Document ID: chunk:federal_register_of_legislation:F2023L01348:reg:17:p6
Version: federal_register_of_legislation:F2023L01348
Segment Type: reg
Provision Reference: reg 17 (pt 6/6)
Character Range: 63318–65713

in SPS 510, another Board Committee may carry out this function with respect to risk management. Consultation with a Board Risk Committee does not apply to a foreign ADI or Category C insurer.
[12]  No component of variable remuneration may be entirely dependent on share price performance or profitability.
[13]  For the purposes of paragraph 47 of this Prudential Standard, a reference to 'specific exceptions' is limited to death, serious incapacity, serious disability and serious illness.
[14]  For the avoidance of doubt, paragraph 50(a) of this Prudential Standard applies to a senior manager who is a senior officer outside Australia of a foreign ADI or of a Category C insurer.
[15]  Paragraph 52(a) of this Prudential Standard does not apply to a senior manager who is a senior officer outside Australia of a foreign ADI or of a Category C insurer.
[16]  In the case of a private health insurer, all members of the group Board Remuneration Committee must also be non-executive directors of the Head of the corporate group.
[17]  For the purposes of this paragraph, an APRA-regulated entity is required only to disclose information relating to those risk and financial control personnel that report directly to senior managers, rather than information on the entire cohort of risk and financial control personnel.
[18]  Special payments are defined in paragraph 71 of this Prudential Standard.
[19]  Where there may be minor variations in variable remuneration plans across specified roles, an APRA-regulated entity may disclose the plan once and note the minor variations.
[20]  Share-based awards that are conditional on objectives, which include performance criteria, service requirements or the passage of time must be disclosed as variable remuneration.
[21]  Exclude specific exceptions under paragraph 47 of this Prudential standard.
[22]  As required under Prudential Standard CPS 220 Risk Management and for an RSE licensee Prudential Standard SPS 220 Risk Management.
[23]  For the purposes of paragraph 86 of this Prudential Standard, a reference to 'specific exceptions' is limited to death, serious incapacity, serious disability and serious illness.
[24]  Paragraph 87(a) of this Prudential Standard does not apply to a senior manager who is a senior officer outside Australia of a foreign ADI or Category C insurer.
[25]  Refer to paragraph 4 of this Prudential Standard.