Remuneration repor t (cont’d) 2.3 Committee Members Directors, Executive KMP and diversity are available on the  Corporate Governance page of the Company’s website at  www.ioof.com.au The Remuneration Committee is comprised solely of Non- Executive Directors, all of whom are independent. The members of the Remuneration Committee during 2011-12  were: The policy seeks to support the Group’s objective to be  seen in the market place as “an employer of choice” by  offering remuneration levels which are competitive relative  to those offered by comparable employers and providing  strong, transparent linkages between individual and Group  performance and rewards. •  Provide a common interest between employees and  shareholders by linking the rewards that accrue to  management to the creation of value for shareholders  and our clients, while at the same time ensuring that  remuneration policy has regard to market practice and  conditions. •  Dr Roger Sexton (Appointed Chairman 1 April 2012) •  Mr Ian Blair (Former Chairman, retired 31 March 2012) •  Mr Ian Griffiths •  Mr George Venardos 2.2 Governance The Board considers that membership of the Remuneration  Committee provides an appropriate mix of skills to undertake  its terms of reference, having regard to qualifications,  knowledge of the financial services industry and experience in  business management. The Board is responsible for ensuring that the Group’s  remuneration policies are equitable and aligned with  the medium and long term interests of shareholders. In  performing this function, the Board is conscious of the  imperative for decisions on employee remuneration to be  given due consideration and be in line with best practice. To assist in this task, and to advise the Board on the  enhancement and administration of the Group’s remuneration  policies, the Board has established a Remuneration Committee. In order to ensure that it is fully informed when making  remuneration decisions, the Remuneration Committee  receives regular reports and updates from the Company  Secretary and Head of Human Resources and other members  of management who the Remuneration Committee invites to  attend meetings as and when appropriate. The Remuneration  Committee can also draw on services from a range of external  sources, including remuneration consultants (refer 2.5 below). The remuneration framework put in place by the  Remuneration Committee considers the adequacy of  remuneration policies and practices within the Group on an  annual basis, including: The Group uses a total remuneration package approach in  determining remuneration that comprises both “fixed” and “at  risk” components. These components reflect an employee’s  contribution to the Company, market benchmarks and the pay  environment. 2.4 How Remuneration is Determined •  Determination of Managing Director and Executive KMP  remuneration arrangements; •  Remuneration policy and structures applicable to Non- Executive Directors; •  Ensuring that succession planning and development plans  are in place for Executive KMP; •  On-going review and monitoring of short-term and long- term incentive schemes; •  Assessment of Managing Directors’ performance against  company performance; •  Industrial agreements and the overall compensation  arrangements of the Group; and •  Ongoing review of the composition, skill base and  performance of the Non-Executive Director component of  the Board. The remuneration framework is the responsibility of the  Remuneration Committee, or in the case of Ord Minnett  Ltd and Perennial Investment Partners Ltd, the separately  constituted boards of those companies. These separately  constituted Board extend to include members of the Board to  ensure alignment and consistency across the Group. The Remuneration Committee engages independent  remuneration consultants from time to time to perform reviews  and benchmarking exercises to assess remuneration levels paid  to Directors (both Executive and Non-Executive) and Executive  KMPs. This enables the Company to remain competitive with  relevant competitors in the financial services sector, and the  broader spectrum of public companies of similar size, revenue  and profitability. Remuneration policies and arrangements  are also reviewed and, where appropriate, updated to reflect  relevant changes in legislation and regulation. The Remuneration Committee reviews and makes  recommendations to the Board on remuneration packages  and policies applicable to the executive officers and Directors  of the Company and of other Group senior executives. Further details of the Remuneration Committee’s charter  and policies, including those for selecting and appointing  page 32