RACQ queried on yearly pay vote
RACQ has downplayed a query about voting for director pay each year, while arguing fees for board members are appropriate at the Queensland customer-owned giant.
At an annual general meeting for Brisbane-based RACQ, which has a car-assistance, banking and insurance arms, one customer-member asked on Tuesday why director fees were not voted on each year by members.
Directors at the 1.7 million member organisation earned $2.5 million last year.
RACQ chairwoman Bronwyn Morris said members had voted on the total pool of fees available, which was last done in 2013 and they would vote again if this was to be changed.
Ms Morris later said this was the first time the annual vote issue had been raised.
"I can't see how it's going to necessarily change what we're doing or benefit what we're doing," she said. "We've never given any particular thought to it, but (are) happy to revisit it if it becomes an issue."
Stockmarket-listed companies take annual votes on director and executive pay.
Ms Morris, who herself earned $298,000, said RACQ's directors fees were "commensurate with the responsibility and the work that we do".
The organisation declines to reveal individual executive pay, with Ms Morris saying RACQ adhered to regulations and practices of other non-stockmarket listed companies. "We'll keep a watching brief on how things change" with incoming regulations, she said.
The annual general meeting was fairly placid, with other members asking questions ranging from plans for RACQ to take over Mt Cotton driving track to requests for some seniors to obtain a discount on roadside assistance packages.
RACQ chief executive Ian Gillespie was absent after undergoing surgery for a condition the organisation declined to reveal, but he is expected back at work next year.
The meeting heard that benefits in the past year had included a new petrol saving scheme, which over 400,000 members had used for $5 million in savings. The organisation, which made a $64.4 million profit, had a 90.6 per cent satisfaction rating from members.