Guidelines for Payment of Sitting Fees to AASB members for Attendance at Meetings of AASB Committees and Advisory Panels

  1. These Guidelines set out the circumstances in which a member of the AASB is entitled to receive fees for attendance at a meeting of a Committee or Advisory Panel of the AASB.
  2. In these Guidelines, expressions have the following meanings:
Committee or Advisory Panel: A Committee or Advisory Panel established under Section 227 (3)(b) of the Australian Securities and Investments Commission Act 2001 comprising: One or more AASB members and created by a resolution of the AASB or by the AASB Chairman, for the purpose of providing advice or assistance to the AASB in the performance of its functions. Daily fee: the ‘per diem’ fee determined by the FRC, pursuant to subsection 236B(b) of the Australian Securities and Investments Commission Act 2001, for members of the AASB. Meeting includes:
  1. a formally convened meeting of a Committee or Advisory Panel;
  2. a meeting between representatives of a Committee or Advisory Panel and a stakeholder or stakeholder body held for the purpose of gathering information needed for the performance of the AASB’s function;
  3. with the approval of the chairman, attending a meeting of a stakeholder group as a representative of the AASB; and
  4. with the approval of the chairman, attending a seminar or conference for the purpose of making a presentation as a representative of the AASB.
  1. Subject to paragraphs 4 and 5, a member of a Committee or Advisory Panel shall be entitled to a fee for attending, either in person or by telephone, a meeting of the Committee or Advisory Panel. The amount of the fee to be paid shall be determined as follows:
    1. for meetings of not less than three hours, the daily fee;
    2. for meetings aggregating less than two hours, an amount equal to two-fifths of a daily fee; and
    3. for meetings of two hours or more, but less than three hours, an amount equal to three-fifths of a daily fee.
  2. The maximum payment in respect of any one day shall be an amount equal to the daily fee.
  3. A member of a Committee or Advisory Panel shall not be entitled to a fee:
    1. where the member has waived his/her rights to a AASB sitting fee;
    2. where the member is excluded by a determination from receiving a daily fee for attending meetings of the AASB;
    3. where meetings of the AASB and a Committee or Advisory Panel are held on the same day, and the member has received the daily fee for attending the AASB meeting.
  4. These Guidelines are effective for Committee or Advisory Panel meetings held on or after 1 July 2006.
  5. The Guidelines are to be reviewed by the FRC at the first meeting held on or after 1 July in each year commencing 1 July 2007.