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
- A person may request remuneration for an approved expense or an unapproved expense.
- A remuneration request must have annexed to it a receipt equal to the amount of remuneration requested.
- A person may request remuneration for multiple expenses in the same request, provided that:
- the request is itemised; and
- annexed to the request are receipts equalling in total the amount of remuneration requested.
- A person may request remuneration for a combination of approved expenses and unapproved expenses at the same time.
Remuneration for approved expenses
- An authorised person may remunerate a person for an approved expense if:
- the amount of remuneration requested does not exceed the amount approved by the Directors; and
- all annexed receipts appear to the authorised person to be genuine.
- An authorised person must only remunerate a person for the lower amount of:
- the amount approved by the Directors; or
- the total actual expenses evidenced by the annexed receipts.
- 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
- The Directors may direct an authorised person to remunerate a person for an unapproved expense.
- An authorised person must not remunerate a person unless directed to do so by the Directors.