Heads Up — RSE Executive Remuneration Disclosures

Published on: 02 Jul 2014

From 1 July 2014, as a result of the Stronger Super Reforms, an Australian Registrable Superannuation Entity licensee ('RSE licensee') is required to make publicly available and to keep up to date at all times on its website, the remuneration details of executive officers and individual trustees ('EO information'). This is required under s 29QB of the Australian Superannuation Industry (Supervision) Act 1993 ('SIS Act'). The prescribed details are included in the Superannuation Industry (Supervision) Regulations 1994 ('SIS Regulations'). The superannuation law is prescribed and regulated by the Australian Prudential Regulatory Authority ('APRA'). APRA is responsible for the prudential supervision of superannuation entities and their trustees.

Separately, Australian Accounting Standard AASB 124 Related Party Disclosures requires remuneration disclosures for key management personnel in the superannuation’s annual financial statements ('KMP disclosures').

The Australian Securities & Investments Commission ('ASIC'), which is responsible for monitoring, regulating, enforcing corporations and financial services law and promoting market integrity and consumer protection, has also released a Consultation Paper ('CP219'). CP219 sets out to provide draft guidance for how remuneration on the superannuation’s website may be kept up to date under s29QB of the SIS Act.

This alert from Deloitte (Australia) looks at the key differences and similarities between AASB 124 and the SIS Act requirements for these remuneration disclosures and provides some recommended next steps to help entities prepare for the impending reporting deadline.


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