CEFC employees are employed on individual contracts, with terms and conditions based on the National Employment Standards in the Fair Work Act 2009. The Australian Government Industry Award 2016 covers non-Executive employees. The CEFC Board has approved additional employment benefits, including paid parental leave, purchased leave and study support.
Employee remuneration is determined with reference to market benchmarking data to support the recruitment and retention of employees with the requisite skills to manage the CEFC’s diverse functional areas. Remuneration data is provided by the Financial Industry Remuneration Group (FIRG), across large, medium and smaller organisations, in both the private and public sectors.
Eligible employees are able to participate in a Variable Compensation Plan. Central to the plan are the annual Corporate Key Performance Indicators (KPIs), covering the strategic themes of Impact, Innovation and Organisational Effectiveness. Through the Variable Compensation Plan, the contribution of individual employees is measured alongside overall organisational performance. Additional information on payments to employees is available in Note 5 in the Financial Statements.
Executive remuneration and allowances
In accordance with the Public Governance, Performance and Accountability Rule 2014, the CEFC has set out the remuneration approach for Key Management Personnel (KMP), including the CEFC non-executive Board and senior executive team, and Other Highly Paid Staff (OHPS) in Appendix G.
Executive travel and expenses claims are dealt with on an indemnity and reimbursement basis. See Figure 24, Indemnities and insurance premiums for Officers 2018–19.