Director remuneration
The total amount of Directors’ remuneration is determined annually at the Annual General Meeting by bankmecu customer-owners. A recommendation is put forward by the Board Remuneration Committee for customer-owner vote. Total remuneration last voted upon by customer-owners at the 2010 AGM is not to exceed $481,618 per annum. This sum represents the total Board remuneration and not the amount paid to individual Directors, The Directors determine how this sum is to be apportioned among them and how and when it is paid. The said sum includes all relevant taxes payable either by bankmecu or Directors.