Remuneration of Non-Executive Directors
Tower's remuneration policies aim to attract and retain talented and motivated directors. The Board’s policy is to remunerate directors at a similar level to comparable Australasian companies, with a small premium to reflect the complexity of the insurance and financial services sector.
At the Annual Shareholders' Meeting in February 2004 shareholders approved an increase in non-executive director annual remuneration to the current maximum of NZ$900,000 per annum. Tower seeks external advice when reviewing Board remuneration. The Remuneration and Appointments Committee is responsible for reviewing directors' fees. Non-executive directors are also paid additional annual fees for sitting on Board Committees.
Levels of Non-Executive Directors' remuneration:
- $130,000 to the Chair of Tower Limited
- $78,570 to each Tower Limited Non-Executive Director, excluding the Chair
- $15,000 to the Chair and $9,000 to each member of the Audit and Risk Committee