Non-Executive Directors may elect to receive their remuneration, in part, in the form of superannuation contributions.  Information on the frequency of Board and Committee meetings is included on page 38 of the Directors’ Report.  Macquarie’s Non-Executive Directors are remunerated for their services from the maximum aggregate amount approved by  shareholders for this purpose. The current limit ($A4,000,000 per annum) was approved by Macquarie Group shareholders at  Macquarie Group’s 2010 AGM. The Board ensures that Non-Executive Director remuneration for Macquarie Group Limited and  Macquarie Bank Limited taken together does not exceed this shareholder approved maximum aggregate amount.  To align the interests of the Board with shareholders, the Board has a minimum shareholding requirement for Non-Executive  Directors. Non-Executive Directors are required to have a meaningful direct shareholding in Macquarie. Under the minimum shareholding requirement, Non-Executive Directors are required to acquire and maintain, directly or indirectly,  a holding of 4,000 Macquarie ordinary shares that they may accumulate over three years from the date of appointment. They  are required to extend this holding by an additional 2,000 Macquarie ordinary shares over the next two years, such that they then  maintain a holding of 6,000 Macquarie ordinary shares. Under Macquarie’s Trading Policy, Non-Executive Directors are prohibited  from hedging shares held to meet this minimum Macquarie shareholding requirement. Each Non-Executive Director’s current  holding of Macquarie ordinary shares is included on page 84 of the Directors’ Report.  5.3  Minimum shareholding requirement for Non-Executive Directors  71 