Reserve Bank of Australia Annual Report – 2004 Financial Statements Note 15 – Related Party and Other Disclosures
The Remuneration Tribunal determines the remuneration appropriate to the RBA's non-executive Board members. In 2003/04, payments to executive and non-executive Board members totalled $1,221,946 ($1,146,065 in 2002/03). Remuneration includes amounts paid to members of the Bank Board who are also executives (refer Note 13).
The number of directors whose remuneration packages, measured in terms of costs to the RBA, fell within the following bands was:
| Remuneration band | Number 2004 |
Number 2003 |
|---|---|---|
| $10,000 – $19,999 | 1 | |
| $30,000 – $39,999 | 5 | 4 |
| $40,000 – $49,999 | 1 | 2 |
| $380,000 – $389,999 | 1 | |
| $420,000 – $429,999 | 1 | |
| $500,000 – $509,999 | 1 | |
| $550,000 – $559,999 | 1 |
At 30 June 2004 and 30 June 2003 there were no loans by the RBA to the Governor, Deputy Governor or non-executive members of the Board.
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, $163,222 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 ($106,401 in 2002/03). The RBA also paid $158,923 for the services of members of the Payments System Board who are not employees of the RBA ($154,055 in 2002/03).