Reserve Bank of Australia Annual Report – 2000 Financial Statements Note 14 – Related Party and Other Disclosures

The Remuneration Tribunal determines the remuneration appropriate to the RBA's non-executive Board members. In 1999/2000, payments to executive and non-executive board members totalled $1,016,312 ($979,786 in 1998/99). Remuneration includes amounts paid to members of the Bank Board who are also executives (refer Note 12).

The number of directors whose remuneration packages, measured in terms of costs to the RBA, fell within the following bands was:

Remuneration band Number
$30,000 – $39,999 5 5
$50,000 – $59,999 1 1
$300,000 – $309,999   1
$310,000 – $319,999 1  
$450,000 – $459,999   1
$470,000 – $479,999 1  

The RBA is not empowered to lend to non-executive members of the Board. Loans to the Governor and Deputy Governor are permitted only in terms of section 71 of the Reserve Bank Act; at 30 June 2000, there were no such loans ($77,007 at 30 June 1999).

There were no other related-party transactions with Board members; transactions with director-related entities which occurred in the normal course of the RBA's operations were conducted on terms no more favourable than similar transactions with other employees or customers.

In addition, $68,454 was paid for the services of non-executive members of the Board of Note Printing Australia Limited who are not employees of the RBA or members of the Bank Board ($41,408 in 1999). The RBA also paid $101,534 for the services of members of the Payments System Board who are not employees of the RBA ($94,504 in 1999).