Macquarie Group Limited and its subsidiaries  2014 Annual Financial Report  macquarie.com.au  Directors’ Report  –  Remuneration Report  for the financial year ended 31 March 2014  continued  5  Non-Executive Director remuneration continues to recognise their independent role  5.1  Non-Executive Director remuneration policy 5.2  Board and Committee fees  Macquarie and Macquarie Bank Fees  70  (1)  The Chairman attends Committee meetings but is not paid separate Committee fees. (2) Macquarie Group Limited has five standing Board committees. The Macquarie Board Audit Committee is a joint committee of Macquarie  Group Limited and Macquarie Bank and the BRC also supports both Boards.  (3) No separate fee is paid for this role as it is filled by the Chairman.  Non-Executive Directors are remunerated via Board and Committee fees which are reviewed annually. Per diem fees may also be  paid from time to time for approved additional work. An internal review of Non-Executive Directors’ remuneration was completed  during the reporting period to ensure that it was in line with market rates for relevant Australian financial organisations and  consistent with market trends. The BRC and the Board evaluated the analyses and the conclusions reached. Following this review,  it was determined that Board and Committee fees should remain unchanged.  All Non-Executive Directors of Macquarie Group Limited are also Non-Executive Directors of Macquarie Bank Limited. This policy  governs the remuneration of Non-Executive Directors of both Macquarie and Macquarie Bank.  Voting Directors are required at least annually to disclose their financing arrangements relating to their Macquarie securities to  Macquarie.  The CEO is not remunerated for acting as a Voting Director.  Unlike Macquarie executives, Non-Executive Directors are not granted equity, nor are they eligible to receive profit share payments.  There are no, nor have there ever been, termination payments to Non-Executive Directors on their retirement from office other than  payments relating to their accrued superannuation contributions comprising part of their remuneration. The overall objective of Macquarie’s Non-Executive Director remuneration policy is to ensure that Non-Executive Directors are  remunerated appropriately. It is achieved by:  Macquarie’s remuneration approach ensures that the Non-Executive Directors are appropriately remunerated. The remuneration  arrangements applicable to Non-Executive Directors, as outlined in this section, differ from the arrangements applicable to  Executives reflecting their different role.  GLYPH<150> setting Board and Committee fees taking into account market rates for relevant Australian financial organisations for the time  commitment and responsibilities involved  GLYPH<150> delivering these fees in a form that is not contingent on Macquarie’s performance.  Macquarie fees  Macquarie Bank fees  Total fees  $A  Chairman  $A  Member  $A  Chairman  $A  Member  $A  Chairman$^{(1)}$  $A  Member  Board  585,000 165,000 240,000 65,000 825,000 230,000 Board Risk Committee$^{(2)}$  70,000 30,000 n.a. n.a. 70,000 30,000 Board Audit Committee$^{(2)}$  70,000 30,000 n.a. n.a. 70,000 30,000 Board Remuneration Committee$^{(2)}$  70,000 30,000 n.a. n.a. 70,000 30,000 Board Governance and Compliance  Committee$^{(2)}$  57,500 25,000 n.a. n.a. 57,500 25,000 Board Nominating Committee$^{(2)}$  n.a. $^{(3)}$  8,000 n.a. n.a. n.a. $^{(3)}$  8,000