Page 2153 - Week 06 - Thursday, 8 June 2017
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Icon Water—board remuneration
(Question No 175)
Mr Coe asked the Chief Minister, upon notice, on 12 May 2017 (redirected to the Treasurer):
(1) Can the Chief Minister please outline the process for determining the remuneration of (a) members of the Board of Icon Water and (b) executives of Icon Water.
(2) Are bonuses, including for performance, payable to (a) members of the Board of Icon Water and (b) executives of Icon Water.
(3) If the answer to part (2)(a) and (b) above is yes, provide the (a) criteria and the approval process for the payment of bonuses to Board members, (b) criteria and the approval process for the payment of bonuses to executives, (c) total amount paid in bonuses to members of the Board in (i) 2013-14, (ii) 2014-15, (iii) 2015-16 and (iv) 2016-17 to date and (d) total amount paid in bonuses to members of the executive in (i) 2013-14, (ii) 2014-15, (iii) 2015-16 and (iv) 2016-17 to date.
Mr Barr: The answer to the member’s question is as follows:
1. (a) Under Clause 58 of the Icon Water Constitution, remuneration for Directors is determined by Icon Water’s Voting Shareholders. In setting remuneration, consideration is given to the ACT Remuneration Tribunal’s Determinations for Part-time Public Office Holders. In addition, the Voting Shareholders consider other factors including the current level of remuneration in the water and sewerage industry and the need to recruit and retain board directors with the expertise and skills necessary to meet the requirements of Section 12 of the Territory-owned Corporations Act.
(b) Icon Water has a robust and transparent remuneration framework for the Executive. The remuneration framework includes evaluations for each executive role, conducted by an independent remuneration consultant with specialist expertise in the utilities sector. As part of these evaluations, the independent expert also conducts remuneration benchmarking utilising data from the All Utilities index. In addition, the Board meets as the Remuneration Committee to discuss remuneration issues for the Managing Director.
Details of the Icon Water Board and executive remuneration are made publicly available each year in Icon Water’s Annual Report to the ACT Government.
2. (a) Bonuses are not payable to Icon Water Board members.
(b) Bonuses are not payable to Icon Water Executives.
3. (a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) (i) 2013-14 = $214,720 (as published in ACTEW Corporation Annual Report to the ACT Government 2013-14).
(ii) 2014-15 – not applicable.
(iii) 2015-16 – not applicable.
(iv) 2016-17 to date – not applicable.
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