The board should establish a remuneration committee of at least three directors which should:

(a) Review the licensee'sremuneration policies for the approved persons, which should be approved by the shareholders and be consistent with the corporate values and strategy of the licensee;
(b) Make recommendations regarding remuneration policies and amounts for approved persons to the whole board, taking account of total remuneration including salaries, fees, expenses and employee benefits; and
(c) Recommend board member remuneration based on their attendance and performance.
January 2014