Page 85 - GMT and GMT Bond Issuer Annual Report 2017

REMUNERATION REPORT
As a Unit Trust managed by an external manager, Goodman Property Trust does not have any Directors or employees
of its own. The Manager, Goodman (NZ) Limited (“GNZ”) has a Board of Directors with responsibility for the strategic management of GMT and the monitoring of performance against set targets.
Goodman Property Services (NZ) Limited (“GPSNZ”), a sister company to GNZ, is the entity that employs the personnel who manage GMT on a day to day basis. The Management Team as outlined on the
back cover of this Annual Report are employed by GPSNZ. Their biographies may be found on GMT’s website at www.goodmanreport.co.nz.
Both GNZ and GPSNZ are owned by Goodman Group (“GMG”), listed on the Australian stock exchange.
This remuneration report outlines the Manager’s key remuneration policies. A
more detailed discussion of the Manager’s remuneration policies may be found on GMT’s website at nz.goodman.com/about-us/corporate- governance.
INCREASED
REMUNERATION
DISCLOSURE
COMMITTEE
The Trust does not bear any employment related costs. Those costs are borne directly by GNZ and GPSNZ from the fees paid by GMT.
GMT has no remuneration disclosure obligations as it does not have any Directors
or employees, however in the interest of transparency to Unitholders, the Board of GNZ provides remuneration disclosure for Directors and the Chief Executive Of cer. The Board’s view is that remuneration strategies that closely align the long-term wealth creation objectives of employees who provide management services to GMT with long-term wealth creation objectives of GMT Unitholders are strategically important and provide motivation for value maximisation for the Trust.
The NZX Best Practice Code provides that issuers should establish a Remuneration Committee to recommend remuneration packages for Directors to the owners of the issuer. As GMT (an issuer) does not have employees and the Manager’s Directors’ fees are paid by GNZ, the Manager does not maintain a Remuneration Committee.
In support of effective corporate governance, remuneration issues which relate to GNZ and GPSNZ, which both form part of the wider Goodman Group, fall under the responsibility
of an established sub-committee of the Board
of Goodman Group, the Remuneration and Nomination Committee. Details regarding this committee may be found on the Goodman Group website at www.goodman.com/about-us/ corporate-governance.
The Remuneration and Nomination Committee has the responsibility to consider remuneration related issues more fully and provide recommendations to the Board of Goodman Group and its subsidiaries.
Mr Pryke, a non-executive Director of GNZ and an Independent Director of Goodman Group, is the Chairman of the Remuneration and Nomination Committee.
GOODMAN PROPERTY TRUST ANNUAL REPORT 2017 GMT BOND ISSUER LIMITED ANNUAL REPORT 2017
83 OTHER INFORMATION REMUNERATION REPORT