Comment on AGM resolution to increase Director fees pool
By James Mann, Chairman of Dairy Australia
In response to QDO Vice President Matthew Trace’s recent commentary on a proposal to increase our Director fees pool, I would like to clarify the following.
The first point is that we have not increased Director fees. However there is a motion at our forthcoming Annual General Meeting to increase the pool of funds available for Director remuneration.
Dairy Australia considers Director fees every year and takes into account market movements as well as the current situation for the dairy industry. For these reasons, there has been no increase in Director fees in 2019/20 or 2020/21.
Adjusting the pool of funds for Director remuneration is a step taken once or twice a decade, in this case the last adjustment to the pool was in 2013. This is best practice in order to attract quality candidates to these important roles (in line with professional advice regarding Director fees) and Dairy Australia seeks member approval for any increase in the pool of funds for Director remuneration.
Our Director remuneration is market tested and reflects the expertise and time commitment expected from our Directors to ensure we return value to levy payers through our services and program investments.