, AO
44,194
145,800
Mr A B Daniels, OAM
103,796(1)
103,796
Mr C R Galbraith, AM
104,132(1)
104,132
Mr W G Kent, AO
104,132(1)
104,132
Mr F D Ryan
109,074(1)
109,074
Mr F J Swan
46,924
213,657
Ms B K Ward
53,672
301,389
Ms S C Kay(2)

(1) First year of entitlement – accumulated for three years’ service
(2) Appointed as a Director after closure of scheme