Remuneration Request Policy

Introduction

This document sets out the policy and procedure for requesting remuneration from the Company for expenses incurred in connection with Company activities.

Definitions

In this policy:

  • an ‘approved expense’ is an expense that was approved by the Directors before it was incurred;
  • an ‘authorised person’ is a person who is authorised by the Directors to remunerate persons for expenses incurred in connection with Company activities;
  • a ‘receipt’ includes receipts, paid invoices, payment confirmations, and similar documents authenticating payment; and
  • an ‘unapproved expense’ is an expense that was not approved by the Directors before it was incurred.

Remuneration generally

  1. A person may request remuneration for an approved expense or an unapproved expense.
  2. A remuneration request must have annexed to it a receipt equal to the amount of remuneration requested.
  3. A person may request remuneration for multiple expenses in the same request, provided that:
    1. the request is itemised; and
    2. annexed to the request are receipts equalling in total the amount of remuneration requested.
  4. A person may request remuneration for a combination of approved expenses and unapproved expenses at the same time.

Remuneration for approved expenses

  1. An authorised person may remunerate a person for an approved expense if:
    1. the amount of remuneration requested does not exceed the amount approved by the Directors; and
    2. all annexed receipts appear to the authorised person to be genuine.
  2. An authorised person must only remunerate a person for the lower amount of:
    1. the amount approved by the Directors; or
    2. the total actual expenses evidenced by the annexed receipts.
  3. If a person’s expenses exceed the amount approved by the Directors, they may request remuneration for the excess amount as an unapproved expense.

Remuneration for unapproved expenses

  1. The Directors may direct an authorised person to remunerate a person for an unapproved expense.
  2. An authorised person must not remunerate a person unless directed to do so by the Directors.