Document ID: chunk:federal_register_of_legislation:C2018A00005:clause:1_37ea
Version: federal_register_of_legislation:C2018A00005
Segment Type: clause
Provision Reference: sch 1 cl 37EA
Character Range: 21263–22592

37EA  Meaning of variable remuneration
 (1) The variable remuneration of an accountable person of an ADI, or a subsidiary of an ADI:
 (a) means so much of the accountable person's total remuneration as is conditional on the achievement of objectives; and
 (b) includes so much of the accountable person's total remuneration as is remuneration of a kind determined under paragraph (3)(a) or (4)(a).
 (2) However, remuneration of a kind determined under paragraph (3)(b) or (4)(b) is not variable remuneration of an accountable person of an ADI, or a subsidiary of an ADI.
 (3) APRA may, by written notice given to an ADI, or a subsidiary of an ADI, determine that:
 (a) remuneration of a particular kind, of one or more accountable persons of the ADI or subsidiary, is variable remuneration; or
 (b) remuneration of a particular kind, of one or more accountable persons of the ADI or subsidiary, is not variable remuneration.
A determination under this subsection may apply to all accountable persons of the ADI or subsidiary, or be limited to a particular accountable person or class of accountable persons of the ADI or subsidiary.
 (4) APRA may, by legislative instrument, determine that:
 (a) remuneration of a particular kind is variable remuneration; or
 (b) remuneration of a particular kind is not variable remuneration.