Please note that the expenditure disclosed in each expense category is not mutually exclusive. The expense categories are defined in the SIS Regulations such that some expenditure is required to be disclosed in multiple categories.
As a result, the total amounts should not be read as representing wholly separate expenditures.
| Expense category | Notes |
|---|
| Aggregate remuneration expenditure | This represents remuneration for Aware Super’s Chief Executive and all Group Executives as well as fees paid to the Fund’s Directors.
As remuneration amounts are paid to Directors and Executives from entities that are considered to be related parties, they are also included in aggregate related party payments.
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| Aggregate promotion, marketing or sponsorship expenditure | Promotion, marketing or sponsorship expenditure includes the design, production and distribution of promotional and communications materials, sponsorships, partnerships, advertising costs and memberships to industry bodies. This expenditure supports growth in Fund scale, which over time contributes to a broader range of investment opportunities and lower per-member fees and operating costs. The contract amount is the total expenditure made, or to be made, under the contract, and doesn’t necessarily reflect amounts paid in the current financial year. All contractvalues disclosed are net of GST recoverable from the Australian Taxation Office. |
| Aggregate political donations | The Fund has not made any political donations. |
| Aggregate industrial body payments | Payments to Industry Bodies are payments made to organisations that are registered under the Fair Work (Registered Organisations) Act 2009. These payments are for partnership arrangements that include advertising, marketing and education services that support member engagement and drive fund scale. The spend also includes the payment of Directors’ fees where the relevant Directors instruct us to make payments to their appointing entity.
These fees are also included in the Promotion, Marketing or Sponsorship expenditure and Payments to Related Parties where applicable.
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| Aggregate related party payments | These are payments to related parties as defined by the Regulations. This is broader than the definition under the Australian Accounting Standards for the purpose of the Fund’s financial statements. Payments to these entities are part of the Fund’s normal business operations and include:
- Amounts paid to service entities for staff remuneration
- Financial advice fees deducted from member accounts paid on the direction of the member
- Director and Executive remuneration (also included in aggregate remuneration expenditure)
These amounts may also be included in the Promotion, Marketing or Sponsorship expenditure and as Payments to Industrial Bodies where applicable.
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