42L   Monetary remuneration and employment benefits for executive officers

(1)  Executive officers are entitled to monetary remuneration at such rate, and employment benefits of such kinds, as are provided in their contract of employment.

(1A)  Contributions payable to a superannuation scheme by an executive officer’s employer in respect of the officer that are required to be made by the employer under a law of the State relating to superannuation are, until provided for by the officer’s contract of employment, taken to be an employment benefit provided in the contract.

(2)  The total amount of:

(a)  the annual rate of monetary remuneration for an executive officer, and

(b)  the annual cost of employment benefits provided for the executive officer under the contract of employment,

      is to be equal to the amount of the remuneration package for the executive officer.

(3)  The cost of an employment benefit is the approved amount or an amount calculated in the approved manner.

(4)  This section does not affect:

(a)  any approved performance-related incentive payments made to an executive officer, or

(b)  any remuneration or benefits to which an executive officer is otherwise entitled by law (such as statutory or agreed fees for attendance at meetings or the like).

(5)  A contract of employment may provide for the payment of part of the monetary remuneration under the contract to be made in the form of a periodic leave loading.

(6)  An executive officer is entitled to be paid an amount equivalent to the cost of a part of any entitlement to take annual or extended leave with pay if:

(a)  the officer forgoes (with the approval of the officer’s employer) the right to take that part of that leave, and

(b)  the cost of that part of that leave has been included in the officer’s contract of employment as an employment benefit.

(7)  Subsection (6) has effect despite anything to the contrary in the Annual Holidays Act 1944 or any other Act.

(8)  During any period when the monetary remuneration and employment benefits for an executive officer cannot be determined under subsection (1), the officer is entitled to monetary remuneration at the rate of the amount of the remuneration package for the officer, subject to any subsequent adjustment of payments in accordance with the officer’s contract of employment.

(9)  If the remuneration package for an executive officer is varied, the officer is entitled to monetary remuneration and employment benefits in accordance with the officer’s contract of employment pending any necessary variation of the contract and adjustment of payments to comply with this section with effect from the date of the variation.

(10)  The cost of an executive officer’s entitlement to take annual or extended leave with pay is to be determined on the basis of the officer’s notional salary.