Disclosure of remuneration as required by
section 29QB of the superannuation industry
(supervision) act
MAP Superannuation Plan (DIVII), ABN 71603157863
MAP Pooled Super Trust (DIV IV), ABN 92 209 339 241
On 24 February 2014, the shares of MAP Funds Management (MAP FM) were acquired by OneVue Holdings Limited
(OneVue). MAP FM owns 100% of the shares in MAP Financial Planning (MAP FP).
Directors and Executive Offers (“Relevant Executive Officers”)
The following is a list of Directors and Executive Officers and Remuneration disclosure at any time during the financial year ended 30 June 2015 and
the current financial year ending 30 June 2016.
Name
Position
Date began
Date ceased
holding position
holding position
Vin Plant
Chair
30/11/15
Robert J Brown
Director
22/03/16
Karen Gibson
Director
12/02/13
Karen Gibson
Garry Wayling
Director
8/05/14
Garry Wayling
Adriaan Ryder
Director
2/07/09
5/02/16
Gail Pemberton
Director
12/02/15
30/11/15
Greta Thomas
Director
12/02/15
2/10/15
Connie Mckeage
Chief Executive Officer
1/07/14
Wendy Tancred
Director
1/06/05
13/12/13
Dr Bill Glasson
Director
28/08/95
19/12/13
Jenny Robertson
Director
9/09/09
7/02/14
Dr Peter Boys
Director
18/12/95
24/02/14
Dr Rick Olive
Director
28/08/95
24/02/14
Jenni Erbel
Chief Executive Officer
27/06/11
30/06/14
Greg Hoyes
Chief Financial Officer
2/08/91
30/04/14
Ross Endres
Chief Investment Officer
15/01/08
1/12/14
Francis Cox
Director
24/2/14
12/02/15
Peter Heffernan
Director
22/4/04
12/02/15
Dr Peter Kent
Director
22/04/06
12/02/15
Remuneration of Directors and Executive Officers
The Board has implemented a process for the periodic review and evaluation of its performance, individual Directors and
Executive Officers.
Director remuneration consists of Board fees, superannuation guarantee contributions and salary sacrifice into
superannuation. In addition, Directors receive reimbursement of reasonable expenses. There are no bonuses paid to
Directors of MAP FM. The fees reflect the demands on, and responsibilities of, those Directors. Fees are higher for the
Chair. There are no retiring allowances paid to Directors. Directors’ fees for MAP FM also covered the Directors fees for
MAP FP up to 24 February 2014. Fees paid to Directors as directors of OneVue Holdings Limited (OVH) including for
group committees are disclosed in the Annual Report of OVH.
Executive Officers’ remuneration consists of salaries, superannuation guarantee contributions, short-term and long-term
discretionary bonuses and retention arrangements. In addition, Executive Officers receive reimbursement of reasonable
expenses. Salary sacrificing is allowed for superannuation and FBT car parking. Executive Officers’ remuneration is
determined by and paid by MAPFM’s parent OneVue Holdings Limited or its related companies.
Director and Executive Officer remuneration is reviewed at least annually. Remuneration levels are benchmarked against
independent external sources. The Directors and Executive Officers are paid in accordance with the Remuneration
Policy.
Short-term incentive bonuses
The remuneration of Executive Officers includes short-term and long-term incentive bonuses.
The objectives of the short term incentive bonus are to:
■ Focus Executive Officers on the achievement of results and the performance of MAP against agreed targets;
■ Demonstrate a clear relationship between performance and remuneration;
■ Be fair and consistent in rewarding performance among Executive Officers and employees;
■ Reinforce a performance culture in MAP;
■ Protect the interests, and meet reasonable expectations, of beneficiaries;
■ Support the long term financial soundness of MAP; and
■ Support the risk management framework of the Trustee.
The following describes the bonus plan that applied to 30 June 2014 disclosures.
The short-term incentive bonuses plan (Incentive Scheme) rewards individual Executive Officers for achievement of
KPIs. KPIs are measured over the course of each financial year (July to June). KPI results are assessed through the
Performance Development and Review process that occurs at least annually.
The Incentive Scheme for the Chief Executive Officer is a 25% bonus that is payable at the discretion of the Board on the
achievement of a number of KPIs.
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The Incentive Scheme for the Chief Investment Officer is a 100% bonus based upon a combination of KPIs, including
the KPIs on outperforming the median performance on each pool of the products. The discretionary bonus payments
are spread over 3 years. The funding for the Chief Investment Officer’s bonus is from the Investment Manager’s
Reserve.
The Board approved all bonus payments made to Executive Officers.
Bonus metrics are generally set in June of the prior year, however with the sale of MAP to OneVue in February 2014
the setting of KPIs and bonuses will fall into line with OneVue’s remuneration process going forward.
The maximum possible total value of bonuses payable to Executives, other than the Chief Investment Officer, for
financial years 2014 was 25% of the Executive’s annual salary, including superannuation contributions. In the case of
the Chief Investment Officer, the maximum possible total value was 100% of annual salary, including superannuation
contributions.
The following describes the incentive scheme for the period ended 2015.
Executive Officers will participate in the OneVue incentive scheme for the 2014/15 year. The bonus pool will apply for
FY 2015.
The dollar value of the bonus pool is set at 45% of any excess of the OneVue FY 2015 EBITDA over the OneVue
Prospectus forecast EBITDA of $450,000. The bonus pool will be capped at $697,500 being the value of the bonus pool
if EBITDA reaches $2 million. Twenty five percent of the bonus pool is allocated for the Chief Executive Officer – the
OneVue Board has taken account of the managing director’s base salary of $160,000 in making this allocation. Executive
Officers will receive entitlements from the bonus pool in two forms:
•
60% as a cash payment. The manager must remain employed by OneVue at 30 September 2015 to be
eligible for this component; and
•
40% as a share entitlement based on Share value at 30 September 2015. The entitlement will vest
on 30 September 2016 and will be subject to forfeiture if the employee leaves employment before the
vesting date.
Remuneration arrangements
Terms of employment and remuneration are reflected in individual contracts with each Executive Officer.
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The following table sets out the detailed remuneration provided to each Director and Executive Officer for the
financial years ended 30 June 2014 and 2015:
Short Term Benefits
Director Fees
and Salary,
Long Term Benefits
Incentive
Bonus ($)
Superannuation
Year ended
30 June 2015
Karen Gibson
35,376
3,361
Adriaan Ryder
38,620
3,669
Garry Wayling
30,809
2,927
Gail Pemberton
12,450
0
Greta Thomas
12,450
0
Connie Mckeage
146,119
13,881
Peter Heffernan
25,668
0
Francis Cox
42,523
4,040
Dr Peter Kent
23,473
2,230
Ross Endres
161,010
20,855
9,392
Year ended
30 June 2014
Dr Peter Boys
22,390
16,319
Dr Rick Olive
19,837
1,835
Jenny Robertson
22,947
2,123
Dr Bill Glasson
0
0
Karen Gibson*
30,389
2,811
Peter Heffernan
41,400
0
Adriaan Ryder
37,895
3,503
Francis Cox
6,674
19,367
Dr Peter Kent
16,400
25,000
0
4,969
Garry Wayling*
Jenni Erbel
239,738
45,767
Connie Mckeage
109,840
10,160
Greg Hoyes
251,278
30,233
Ross Endres
217,736
19,596
28,165
22,118
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* As Directors of OneVue, Karen Gibson, and Gary Wayling, received 125,000 options in OneVue Holdings Ltd. The
options were issued as part of OneVue’s listing in June 2014 at an exercise price of $0.35.
The following termination benefits were paid in the 2015 financial year:
■ Ross Endres received gross termination benefits totalling $91,392. This amount included a redundancy payment of
$46,365 plus notice of $18,860 plus $19,367 unused annual.
The following termination benefits were paid in the 2014 financial year:
■ Greg Hoyes received gross termination benefits totalling $174,092.09. This amount included a redundancy
payment of $42,878 plus notice of $3,573 plus $64,865 unused annual leave and $62,774 unused long service
leave.
The following table sets out information about the short-term incentive bonuses which were paid or payable to each
Executive Officer in the years ended 30 June 2013 and 30 June 2014.
Name
Financial Year
Financial Year the
Incentive Bonus
% of Incentive
% of Incentive
the
Bonus was
Inclusive of
Bonus that
Bonus that was
Performance
Paid/will be
Superannuation
was Paid/will
Forfeited (%)
Relates to
Payable
Payment ($)
be Payable (%)
Jenni Erbel
2012
2013
50,000
80
20
Ross Endres
2012
50% paid in 2013,
22,200
17.69
82.30
30% paid in 2014,
20% paid in 2014,
24 March 2016
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