Enterprise Agreement 2011 2014. Australian Securities and Investments Commission

Enterprise Agreement 2011 2014 Australian Securities and Investments Commission

Contents Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 2

CONTENTS DEFINITIONS... 4 SECTION A ABOUT THIS AGREEMENT... 7 1. Title... 8 2. Purpose... 8 3. Objectives... 8 4. Coverage... 9 5. Duration... 9 6. Operation... 9 7. No extra claims... 10 SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF... 11 8. Categories of Employment... 12 9. Recognition of professional standing... 12 10. Classification Structure... 12 11. Recreation Leave... 12 Recreation Leave at Half Pay... 13 Cashing in of Recreation Leave... 13 Purchased Leave... 13 12. Personal Leave... 14 13. Portability of accrued Recreation Leave and Sick Leave entitlements... 15 14. Compassionate Leave... 15 15. Maternity Leave, Supporting Partner s Leave and Leave for Adoptive and Fostering Parents... 15 Return to work after parental leave... 16 16. Other Leave... 17 17. Public Holidays... 18 18. Christmas Closedown... 18 19. Part-time Employment... 19 20. Business Related Travel... 19 21. Motor Vehicle Allowance... 20 22. First Aid... 20 23. Remote Localities Assistance... 20 24. Relocation Expenses... 20 25. Working away from the office... 20 26. Employer s Contribution of Superannuation... 21 27. Salary Sacrifice Arrangements... 21 28. Learning and Development Opportunities and the Study Assistance Scheme... 21 29. Performance Management... 22 30. Managing Underperformance... 23 31. Workforce Adjustment... 24 Excess Staff... 24 Consultation Arrangements... 24 Redeployment... 24 Information for Staff... 25 Accelerated Separation... 25 Staff Declared Excess... 25 Voluntary Redundancy... 25 Severance Benefit... 26 Involuntary Redundancy... 27 Support Period... 27 Period of Notice... 27 Salary... 27 32. Managing alleged breaches of the Code of Conduct... 27 33. Misconduct... 28 34. Review of decisions including to terminate employment... 28 35. Individual flexibility arrangements... 28 36. Consultation... 29 37. National Consultative Committee... 30 38. Staff Support and Representation... 30 39. Resolution of Agreement Disputes... 31 SECTION C TERMS AND CONDITIONS FOR ASIC1-4 STAFF...33 40. Remuneration... 34 41. Salary... 34 Salary on commencement... 34 Salary Advancement... 34 2% Supplementation Payment... 34 Salary on Reduction... 34 Salary on Promotion... 35 Junior rates... 35 Temporary work at a higher level (higher duties)... 35 42. Bonuses for ASIC 4 staff... 35 43. Rewards other than pay... 36 44. Hours of Work... 36 45. Bandwidth... 36 46. Flextime... 37 47. Irregular and Intermittent Employment... 37 48. Overtime... 37 49. Restriction Duty... 38 50. Shiftwork... 38 51. Personal Leave... 39 52. Business Related Travel... 39 53. Notice Periods... 39 SECTION D TERMS AND CONDITIONS FOR EXECUTIVE LEVEL STAFF..40 54. Employee Duties... 41 55. Hours of Duty... 41 56. Remuneration... 42 57. Other Terms and Conditions... 43 ATTACHMENT A ASIC1-4 CLASSIFICATION STRUCTURE, SALARY RATES AND ADVANCEMENT POINTS...45/46 ATTACHMENT B EXECUTIVE LEVEL SALARY RATES... 47/48 SIGNATORIES...50 Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 3

Definitions Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 4

DEFINITIONS In this Agreement, unless a contrary intention is clear, the following definitions apply: The Act means the Fair Work Act 2009 as varied or replaced; Assessment Period means a continuous period of 90 days or an aggregate of 90 days within a 12 month period from the time the underperformance was first drawn to the staff member s attention; This Agreement means the Australian Securities & Investments Commission Enterprise Agreement 2011-2014; APS means the Australian Public Service; ASIC means the Australian Securities & Investments Commission. Where the term ASIC is used in this Agreement, CAMAC is to be substituted where it is appropriate; CAMAC means the Corporations and Markets Advisory Committee; Chairman means the person for the time-being performing the duties of the Chairman of ASIC, or in relation to staff engaged pursuant to section 156 of the ASIC Act, the Convenor of CAMAC, and includes a delegate of the Chairman or a person authorised for the purpose by the Chairman; Commission means the duly constituted Australian Securities & Investments Commission or its successor (normally consisting of Chairman, Deputy Chairman and Statutory Members); CPSU means the Community and Public Sector Union; De facto partner, in relation to an employee: a) Means a person who, although not legally married to the employee, lives with the employee in a relationship as a couple on a genuine domestic basis (whether the employee and the person are of the same sex or different sexes); and b) Includes a former de facto partner of the employee; Family in relation to an employee means: a) A spouse, de facto partner, child, parent, grandparent, grandchild or sibling of the employee; b) A child, parent, grandparent, grandchild or sibling of a spouse or de facto partner of the employee c) A relationship of traditional kinship, provided that ASIC is satisfied that there is an obligation under the customs and traditions of the community to which the employee belongs which necessitates the employee taking personal leave or compassionate leave; FWA means Fair Work Australia; Higher Duties means the performance by the staff member at the request of ASIC of the duties of a position at a higher classification level than which the Employee is appointed; Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 5

DEFINITIONS Higher Duties Allowance is the allowance paid for staff required to work at a higher level, the exact conditions of which are determined by classification level; Individual Development Plan means the development plan as defined in the ASIC Performance Management Framework; Manager and Supervisor means the person who has responsibility for oversighting, monitoring, managing, directing or supervising another staff member; National Consultative Committee (NCC) is the consultative forum chaired by the Chairman or his or her representative and includes staff, union and Commission representatives. The NCC will maintain Terms of Reference and will have the primary responsibility for monitoring implementation of this Agreement; Non-ongoing Employee has the same meaning as in the Public Service Act 1999 ie an APS employee who is not an ongoing APS employee; Ongoing Employee has the same meaning as in the Public Service Act 1999 ie a person engaged as an ongoing APS employee, as mentioned in paragraph 22(2)(a) of the Public Service Act 1999; Performance Agreement means the Performance Agreement as defined in the ASIC Performance Management Framework; Position Description is a statement of the staff member s duties as determined from time to time by the staff member s manager based on the work level descriptors and includes the major responsibilities and accountabilities of the position; Salary means the staff member s rate of salary (in accordance with the salary rates at Attachment A and B where applicable, and including continuing higher duties allowance where applicable) which will be the salary for all purposes including for calculation of leave entitlements, termination benefits, salary sacrifice arrangements, annual performance review and bonus payments where applicable. Except as required by the Public Service Act 1999, salary does not include employer s superannuation contributions or bonus payments; Staff or Staff member means an employee of the Australian Securities & Investments Commission or its successor or CAMAC at the non-ses level, to which this Agreement applies, whether employed on a full-time or part-time basis; Staff representative means a person nominated by a staff member or staff members and includes union representatives; SCT means Superannuation Complaints Tribunal; Work Level Descriptors as referred to in this Agreement are descriptors established by ASIC in accordance with the APS Classification Rules to determine the classification level of a role. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 6

Section A About this Agreement Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 7

SECTION A ABOUT THIS AGREEMENT 1. Title 1.1. This Agreement will be known as the Australian Securities & Investments Commission Enterprise Agreement 2011-2014. 2. Purpose 2.1. The purpose of this Agreement is to establish the terms and conditions of employment for APS staff at ASIC 1 to 4 and Executive Levels working in ASIC and CAMAC. 3. Objectives 3.1. ASIC recognises the importance of investing in its staff and through this Agreement aims to support the achievement of corporate objectives by: enabling ASIC to meet its objectives established under law and as detailed in business plans; supporting a culture of performance, innovation and continuous improvement which recognises and rewards high performance; providing the opportunity for staff to develop their skills to effectively perform their roles and develop their careers; allowing ASIC to manage flexibly and responsibly to meet the challenges of the future; streamlining and simplifying conditions of employment; increasing organisational productivity and efficiency; minimising unnecessary prescription and support costs; supporting an environmentally friendly workplace; and maintaining a safe and healthy working environment and a workplace free of bullying and harassment. 3.2. ASIC is an organisation which values fairness, equity and diversity and has put in place measures designed to prevent and eliminate unlawful discrimination and retain its diverse workforce including mature-aged workers and Aboriginal and Torres Strait Islander staff. 3.3. ASIC recognises that staff should not have an excessive workload, and recognises that staff have to balance their working life commitments with other competing interests such as family, community work, and lifestyle choices and that balance is likely to be best achieved through providing staff with the greatest flexibility possible in their attendance patterns. 3.4. This Agreement continues to streamline personnel practices to: ensure they are simple and fair and can be easily understood and managed by staff and managers; achieve simplified processing arrangements and leave conditions; and give greater flexibility to staff in managing their work. 3.5. The Objectives in this clause are a statement of intent only and, as such clause 3 is not intended to be legally enforceable. For the avoidance of doubt, this does not affect any parties legal rights independent of this Agreement. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 8

SECTION A ABOUT THIS AGREEMENT 4. Coverage 4.1. This Agreement shall cover collectively the following parties: the Chairman of ASIC as the employing authority on behalf of the Commonwealth of Australia; the convener of CAMAC as the employing authority on behalf of the Commonwealth of Australia; staff of ASIC at ASIC 1 to 4 and Executive Level 1 and Executive Level 2 classification levels, including ASIC staff working at the SCT under the Public Service Act 1999; staff of CAMAC under the Public Service Act 1999 at ASIC 1 to 4 and Executive Level 1 and Executive Level 2 classification levels; and the CPSU, if the CPSU gives notice under section 183 of the Act and Fair Work Australia notes that the CPSU is covered by the Agreement under section 201(2). 5. Duration 5.1. This Agreement will come into operation and take effect 7 days after the date it is approved by Fair Work Australia. 5.2. The nominal expiry date of the Agreement is 30 June 2014. 6. Operation 6.1. This Agreement operates to the exclusion of, and displaces, the Australian Public Service Award 1998 as varied from time to time. 6.2. There are guidelines, policies including those identified in clause 6.5 and procedures which prescribe conditions for working in ASIC. They are not incorporated into and do not form part of this Agreement. Staff should familiarise themselves with these guidelines, policies and procedures, which may vary from time to time. Any proposed changes to policy will be made by ASIC following consultation with the National Consultative Committee (NCC). 6.3. For assistance and guidance of staff, particular guidelines and policies are identified in clause 6.5. If there is any inconsistency between guidelines and policies and the express terms of this Agreement, the express terms of this Agreement will apply. 6.4. Policies, procedures and guidelines which support the operation of this Agreement or provide employee benefits, conditions of employment or entitlements may be made or varied from time to time. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 9

SECTION A ABOUT THIS AGREEMENT 6.5. The following ASIC policies are included in the policies referred to in this Agreement: Remuneration Policy. Working Hours and Flexible Working Arrangements Policy. Travel Policy. Leave Policy. Flexible Remuneration Packaging Policy. Excess Staff Policy. Transfer and Relocation Policy. ASIC Performance Management Framework. References to each of these policies are reference to the policy as renamed, varied, amended, supplemented or replaced from time to time. 6.6. If after consultation with the NCC a party to this Agreement considers that any changes in policy are materially detrimental to ASIC staff, this is a matter arising under this Agreement and may be dealt with in accordance with the Dispute Resolution Arrangements included in this Agreement. 7. No extra claims 7.1. From the commencement of this Agreement, a person or organisation covered by this Agreement shall not pursue further claims for terms and conditions of employment that would have effect during the period of operation of this Agreement, except where consistent with the terms of this Agreement. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 10

Section B Terms and conditions applying to all staff Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 11

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 8. Categories of Employment 8.1. ASIC engages staff consistent with public sector employment arrangements and ASIC Law. 9. Recognition of professional standing 9.1. Titles such as Accountant, Analyst, Investigator or Lawyer will be used to describe specialist occupations (including when advertising vacant positions). 9.2. ASIC may establish professional practice groups for accountants, investigators, lawyers, market analysts and other relevant groupings, to ensure continuation and enhancement of professional skills, qualifications and standing. 10. Classification Structure 10.1. For the purpose of determining classification, this Agreement will maintain the following local designations: Local Designation APS Classification ASIC1 APS1 ASIC2 APS2 and APS3 broadbanded ASIC3 APS4 and APS5 broadbanded ASIC4 APS6 Executive Level 1 Executive Level 1 Executive Level 2 Executive Level 2 10.2. ASIC will determine a staff member s classification in accordance with the relevant Work Level Descriptors. 10.3. Salary advancement will occur on the basis of performance as outlined at clause 29. Further information can be found in the Performance Management Framework. 11. Recreation Leave 11.1. Full-time staff are entitled to 4 weeks (20 working days) of annual recreation leave each completed year of service. Part-time staff are entitled to a pro rata amount of annual recreation leave. Annual recreation leave will accrue on a pro rata basis and will be credited to staff at the end of each pay fortnight. 11.2. Staff working in ASIC s Darwin office as at 10/12/98 will retain their existing recreation leave entitlements accruing an additional 5 days recreation leave credits per year. These entitlements will not be available for new staff employed in this location, whether on a temporary or permanent basis, after 10/12/98. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 12

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 11.3. If at 1 October each year, where a staff member has more than 8 weeks (40 days for full time staff) of annual recreational leave credited to him or her, ASIC will direct the staff member to take annual recreation leave credited to the staff member to reduce the remaining balance to no more than 8 weeks (or 40 days for full time staff). In exceptional circumstances, a later date up to 1 November may be agreed between a staff member and their manager. 11.4. Staff who are planning an extended period of recreation leave may not be directed to take leave. Further information can be found in ASIC s Leave Policy. 11.5. Recreation leave credits in lieu will be paid to a staff member on separation from the APS or death. 11.6. Recreation leave may only be granted for periods of less than 1 day in exceptional circumstances. Recreation Leave at Half Pay 11.7. Subject to the Agreement of their respective managers, staff members may elect to take recreation leave at half pay in which case payable leave credits will only be deducted for half of the leave duration. Recreation leave taken at half pay will only be available at a minimum of 1 week s duration (2.5 days leave credits) per request. 11.8. Recreation leave taken at half pay will not affect the staff member s superannuation entitlements. 11.9. Staff members who elect to take recreation leave under these arrangements may not access purchased leave arrangements during the Purchase Period (defined in clause 11.12). Cashing in of Recreation Leave 11.10. By written agreement between a staff member and their manager, staff may cash in 1 week of recreation leave per calendar year for a lump sum payment equivalent to 1 week s salary providing the staff member retains at least 4 weeks accrued recreation leave after the cashing in. 11.11. Cashed in recreation leave will not affect the staff member s superannuation entitlements. Purchased Leave 11.12. Subject to the agreement of their respective managers and the terms of the ASIC Leave Policy, all ongoing staff members are eligible to apply to purchase additional leave of up to 2 weeks per year. The purchase will be in blocks of 1 week minimum, in return for a pro rata reduction in annual salary (excluding allowances) over a 12 month purchase period ( Purchase Period ). 11.13. Purchased Leave will not have an effect on existing salary packaging arrangements and staff members cannot enter into salary packaging arrangements to purchase leave. 11.14. The minimum salary payable to the staff member under this agreement is also adjusted on a pro rata basis for the Purchase Period. The purchased additional leave will accrue progressively over the course of the Purchase Period. The purchase price is determined using the same payment rate as for annual leave. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 13

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 11.15. Purchased leave must be used by the expiry of the 12 months following the end of the Purchase Period and will lapse at that time. Any outstanding monies will be reconciled at the end of the 12 months following the end of the Purchase Period. 11.16. Purchased leave will count as service for all purposes. If the staff member s employment terminates before all purchased additional leave is taken, the staff member will receive a payment in lieu of the unused accrued additional leave. 11.17. Staff members who elect to purchase leave under these arrangements may not access half pay annual recreation leave during the Purchase Period. 11.18. Further details about the purchased leave scheme are available in the ASIC Leave Policy. 12. Personal Leave 12.1. The Chairman may grant Personal Leave, subject to available credit, in the following circumstances: where the staff member is ill or injured; to care for members of their Family or household who are ill; or other emergency reasons considered appropriate. 12.2. Full-time staff are entitled to 18 days full pay personal leave credits each year. Part-time staff are entitled to a pro rata amount of personal leave. 12.3. Staff employed on an ongoing basis will be credited their personal leave on the day of their engagement and on the anniversary of engagement, subject to adjustment for periods of leave without pay that do not count as service. 12.4. Personal leave entitlements for staff employed on a non-ongoing basis are explained in clause 51 (for ASIC1-4 staff) and clause 57.1 (for Executive Level staff). 12.5. Personal leave will not accrue during a period when a staff member is absent on leave without pay which does not count as service, or during any unauthorised absence. 12.6. No medical certificate or other supporting evidence will normally be required for absences of three consecutive working days or less. However, with prior notice a manager may require a medical certificate or other suitable supporting evidence for periods of three days or less in particular circumstances. Medical certificates or other supporting evidence will be required for absences of more than three consecutive working days. 12.7. Staff must advise their manager as soon as practicable of their absence or their intention to be absent. 12.8. In accordance with section 352 of the Fair Work Act 2009, ASIC will not dismiss an employee because the employee is temporarily absent from work because of illness or injury of a kind prescribed by the Fair Work Regulations 2009. 12.9. A staff member receiving workers compensation in excess of 45 weeks will only accrue personal leave on an hours actually worked basis. 12.10. Unused personal leave will not be paid out on separation, or in any other circumstances. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 14

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 12.11. In exceptional circumstances, staff may be granted personal leave at half pay, in which case, payable leave credits are only deducted for half of the leave duration. 12.12. Staff members will be granted up to 2 days of unpaid personal leave for carer s purposes on each occasion for the purposes of care or support for a member of the staff member s Family or household because of a personal injury or illness or unexpected emergency, provided they have exhausted their paid personal leave entitlement and subject to adequate proof of the need to take such leave. 13. Portability of accrued Recreation Leave and Sick Leave entitlements 13.1. All existing accrued recreation leave and sick/personal leave credits of staff recruited to ASIC from other APS agencies, staff from the ACT Government and agencies staffed under the Parliamentary Services Act 1999 will be recognised provided there is no break in continuity of service. 13.2. The entitlement to these accrued credits of leave and any future entitlements to recreation leave and personal leave will be those prevailing in ASIC. 14. Compassionate Leave 14.1. Staff are entitled to 3 days paid Compassionate Leave on each occasion in the event of the death or a serious life-threatening illness or injury of a Family member, subject to the staff member providing adequate proof of the need to take such leave. Untaken Compassionate Leave does not accumulate from year to year and will not be paid out if a staff member s employment ends. Further information can be found in ASIC s Leave Policy. 14.2. Casual staff are entitled to 2 days unpaid Compassionate Leave per occasion in the event of the death or a serious life-threatening illness or injury of a Family member or member of the staff member s household, subject to the staff member providing adequate proof of the need to take such leave. Untaken Compassionate Leave does not accumulate from year to year and will not be paid out if a staff member s employment ends. Further information can be found in ASIC s Leave Policy. 15. Maternity Leave, Supporting Partner s Leave and Leave for Adoptive and Fostering Parents 15.1. The entitlement to paid maternity leave is provided for under the Maternity Leave (Commonwealth Employees) Act 1973. This agreement also provides for an additional 2 weeks paid leave which is to be taken at the end of and continuous with the 12 week entitlement paid in accordance with the provisions of the Maternity Leave (Commonwealth Employees) Act 1973. 15.2. A staff member adopting a child will be eligible for leave following the placement of a child who is, or will be, under the age of 16 at the day of placement (or the expected day of placement) and has not lived with the staff member for a period of 6 months or more immediately preceding the date of placement. The primary caregiver will be entitled to 14 weeks paid leave where they have at least 12 months service. This entitlement does not apply in relation to the adoption of a child who is (otherwise than by adoption) a child of the staff member s spouse or de facto partner. Documentary evidence of approval for adoption must be submitted when applying for this leave. It will also be necessary to provide satisfactory evidence of the staff member s role as primary caregiver. No Other Leave for adoptive purposes will be granted in conjunction with this leave. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 15

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 15.3. A staff member fostering a child will be eligible for leave following the placement of a child who is, or will be, under the age of 16 at the day of placement (or the expected day of placement) and has not lived with the staff member for a period of 6 months or more immediately preceding the date of placement. A permanent fostering arrangement is the placement of a child by a person/organisation with statutory responsibility for the placement of the child into a permanent foster care arrangement in circumstances where the child is not expected to return to their family and is permanently fostered with the staff member. The primary caregiver will be entitled to 14 weeks paid leave where they have at least 12 months service. Documentary evidence of approval for the permanent fostering arrangement must be submitted when applying for this leave. It will also be necessary to provide satisfactory evidence of the staff member s role as primary caregiver. No Other Leave for fostering purposes will be granted in conjunction with this leave. 15.4. In order to provide more flexible administration of leave, the Chairman may give approval to staff members, in advance, to spread the payment for the period of paid maternity, adoption or foster carer s leave up to a period of 28 weeks at a rate no less than half normal salary. The additional leave beyond the 14 weeks paid leave referred to in clauses 15.1, 15.2 and 15.3, must be taken as a continuous period and will count as service. 15.5. In accordance with the provisions of the Act, a staff member may access unpaid leave for a period up to two years from the birth of the child or in the case of adoption or permanent fostering arrangement, 2 years from date of placement of a child under the age of 16. Leave under this clause must be taken as a continuous period in conjunction with other leave granted under the provisions of clause 15.1, 15.2 or 15.3. 15.6. A staff member who is not the primary care giver to a dependent child may take up to 10 days paid Supporting Partner s Leave immediately following the birth, or the placement of a dependent child under school age under an adoption or under a permanent fostering arrangement. Return to work after Parental Leave 15.7. On ending parental, maternity, adoption or foster carer s leave, a staff member is entitled to return to: the staff member s pre-parental/maternity leave duties; or if those duties no longer exist an available position for which the staff member is qualified and suited at the same classification and pay as applied pre-parental/maternity leave. Where this is not practical, other duties will be sought, with the redeployment, reduction and redundancy provisions applying to any placement. 15.8. For the purposes of this clause, duties means those performed: if the staff member was moved to safe duties because of the pregnancy immediately before the move; or if the staff member began working part-time because of the pregnancy immediately before the part-time employment began; or otherwise immediately before the staff member commenced maternity or parental leave. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 16

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 16. Other Leave 16.1. To provide flexibility to supervisors and staff, the Chairman may grant leave of absence to a staff member in appropriate circumstances including: jury service; for study purposes; Defence Force Reserve requirements in accordance with the Defence Reserve Support Council advice; war service sick leave; voluntary welfare sector leave; participation in major international sporting events; participation in emergency service activities including regular training, all emergency services responses, reasonable recovery time and ceremonial duties; appropriate training for recognised union delegates and staff representatives; accompanying a spouse on a posting; required attendance at a tribunal or hearing; for Aboriginal and Torres Strait Islander staff participation in NAIDOC activities; and any other purpose considered appropriate in the interests of ASIC and the staff member concerned. Further information can be found in ASIC s Leave Policy. 16.2. Leave may be granted: (a) for the period requested or for another period up to a maximum of 12 months with the option for extension; (b) with or without pay; and (c) subject to conditions. 16.3. The Chairman will provide advice to a staff member of a decision to refuse leave. 16.4. This clause is subject to a staff member s entitlement to take leave under the National Employment Standards including community service leave for the purposes of jury service or absence for eligible community service (as defined in the National Employment Standards) which is reasonable. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 17

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 17. Public Holidays 17.1. The following public holidays will be observed: New Year s Day (1 January); Australia Day (26 January); Good Friday; Easter Monday; Anzac Day (25 April); the relevant Queen s Birthday observance day; Christmas Day (25 December); Boxing Day (26 December). 17.2. Staff may also observe additional public holidays declared under a State or Territory law and observed by the community generally at the locality. 17.3. If under a State or Territory law, a day or part day is substituted for one of the public holidays listed above, then the substituted day or part day is the public holiday. 17.4. Where a manager and a staff member agree, another day may be substituted for any public holiday prescribed above. 18. Christmas Closedown 18.1. ASIC will close its normal operations from close of business on the last working day before Christmas, with business resuming on the first working day after New Year s Day. 18.2. Staff members will be provided with time off for the working days between Christmas and New Year s Day and will be paid in accordance with their ordinary hours of work. Where a staff member is absent on leave, payment for the Christmas closedown provision will be in accordance with the entitlement for that form of leave, (e.g. if on long service leave half pay, payment is on half pay). 18.3. There will be no deduction from Annual or Personal/carer s leave credits for the closedown days. 18.4. Where the Chairman directs a staff member to work during their regular hours on the working days between Christmas and New Year s Day to provide essential services, the staff member will receive time off in lieu or overtime at the rate of double time and a half for hours worked. For duty within a staff member s ordinary hours of work this is calculated at time and a half as staff are already being paid for the day. For duty outside a staff member s ordinary working hours the staff member will be eligible for time off in lieu or overtime at double time and a half. Further information can be found in ASIC s Leave Policy. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 18

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 19. Part-time Employment 19.1. This Agreement provides for staff to be employed on a part-time basis. A part-time staff member is one whose regular hours of work are less than 150 hours over the four week settlement period. Managers and staff will agree in writing the period of the part-time work agreement (not more than 2 years) and the number of days and hours to be worked over the four week settlement period. This part-time work agreement must be consistent with processes for simplified payroll processing. A staff member must work a minimum of three consecutive hours on each day that they work. 19.2. At the conclusion of the part-time work agreement, the staff member and their manager may renegotiate the number of days and hours that will be worked and enter into a new part-time work agreement. These discussions should commence three months prior to the end of the part-time work agreement. Alternately, the staff member may return to full-time work. If no agreement can be reached on part-time work, the staff member will return to full-time work. 19.3. Those staff who had part-time work arrangements with no set end dates at 14/05/01 will continue to have access to those arrangements. Those staff will not be required to enter into a part-time work agreement as outlined above while their current part-time work arrangements continue. 19.4. However, should such staff move into a new job at their own initiative or return to full-time work, any future period of part-time work must be negotiated under a part-time work agreement as outlined above. 19.5. Remuneration and other entitlements for part-time staff will be calculated on a pro rata basis, apart from reimbursements for actual expenditure, where part-time staff members will receive the same amount as full-time staff. 19.6. With 3 months notice by either party, managers or staff may initiate the introduction, extension, variation or cessation of part-time employment or job sharing arrangements. Staff will not be required, without their agreement, to convert from full-time to part-time hours, or from part-time to full-time hours, during the life of their part-time work agreement. Part-time work agreements will be reviewed annually to ensure that they meet the needs of staff members and ASIC. 19.7. Whenever possible, unless there are reasonable business grounds to refuse, ASIC will agree to requests for regular part-time work from staff returning directly from maternity or parental/ adoption/fostering leave if the child is under school age or is under 18 years old and has a disability. 19.8. Where a staff member and their manager are unable to agree on issues related to the introduction, extension, variation or cessation of part-time work arrangements, the issue should be referred to the next level of management for resolution. 20. Business Related Travel 20.1. Staff will be provided with reasonable standards of travel, accommodation, and meals, and will not be out of pocket for additional expenses which are required while travelling on official business on behalf of ASIC. Further information can be found in the ASIC Travel Policy. 20.2. The current rate for meals and out of pocket business-related travel expenses is $95 where breakfast is not provided. This rate can be varied from time to time. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 19

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 20.3. A staff member who is required to be absent from their usual place of work on official business for more than 10 hours but not overnight will be paid an allowance for meal and incidental expenses of $35. Further information can be found in the ASIC Travel Policy. 20.4. Where a staff member transfers to a new locality for a period greater than 21 days, the provisions of the Transfer and Relocation Policy as varied from time to time will apply in relation to their travel entitlements. 21. Motor Vehicle Allowance 21.1. Where a manager considers that it will result in greater efficiency or involve less expense, they may authorise a staff member to use a private car owned or hired by the staff member at their own expense for official purposes. Where authorised, a staff member will be entitled to a motor vehicle allowance at the following rate: 1-1600CC 1601-2600CC 2601-9999CC 63 cents per kilometre 74 cents per kilometre 75 cents per kilometre Further information can be found in ASIC s Travel Policy. 22. First Aid 22.1. A staff member who has a current first aid certificate and who is designated to undertake first aid responsibilities within ASIC will be paid an allowance of $21.00 per fortnight. 22.2. Further information can be found in ASIC s Occupational Health and Safety Management Arrangements. 23. Remote Localities Assistance 23.1. Existing staff working in ASIC s Darwin office as at 10/12/98 will retain their existing entitlements for remote localities assistance (including district allowance and airfare entitlements). These entitlements will not be available for new staff employed in this location, including on temporary transfer from other locations, after 10/12/98. 24. Relocation Expenses 24.1. ASIC will meet all reasonable costs arising from the relocation of a staff member and his or her household as the result of a reassignment of duties, engagement or promotion. Further information can be found in ASIC s Transfer and Relocation Policy. 25. Working away from the office 25.1. Staff may work away from the office on a regular or temporary basis subject to agreement with their manager. The agreement may be terminated by either party with 2 weeks notice or a lesser period as agreed. Further information on working away from the office can be found in ASIC s Working Hours and Flexible Working Arrangements Policy. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 20

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 26. Employer s Contribution of Superannuation 26.1. ASIC will make compulsory employer contributions as required by the applicable legislation and fund requirements. 26.2. Where a staff member has chosen an accumulation superannuation fund other than the PSS Accumulation Plan (PSSap), the employer contribution will be the same percentage of the fortnightly superannuation contribution salary as that required for staff members who are members of PSSap. This will not be reduced by any other contributions made through salary sacrifice arrangements. This clause does not apply where a superannuation fund cannot accept employer superannuation contributions (e.g. unable to accept contributions for people aged over 75). Note: At the time of commencement of this Agreement the rate of PSSap employer contribution is 15.4 percent. 26.3. Employer superannuation contributions will not be paid on behalf of employees during periods of unpaid leave that does not count as service, unless otherwise required under legislation. 26.4. The Chairman may choose to limit superannuation choice to complying superannuation funds that allow employee and/or employer contributions to be paid through fortnightly electronic funds transfer using a file generated by the Agency s payroll system. 27. Salary Sacrifice Arrangements 27.1. Staff will be able to access salary sacrifice arrangements. Staff will not be able to use salary sacrifice arrangements to reduce their salary in order to be eligible for community benefits that they would not normally be entitled to or to avoid community obligations. Salary is in accordance with the salary rates at Attachment A for ASIC1-4 staff and Attachment B for Executive Level staff, and will be the salary for all purposes including superannuation. Further information can be found in ASIC s Flexible Remuneration Packaging Policy. 27.2. Any fringe benefits tax and administrative costs incurred as a result of remuneration packaging arrangements will be met by the staff member. 28. Learning and Development Opportunities and the Study Assistance Scheme 28.1. ASIC encourages staff to undertake formal study, and assistance is available for courses of study at tertiary and higher education institutions, and other vocational education courses, where the study is agreed as part of the staff member s development plan. 28.2. ASIC s Study Assistance guidelines provide further information on the administration of the Study Assistance Scheme including financial assistance and time off work to travel to and attend classes, undertake examinations, or for other study purposes. 28.3. Staff may also apply for leave for study purposes outside the Study Assistance Scheme. Such applications will be considered under the Other Leave provisions. 28.4. ASIC shall provide reasonable access to, and funding for, credential building opportunities relevant to the role and function of ASIC and in accordance with relevant ASIC policy as varied from time to time. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 21

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 29. Performance Management 29.1. Further information on performance management can be found in ASIC s Performance Management Framework. ASIC s Performance Management Framework encourages a high performance culture in ASIC by: aligning organisational objectives with the staff member s performance individually and within teams (where appropriate); providing opportunities for development; encouraging effective communication between the manager and staff member; providing opportunities for development; recognising and rewarding high performance; making salary decisions based on performance; and managing underperformance. 29.2. The Performance Management Framework is applied across ASIC and includes: agreement of responsibilities and expected standards of performance including personal and interpersonal skills consistent with Work Level Descriptors; continuous performance feedback; personal development discussions and planning that facilitate career planning; and performance review and appraisal. A rating scale will be used to assess performance which includes the following ratings Outstanding, Exceeding, Achieving, Improvement Required and Unsatisfactory. 29.3. All managers and staff are required to participate in the Performance Management Framework. 29.4. Performance and development discussions occur between the manager and staff member or team regularly throughout the year. Early feedback should be provided where performance does not meet expectations. 29.5. Staff may provide upward feedback to inform the assessment of, and provide feedback to, staff who have supervisory responsibilities. 29.6. Salary advancement and rewards other than pay will be determined on the basis of the staff member s performance rating established by an assessment of performance against the staff member s performance agreement. The agreement is based on an agreement between the staff member and their manager of responsibilities and expected standards of performance and is consistent with Work Level Descriptors. 29.7. The Performance Management Framework may be reviewed as required. Any changes to policy or guidelines including changes to the rating scale, advancement arrangements, and the underperformance process will involve NCC consultation. 29.8. During the life of this agreement new processes will be implemented to improve the consistency and equitable application of performance management ratings including further support and education for managers. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 22

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 30. Managing Underperformance 30.1. Managing performance which is assessed as being not at an acceptable level i.e. a performance rating of Unsatisfactory will be based on the following principles: performance will be assessed through the Performance Management Framework; procedural fairness principles will apply; the staff member will be given assistance and the opportunity to improve their performance to an acceptable level. 30.2. Where a manager or supervisor has assessed a staff member s performance against their performance agreement and at any point during the performance management cycle formed the view that a staff member s work performance is not to an acceptable standard i.e. a performance rating of Unsatisfactory or in accordance with clause 30.3, the manager will: advise the staff member in writing providing reasons and consequences if their performance does not improve; give the staff member an opportunity to respond; and manage the performance through an assessment process as outlined in the Performance Management Framework. 30.3. Where a staff member s performance is assessed as Improvement Required at any point including at the conclusion of the performance management cycle, the staff member will be required to undertake further development in consultation with their manager or supervisor. This will be based on the following principles: performance will be assessed through the Performance Management Framework; The staff member will be given assistance and the opportunity to improve their performance. A staff member who receives a rating of Improvement Required at two consecutive annual performance management ratings, will automatically be subject to the provisions contained in clauses 30.1 and 30.2 unless the role or responsibilities of the role have substantially changed. 30.4. Where a staff member s performance is assessed as either Improvement Required or Unsatisfactory at the conclusion of the performance management cycle, the staff member will not be eligible for salary advancement until the performance is appraised at the Achieving level or higher. Further detail is available in the Remuneration Policy. 30.5. If at the end of the assessment period, the staff member s performance is assessed as being not at an acceptable standard, the Chairman may issue a notice of intention to: allocate reasonable alternate duties (if available) to the staff member; reduce the staff member s work level, if this is practicable and work is available at a lower level; or terminate the staff member s employment. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 23

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 30.6. The staff member will have 7 days to show cause why this action should not be taken. The Chairman has the discretion to extend this period in special circumstances. 30.7. A staff member has (subject to eligibility requirements) a range of rights under the Fair Work Act 2009 and the Public Service Act 1999 in relation to discipline and dismissal including, a right to bring unfair dismissal action subject to meeting the requirements of the Fair Work Act. It is not intended that this clause supplement, modify or exclude those rights (which apply by operation of statute) or be enforceable in its own right. 31. Workforce Adjustment 31.1. The following redeployment and redundancy provisions will only apply to ongoing staff not on probation. Excess Staff 31.2. A staff member is excess to the requirements of ASIC if: he or she is employed substantively at a level, in a role and at a location where there is a greater number of staff than is necessary for the efficient and economical working of ASIC; or the duties of the staff member are to be performed at a different locality and the staff member is not willing to perform duties at that locality and the Chairman has determined that the excess staff provisions of this Agreement apply; or the services of the staff member can no longer be effectively used because of technological or other changes in work methods of ASIC or structural or other changes in the nature, extent or organisation of functions of ASIC. Consultation Arrangements 31.3. When the Chairman becomes aware that a staff member is likely to become excess to requirements the Chairman or their nominee will advise the staff member and, where they choose, their representative, of the situation and have discussions with the staff member to determine any measures that can be taken to resolve this situation. These discussions will include: redeployment opportunities for the staff member concerned within ASIC either at or below their substantive level, and retrenchment. 31.4. The Chairman may, before the conclusion of these discussions, invite other staff who are not potentially excess to express interest in retrenchment, where those retrenchments would permit the redeployment of staff who would otherwise be excess. Redeployment 31.5. Where the staff member indicates they wish to examine options for redeployment, ASIC will assist the staff member to find alternate employment within ASIC or other APS agencies from the day discussions under clause 31.3 commence for a period of generally no more than 2 months. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 24

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 31.6. This assistance will include: assistance and support of a People and Development staff member; advice of vacancies within ASIC and within relevant portfolio agencies in the location; support in relevant appropriate trial placements; and where appropriate outplacement services including APS career transition services. 31.7. The staff member may be granted assistance for reasonable time off to seek alternative employment. 31.8. Where during the redeployment period referred to in clause 31.5, the Chairman considers there is insufficient productive work available for the excess staff member at their actual level, the Chairman may redeploy the excess staff member to a position at a lower level, which the staff member is qualified and capable of performing with salary maintenance for the balance of the support period. Information for Staff 31.9. A staff member will be given information on the day they are advised they may become excess to requirements: the amount of severance benefit, or the amount in lieu of support period, pay in lieu of notice and paid up leave credits the staff member is entitled to receive; and the taxation rules applying to the various payments the staff member is entitled to receive. 31.10. The staff member will also be advised to contact their superannuation scheme to receive information in relation to the amount of accumulated superannuation contributions; and the options open to the staff member concerning superannuation. Accelerated Separation 31.11. If a staff member requests to be retrenched and ASIC declares them excess to requirements and their employment is terminated by the Chairman under section 29 of the Public Service Act 1999 within 14 days of the commencement of discussions under 31.3, they will be eligible for an additional 6 weeks severance benefit calculated in accordance with clause 31.25. Staff Declared Excess 31.12. At the completion of the discussions referred to in clause 31.3 or at the end of 1 month after the commencement of those discussions, whichever is the earlier, the Chairman will declare the staff member excess to requirements unless they have been redeployed to another position within ASIC or the APS or have already been voluntarily retired. 31.13. A staff member who has been declared excess, is also entitled to reimbursement for financial and/or career counselling, to a maximum of $350 in total. A claim for reimbursement may be made up to 3 months following the staff member being declared excess. Voluntary Redundancy 31.14. A staff member will be offered voluntary redundancy (VR) on the day they are declared excess (if they have not already been offered VR). The staff member will then have up to 1 month to consider and accept or reject the offer of VR. The staff member may accept or reject the offer at any time within this 1 month period. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 25

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 31.15. The Chairman may give notice in writing of termination of employment under section 29 of the Public Service Act 1999 at any time after the offer has been accepted and will do so generally within 2 days of the acceptance of the offer. 31.16. A staff member who does not accept or decline the offer of VR within 1 month of the offer being made will be deemed to have declined the offer. Severance Benefit 31.17. A staff member who agrees to be voluntarily retrenched and whose employment is terminated under section 29 of the Public Service Act 1999 on the grounds that they are excess to the requirements of ASIC is entitled to be paid redundancy pay of a sum equal to 2 week s salary for each completed year of continuous service plus a pro rata payment for completed months of service since the last completed year of service, subject to any minimum amount the staff member is entitled to under the National Employment Standards. The maximum payment is 48 weeks. Where the staff member has less than 24 years full time service this benefit will be calculated on a pro rata basis for any period where the staff member has worked part-time during their eligible service. 31.18. Subject to the following sub-clauses, eligible service for this benefit means: continuous service in ASIC; continuous government service in the Australian Defence Force or as defined in section 10 of the Long Service Leave (Commonwealth Employees) Act 1976; APS service immediately preceding deemed resignation under repealed provisions proscribing the employment of married women, if the service has not previously been recognised for severance pay purposes; and service in another organisation where the staff member was transferred from the APS to an organisation with a transfer of function, or the staff member was engaged by an organisation on work within a function which was transferred to the APS, and such service is recognised for long service leave purposes. 31.19. For earlier periods of service to count, there must be no breaks between the periods of service except where the break in service is: less than one month; and occurred where an offer of employment with the new employer was made and accepted by the staff member before ceasing employment with the preceding employer. 31.20. Prior service, which would otherwise be eligible service, will not be eligible service if it was terminated by way of: voluntary or involuntary retrenchment; retirement with the payment of an employer-financed retirement benefit; retirement or dismissal on grounds of invalidity, inefficiency, loss of qualifications or misconduct; termination of probationary employment for any reason; forfeiture of office; or resignation from any employment under the Public Service Act 1999 with the payment of employee superannuation contributions. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 26

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 31.21. Absences from work which do not count as service for any purpose will not count as service for this benefit. Involuntary Redundancy 31.22. At any time after the end of two months from the date of commencement of discussions under clause 31.3, (or earlier, where the staff member agrees) if the staff member has not been redeployed to another position within ASIC or the APS, or their employment with ASIC has not already ceased, the Chairman may terminate under section 29 of the Public Service Act 1999 the employment of the excess staff member involuntarily and pay as a lump sum in lieu of notice the salary that the staff member would have been paid for the balance of the support period. The support period will be reduced by the number of weeks redundancy pay that the staff member is entitled to under the National Employment Standards. In effect, the National Employment Standards payment takes the place of the equivalent period of the support period or payment in lieu. Support Period 31.23. The support period will be: 13 months where the staff member has 20 or more years of continuous service or is over forty-five years of age and has at least 5 years continuous service; or 7 months for other staff from the date the staff member is declared excess. The support period will be reduced by the number of weeks redundancy pay that the staff member is entitled to under the National Employment Standards. Period of notice 31.24. When an excess staff member is voluntarily retrenched, the staff member will be given notice of four weeks (or 5 weeks for staff over 45 years with at least 5 years of continuous service). Where ASIC directs, or the staff member requests, the staff member s employment may be terminated at any time within the period of notice. In that case, the staff member will therefore be entitled to receive payment in lieu of salary for the unexpired portion of the notice period. Salary 31.25. For the purpose of calculation of entitlements under sub clauses 31.11, 31.17 and 31.22 salary will include: the staff member s substantive salary; or the salary of the higher level, where the staff member has been acting at the higher level for a continuous period of at least 12 months immediately preceding the date on which the staff member is given notice of termination of employment. 31.26. Salary for the purposes of this clause includes allowances in the nature of salary which are paid on a regular basis and during periods of annual leave, but excludes allowances which are a reimbursement for expenses incurred, or a payment for disabilities associated with the performance of duty. 32. Managing alleged breaches of the Code of Conduct 32.1. Alleged breaches of the Code of Conduct in ASIC will be dealt with under the relevant provisions of the Public Service Act 1999. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 27

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 32.2. ASIC will maintain appropriate procedures for investigating alleged breaches of the Code of Conduct and for dealing with Whistleblowing disclosures, as required by the Public Service Act 1999, the Public Service Regulations 1999 and the Public Service Commissioner s Directions. 33. Misconduct 33.1. In the case of serious misconduct, including any breach of the Australian Public Service Code of Conduct by the staff member, ASIC may terminate a staff member s employment with immediate effect. 33.2. This clause does not apply to staff employed for irregular or intermittent duties or on nonongoing contracts of 1 month or less. 34. Review of decisions including to terminate employment 34.1. Subject to clause 34.2, where the right of review provided by section 33 of the Public Service Act 1999 and Part 5 of the Public Service Regulations is exercised, and does not fail for want of jurisdiction, the staff member will have no right of review with respect to that matter under the dispute resolution proceedings in the Agreement, unless ASIC does not comply with recommendations made by the Merit Protection and Review Agency. 34.2. The sole and exhaustive rights and remedies of a staff member in relation to termination of employment are those under Part 3-2 of the Fair Work Act 2009, other Commonwealth laws and at common law. 34.3. Termination of, or a decision to terminate employment, cannot be reviewed under the Dispute Avoidance and Resolution Procedures specified in clause 39 of this Agreement. 35. Individual flexibility arrangements 35.1. The Chairman and staff member covered by this enterprise agreement may agree to make an individual flexibility arrangement to vary the effect of terms of the agreement if: (a) the agreement deals with one or more of the following matters: (i) arrangements about when work is performed; (ii) overtime rates; (iii) penalty rates; (iv) allowances; (v) remuneration; and/or (vi) leave; and (b) the arrangement meets the genuine needs of the Agency and staff member in relation to 1 or more of the matters mentioned in paragraph (a); and (c) the arrangement is genuinely agreed to by the Chairman and staff member. 35.2. The Chairman must ensure that the terms of the individual flexibility arrangement: (a) are about permitted matters under section 172 of the Fair Work Act 2009; and (b) are not unlawful terms under section 194 of the Fair Work Act 2009; and Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 28

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF (c) result in the staff member being better off overall than the staff member would be if no arrangement was made. 35.3. The Chairman must ensure that the individual flexibility arrangement: (a) is in writing; and (b) includes the name of the employer and staff member; and (c) is signed by the Chairman and staff member and if the staff member is under 18 years of age, signed by a parent or guardian of the staff member; and (d) includes details of: (i) the terms of the enterprise agreement that will be varied by the arrangement; and (ii) how the arrangement will vary the effect of the terms; and (iii) how the staff member will be better off overall in relation to the terms and conditions of his or her employment as a result of the arrangement; and (e) states the day on which the arrangement commences, and where applicable, when the arrangement ceases. 35.4. The Chairman must give the staff member a copy of the individual flexibility arrangement within 14 days after it is agreed to. 35.5. The Chairman or staff member may terminate the individual flexibility arrangement: (a) by giving no more than 28 days written notice to the other party to the arrangement; or (b) if the Chairman and staff member agree in writing at any time. 36. Consultation 36.1. This clause applies where a decision is made to introduce major changes in a work area that are likely to have significant effects on employees, other than where provision is already made elsewhere in this enterprise agreement regarding a specific major change. 36.2. Where a definite decision is made to introduce major changes in program, organisation, structure or technology that are likely to have significant effects on employees, the Agency Head must notify the staff members who are likely to be affected by the proposed changes and their representatives, if any. Significant effects include: a) termination of employment; b) major changes in the composition, operation or size of the Agency s workforce or in the skills required; c) the elimination or diminution of job opportunities, promotion opportunities or job tenure; Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 29

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF d) significant alteration in hours of work; e) the need to retrain staff members; f) the need to relocate staff members to another workplace; and g) the major restructuring of jobs. Agency Head to discuss major changes 36.3. The Chairman must discuss with the staff members affected and their representatives, if any, the introduction of the changes referred to in clause 36.2, the effects the changes are likely to have on staff members and measures to avert or mitigate the adverse effects of such changes on staff members and must give prompt consideration to matters raised by the staff members and/or their representatives in relation to the changes. 36.4. The discussions must commence as early as practicable after a definite decision has been made to make the changes referred to in clause 36.2. 36.5. For the purposes of such discussion, the staff members concerned and their representatives, if any, are to be provided in writing all relevant information about the changes including the nature of the changes proposed, the expected effects of the changes on staff members and any other matters likely to affect staff members. The Chairman is not required to disclose confidential or commercially sensitive information to the employees. 37. National Consultative Committee 37.1. ASIC is committed to communicating and consulting with staff on workplace matters and will maintain the National Consultative Committee (NCC) chaired by the Chairman or his or her representative, and comprising representatives of: staff and, their representatives; and Commission. 37.2. The NCC will have the primary responsibility for monitoring the implementation of this Agreement with respect to staff covered by this agreement. 37.3. ASIC makes a commitment to convene a meeting of the NCC within 6 months of the commencement of this Agreement. 37.4. The NCC will maintain agreed Terms of Reference and a protocol. Further information can be found in the NCC Terms of Reference. As required, from time to time, any changes to the Terms of Reference will be consulted and agreed at the NCC. 37.5. Staff may raise issues for discussion at the NCC through any representative who attends the NCC. 37.6. ASIC will provide staff representatives with reasonable facilities to undertake their consultative and representative duties. Further information can be found in the NCC Terms of Reference. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 30

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 38. Staff Support and Representation 38.1. To the extent permitted by the Fair Work Act 2009, ASIC recognises the role of the union as a staff representative for its members. 38.2. Staff may be assisted, accompanied and represented by another person, including a staff representative, in the workplace and in processes relating to a review of actions, unsatisfactory performance, excess status, alleged breach of the Code of Conduct or in the dispute avoidance and settlement procedures outlined below. 38.3. Staff will inform their immediate manager and/or relevant level of management prior to any discussions where they choose to be represented. 38.4. ASIC recognises the rights of workplace delegates expressed in the Union Delegates Rights and Responsibilities within the ASIC Workplace Protocols agreed with the CPSU. 39. Resolution of Agreement Disputes 39.1. If a dispute relates to a matter under this Agreement, or the NES, the parties to the dispute must first attempt to resolve the matter at the workplace level by discussions between the staff member or staff members concerned and the relevant supervisor/manager. 39.2. If a resolution to the dispute has not been achieved after discussions have been held in accordance with clause 39.1, the parties to the dispute will endeavour to resolve the dispute in a timely manner either through discussions with more senior levels of management where appropriate or through alternative dispute resolution methods. 39.3. If discussions at the workplace level do not resolve the dispute, and all appropriate steps have been taken in accordance with clauses 39.1 and 39.2, a party to the dispute may refer the matter to Fair Work Australia. 39.4. Fair Work Australia may deal with the dispute in 2 stages: a. Fair Work Australia will first attempt to resolve the dispute as it considers appropriate, including by mediation, conciliation, expressing an opinion or making a recommendation; and b. if Fair Work Australia is unable to resolve the dispute at the first stage, Fair Work Australia may then: i. arbitrate the dispute; and ii. make a determination that is binding on the parties. Note: If Fair Work Australia arbitrates the dispute, it may also use the powers that are available to it under the Act. A decision that Fair Work Australia makes when arbitrating a dispute is a decision for the purpose of Div 3 of Part 5.1 of the Fair Work Act 2009. Therefore, an appeal may be made against the decision. 39.5. The agency or a staff member who is a party to the dispute may appoint another person, organisation or association to accompany and/or represent them for the purposes of this term. 39.6. Resolution of disputes is to occur in good faith by following the same principles as the good faith bargaining requirements at section 228 of the Fair Work Act 2009. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 31

SECTION B TERMS AND CONDITIONS APPLYING TO ALL STAFF 39.7. While the parties are trying to resolve the dispute using the procedures in this term: a. A staff member must continue to perform his or her work as he or she would normally unless he or she has a reasonable concern about an imminent risk to his or her health or safety; and b. A staff member must comply with a direction given by the Agency Head to perform other available work at the same workplace, or at another workplace, unless: i. the work is not safe; or ii. applicable occupational health and safety legislation would not permit the work to be performed; or iii. the work is not appropriate for the staff member to perform; or iv. there are other reasonable grounds for the staff member to refuse to comply with the direction. 39.8. The parties to the dispute agree to be bound by a decision made by Fair Work Australia in accordance with this term. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 32

Section C Terms and conditions for ASIC1-4 staff Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 33

SECTION C TERMS AND CONDITIONS FOR ASIC1-4 STAFF 40. Remuneration 40.1. This Agreement provides for a 9% increase over the life of the Agreement as follows: 3 % on commencement of the Agreement; 3% on 1 July 2012; and 3% on 1 July 2013. 40.2. The new salary rates for ASIC 1-4 staff are detailed in Attachment A. 40.3. The salaries for ASIC 4 staff who transitioned from an Australian Workplace Agreement (AWA) to the ASIC 1-4 Level Enterprise Agreement 2009-2011 salaries also appear in Attachment A. These salary rates are only available for staff who transitioned from an AWA while they remain at the ASIC4 level. For the avoidance of doubt, no other staff can access these salary rates. 41. Salary Salary on commencement 41.1. When a person becomes a staff member, salary will generally be paid at the minimum point of the salary scale applicable to the classification of the job. However, the Chairman may authorise payment of salary above the minimum point based on factors including the experience, qualifications and skills of the new staff member. 41.2. At the discretion of the Chairman, a person moving to ASIC whose nominal salary in their previous agency exceeds the current maximum of the relevant classification level in this Agreement, will be maintained on their current salary until such time as their salary is absorbed by ASIC pay increases. Salary Advancement 41.3. Salary advancement within classification levels will occur on the basis of a performance rating of at least Achieving. Further information can be found in ASIC s Performance Management Framework. Identified advancement points for each classification level are noted in the salary scale at Attachment A. 2% Supplementation Payment 41.4. Staff at the top salary point of a classification range or at the salary point before a soft barrier who are unable to move through the soft barrier (soft barriers are explained in the Remuneration Policy) will be eligible for a 2% supplementation payment if at the end of the performance management cycle they receive a rating of Exceeding or Outstanding. This payment is a one off payment at the end of each performance cycle, which will not increase base salary and will not count as salary for any purpose. This payment will not be available for ASIC4 staff who are eligible to receive a bonus. Salary on Reduction 41.5. Where a staff member elects to be assigned duties at a lower level, the Chairman may determine that the staff member will be paid a rate of salary applicable to the lower level. The Chairman may also reduce salary in accordance with the provisions of the Public Service Act 1999, or as specified in this Agreement. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 34

SECTION C TERMS AND CONDITIONS FOR ASIC1-4 STAFF Salary on Promotion 41.6. Where a staff member is promoted, salary will generally be payable at the minimum point of the salary range applicable to the higher work value level. However, the Chairman may authorise payment of salary on promotion above the minimum point in the salary range applicable to the work value level of the job based on factors including the experience, qualifications and skills of the staff member. Junior rates 41.7. Junior rates of pay at the ASIC 1 level will be calculated as a percentage of the equivalent adult rate of pay as follows: Under 18 years 60% at 18 years 70% at 19 years 81% at 20 years 91% Temporary work at a higher level (higher duties) 41.8. Staff required to undertake work at a higher level for a continuous period of more than ten working days will be paid at the higher level, including periods of authorised leave where the higher duties would have otherwise continued. Work performed at a higher level for ten working days or less will be considered as part of the annual performance assessment and higher duties allowance will not be paid. Periods of work at higher levels will be recognised if staff revert to a lower level. 41.9. Salary levels for temporary work at the Executive Level 1 and 2 levels are included in Attachment B. ASIC1-4 staff who are required to undertake higher duties in an Executive Level position for a continuous period of more than ten working days will be paid at the higher level, including periods of authorised leave where the higher duties would have otherwise continued. 42. Bonuses for ASIC 4 staff 42.1. ASIC 4 staff are eligible to receive a performance bonus for the performance cycles that commence following the commencement of this agreement, starting with the 2011-2012 performance cycle. 42.2. ASIC4 staff will be paid an annual bonus payment based on the staff member s performance rating. 42.3. Bonus payments will be as follows: Achieving 3% Exceeding 6% Outstanding 9 to 15% 42.4. Bonuses are calculated based on hours worked (if less than full-time) and salary paid. A pro rata bonus will be payable where a staff member works less than the full year in a performance cycle. No bonus is payable for periods of less than 3 months in a performance cycle or where a staff member has not completed their probationary period. A staff member who acts on a higher duties basis at the ASIC 4 level for a period of at least 3 months may be eligible for a bonus for the period of higher duties. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 35

SECTION C TERMS AND CONDITIONS FOR ASIC1-4 STAFF 42.5. Further information can be found in the Remuneration Policy. 43. Rewards other than pay 43.1. ASIC will recognise and reward high performance as assessed through the Performance Management Framework in ways other than salary increases. These rewards include additional development opportunities, attendance at conferences or other professional gatherings, secondments or other opportunities for career development. Further information can be found in the Performance Management Framework. 44. Hours of Work 44.1. Standard hours of work for full-time staff are 150 hours over a four week settlement period (37.5 hours per week). A standard working day is 8.30 am - 12.30 pm and 1.30 pm - 5.00 pm (7 hours 30 minutes), Monday to Friday. For part-time staff, a standard day is that agreed in their part-time work agreement. 44.2. All staff members will agree their pattern of attendance in writing with their manager or supervisor. 44.3. Operational requirements will be the major consideration in determining the pattern of hours. Other considerations include: personal needs of the staff member; impact on service delivery; and impact on other staff. 44.4. The pattern of hours that must be worked, and any variation to them, is a matter for agreement between managers and staff. However, staff should not work for more than: 10 hours ordinary time on any day; or 5 consecutive hours without a meal break of at least 30 minutes. 44.5. Where no agreement can be reached on a pattern of attendance, or where attendance is unsatisfactory, staff will be required to work a standard working day. 44.6. The Chairman can direct that where a staff member is absent from duty without authorisation or not in accordance with this Agreement, the period of absence does not count as service for any purpose. All pay and other benefits, eg flextime credits, will cease to be available until the staff member resumes duty or is granted leave. When all flextime credits have been used the staff member will revert to standard hours as defined in clause 44.1. 44.7. Consideration shall be given to whether the absence was reasonable under the circumstances, the extent of the absence and any other relevant factor. 45. Bandwidth 45.1. The bandwidth is between the hours of 7.00 am and 7.00 pm Monday to Friday. 45.2. Where a staff member requests to work outside this span of hours eg, on a Saturday, Sunday, or on a public holiday - they may do so with the agreement of their manager. The key consideration will be operational requirements. Any hours worked on this basis will be treated as ordinary hours and will not attract overtime rates. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 36

SECTION C TERMS AND CONDITIONS FOR ASIC1-4 STAFF 46. Flextime 46.1. Staff at ASIC 1 to 4 classification levels may access flextime arrangements under this Agreement. Further information on flextime can be found in ASIC s Working Hours and Flexible Working Arrangements Policy. 46.2. ASIC 1-4 staff acting at the Executive levels do not have access to the flextime system in keeping with the more professional nature of their employment, however, they may agree on flexible working arrangements with their manager. 46.3. Patterns of attendance and record keeping arrangements for flextime can be found in ASIC s Working Hours and Flexible Working Arrangements Policy. 46.4. The bandwidth for flextime is between the hours of 7.00 am and 7.00 pm Monday to Friday. This is the normal span of hours during which staff may work their ordinary hours subject to the agreement of their manager in relation to their agreed pattern of attendance. 46.5. A settlement period is 4 weeks. A settlement period commences at the beginning of a pay period i.e. on a Thursday and finishes on a Wednesday at the completion of a pay period. 46.6. Staff may with the agreement of their manager vary their agreed pattern of attendance and work additional hours in a settlement period and carry over up to a maximum of 1 week of flextime credit or a flextime debit to a maximum of 10 hours at the end of the settlement period. A flex debit of greater than 10 hours must be reduced either by leave without pay or by using recreation leave. 47. Irregular and Intermittent Employment 47.1. Staff employed under the Public Service Act 1999 on an irregular and intermittent basis (ie a casual basis) will receive a loading of 20% to their hourly rate in lieu of public holidays and all leave entitlements included in this Agreement excluding long service leave. 47.2. Provisions in this Agreement in relation to flextime, notice periods and redundancy do not apply to staff who are employed on an irregular and intermittent basis. 48. Overtime 48.1. Overtime is only payable for staff at ASIC 1 to 4 classification levels. 48.2. Overtime is only payable for work performed at the direction of a manager or supervisor in addition to the staff member s standard day of work. Overtime is payable for work in excess of 7 hours 30 minutes or where a staff member s normal regular hours are other than 7 hours 30 minutes, after the completion of the staff member s regular hours or outside the bandwidth. The 7 hours and 30 minutes does not include meal breaks. The direction to work overtime is to meet operational requirements and business needs. 48.3. Staff working authorised additional hours who have a flex debit, may elect to reduce their flex debit by these additional hours actually worked instead of receiving an overtime payment. These debits are to be reduced by the period of additional hours worked at normal time. 48.4. All staff working authorised additional hours who do not have a flex debit have, with the agreement of their supervisor, the option to record the extra hours as part of their normal attendance calculated at the applicable hourly overtime rate. These hours may be taken in accordance with flextime arrangements. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 37

SECTION C TERMS AND CONDITIONS FOR ASIC1-4 STAFF 48.5. Overtime will be paid at time and a half of the hourly rate for all overtime worked from Monday to Saturday, double time of the hourly rate on Sundays and double time and a half on Public Holidays except as provided for at sub-clause 48.6. 48.6. Where authorised additional hours are worked on a public holiday which falls on a week day, the rate is double time and a half. For duty within the standard day, overtime is calculated at time and a half in addition to a standard days payment for the public holiday. 48.7. An overtime meal allowance of $25.80 will be payable for work performed before and after a meal period. This will be adjusted annually as per current or by an agreed alternative method. 48.8. A staff member who has been working overtime will not commence a subsequent period of work until such time as they have had a break of at least 8 hours plus reasonable travel time. 49. Restriction Duty 49.1. Where the Chairman directs a staff member to be contactable and available to perform duty outside of their normal hours of duty, the staff member will be paid an allowance calculated on the basis of their actual salary at the rate of: 7.5% of their hourly rate for each hour restricted from Monday to Friday; 10% of their hourly rate for each hour restricted on Saturday and Sunday; 15% of their hourly rate for each hour restricted on public holidays. 49.2. Where during such period the staff member is recalled to duty at a place of work, payment in accordance with the relevant overtime provisions will be made subject to a 2 hour minimum payment. Payment will include reasonable travel time. 50. Shiftwork 50.1. Shiftwork arrangements, including periods of notice, will be agreed with staff required to work outside the bandwidth. 50.2. Staff required to work outside the bandwidth for an ongoing or fixed period will be paid a loading of 15% additional to their ordinary hourly rate of pay for the period of the shift. Staff required to work shifts on a Saturday, Sunday or public holiday, or shifts which include duty wholly between 6.00 pm and 8.00 am for a continuous period of 4 weeks or more, will be paid a loading of 30% for the period of the shift. 50.3. Where staff are directed to work additional hours at the conclusion of their shift, the overtime rules as set out at clause 48 will apply. 50.4. If ASIC seeks to introduce additional, shift arrangements in the nominal term of this Agreement, ASIC will consult with effected staff, the NCC and the CPSU in relation to these arrangements and the penalty rates that will apply. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 38

SECTION C TERMS AND CONDITIONS FOR ASIC1-4 STAFF 51. Personal Leave 51.1. ASIC1-4 staff employed on a non-ongoing basis will be entitled to access personal leave on a pro rata basis as it accrues each fortnight. Personal leave will accrue at the rate of 18 days per year. 51.2. Staff who rejoin ASIC after a break in service of not more than 6 months will have their previous unused Personal Leave credit reinstated less any leave taken and this credit may be used for subsequent Personal Leave. 52. Business Related Travel 52.1. When a staff member at ASIC level 3 or below is required to travel to a location other than their usual work location, the staff member may be given time off in lieu to a maximum of 5 hours to compensate for the additional travelling time. 53. Notice Periods 53.1. An ongoing staff member may resign from ASIC and a non-ongoing staff member may terminate their employment with ASIC by giving their Senior Executive Leader 14 days notice. 53.2. If the required notice of 14 days is not given, an amount in lieu of the notice period not worked may be deducted from any final monies owing. 53.3. The Chairman has the discretion to agree to a shorter period of notice or waive the requirement to give notice. 53.4. Where a contract is to be extended, ASIC will provide non-ongoing staff with as much notice as is practicable. 53.5. ASIC may terminate the employment of a staff member on giving the following periods of notice (or payment in lieu thereof): LENGTH OF SERVICE STAFF MEMBER UNDER 45 YEARS OF AGE STAFF MEMBER 45 YEARS OLD OR MORE 0-1 YEAR 1 week 1 week MORE THAN 1 YEAR BUT LESS THAN 2 YEARS AT LEAST 2 YEARS BUT NOT MORE THAN 3 YEARS MORE THAN 3 YEARS BUT NOT MORE THAN 5 YEARS 2 weeks 2 weeks 2 weeks 3 weeks 3 weeks 4 weeks MORE THAN 5 YEARS 4 weeks 5 weeks Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 39

Section D Terms and conditions for Executive Level staff Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 40

SECTION D TERMS AND CONDITIONS FOR EXECUTIVE LEVEL STAFF 54. Employee Duties 54.1. Each staff member shall perform and undertake, with due care and diligence, the key roles and responsibilities specified by ASIC and consistent with the Position Description and the staff member s Performance Agreement. 54.2. Duties will be at the Executive 1 or 2 level and will be consistent with ASIC s Work Level Descriptors. 54.3. Each staff member must be committed to maximising productivity improvements and implementing the key strategies, priorities and values set out in ASIC s business plans, and be flexible in meeting reasonable workplace requirements. 55. Hours of Duty 55.1. The ordinary hours of work for a full-time staff member at this level are 7 hours 30 minutes per day within a bandwidth of 7.00 am to 7.00 pm with the standard day being 8.30 am to 12.30 pm and 1.30 pm to 5.00 pm Monday to Friday. 55.2. Executive Level staff members covered by this agreement may agree flexible working arrangements including variations in attendance times with their manager which take into account operational requirements and personal commitments. 55.3. ASIC acknowledges that, from time to time, and consistent with their seniority, experience and flexible working arrangements, Executive Level staff members may be reasonably requested to work longer than the ordinary hours specified in this clause to meet extraordinary deadlines or special operational requirements. ASIC believes it is important that these efforts are recognised. This means managers can agree variations in attendance times, part and full day absences without the need for a leave application. Further information can be found in the Working Hours and Flexible Working Arrangements Policy. 55.4. Reasonable time off is not on an hour for hour basis but is intended to provide Executive Level staff members with fair and reasonable access to flexible arrangements including time-off. 55.5. Staff members covered by this agreement should not commence work on any day without having at least 8 hours plus reasonable travel time minimum break from the previous day s work. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 41

SECTION D TERMS AND CONDITIONS FOR EXECUTIVE LEVEL STAFF 56. Remuneration 56.1. Salary 56.1.1. A staff member shall be entitled to an annual salary in accordance with Attachment B of this Agreement. Salary will be paid fortnightly in arrears directly to a bank account nominated by the staff member. On commencement in a classification, a staff member will generally be placed at the minimum point of the salary range. The Chairman may authorise payment of salary above the minimum point in the salary range. 56.2. Salary Increases and Review 56.2.1. This Agreement provides for a 9% increase over the life of the Agreement as follows: 3 % on commencement of the agreement; 3% on 1 July 2012; and 3% on 1 July 2013. 56.2.2. Consistent with ASIC s Remuneration Policy and the criteria included in the policy, the annual salary will be increased based on a performance rating of Achieving and where all key objectives are met as outlined in the ASIC Performance Management Framework or as a result of significant changes in job size or responsibilities. 56.2.3. At Executive Level 1 and Executive Level 2, progression through the soft barriers will require an Exceeding or higher rating and the availability of work at the higher level. The soft barriers are included in Attachment B. Generally, for movement above step 5 of the Executive Level 2 salary range, a rating of Outstanding will be required. 56.2.4. Salary advancement for Senior Managers and Senior Specialists will be consistent with the Senior Manager and Senior Specialists Framework included in the Remuneration Policy. 56.2.5. All salary reviews will be in accordance with the ASIC Remuneration Policy. 56.3. Bonuses for Executive Level staff 56.3.1. An annual bonus may be paid to staff members based on the performance rating. Bonus payments will be made in accordance with ASIC s Remuneration Policy and are based on the staff member s salary and paid as follows: RATING ACHIEVING BONUS 3% - 5% Bonus EXCEEDING 6% - 10% Bonus OUTSTANDING 11% - 15% Bonus 56.3.2. If a staff member s performance is rated below this, they will not be entitled to any bonus. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 42

SECTION D TERMS AND CONDITIONS FOR EXECUTIVE LEVEL STAFF 56.3.3. For a staff member who did not work full-time for the whole of the performance management cycle, bonuses are calculated on a pro rata basis for hours of duty during the performance management cycle. 56.3.4. The bonus will be calculated taking account of salary changes, including periods of paid higher duties throughout the performance management cycle, on a pro rata basis. 56.3.5. Bonuses will be paid where a staff member has a performance agreement in place, has been rated by their manager and has completed 3 months in the performance cycle. In addition, new staff members must have successfully completed their probationary period, to be eligible for payment of a performance bonus. 56.3.6. The bonus payment is taxable but will not count as salary for any other purpose, including salary for superannuation purposes. The bonus is inclusive of any superannuation. 56.3.7. To provide greater flexibility, staff members who have achieved an Exceeding or Outstanding rating may choose to convert an equivalent amount of their bonus to 3 days leave. This leave will preferably be taken as individual days. Further information is available in the Leave Policy. 56.4. Higher Duties 56.4.1. If the staff member performs higher duties, the staff member will be paid in addition to the staff member s salary a higher duties allowance equivalent to the difference between his or her salary and the salary applicable to the higher level position. The entitlement to that payment is subject to clause 56.4.2. 56.4.2. No allowance will normally be paid for temporary performance of higher duties, unless those higher duties are performed for at least three months. On the authority of the Senior Executive People and Development, higher duties may be paid for a lesser period than three months. 57. Other Terms and Conditions 57.1. Personal Leave 57.1.1. Personal leave must be taken in periods of at least 1 day. 57.1.2. Executive Level staff employed on a non-ongoing basis will be credited with 18 days full pay personal leave on appointment, and personal leave will accrue at the rate of 18 days per year. 57.2. Notice Periods 57.2.1. Ongoing staff members may resign from ASIC and non-ongoing staff members may terminate their employment with ASIC by giving their Senior Executive 28 days notice in writing. If the required notice is not given, an amount in lieu of the notice period not worked may be deducted from any monies owing. The Senior Executive may agree to the staff member giving a shorter period of notice or the Senior Executive may waive the requirement to give notice. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 43

SECTION D TERMS AND CONDITIONS FOR EXECUTIVE LEVEL STAFF 57.2.2. ASIC may terminate the employment of a staff member on giving the following periods of notice (or payment in lieu thereof): LENGTH OF SERVICE STAFF MEMBER UNDER 45 YEARS OF AGE STAFF MEMBER 45 YEARS OLD OR MORE 0-1 YEAR 1 week 1 week MORE THAN 1 YEAR BUT LESS THAN 2 YEARS AT LEAST 2 YEARS BUT NOT MORE THAT 3 YEARS MORE THAN 3 YEARS BUT NOT MORE THAT 5 YEARS 2 weeks 2 weeks 2 weeks 3 weeks 3 weeks 4 weeks MORE THAN 5 YEARS 4 weeks 5 weeks Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 44

Attachment A ASIC1-4 classification structure, salary rates and advancement points Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 45

ATTACHMENT A ASIC1-4 CLASSIFICATION STRUCTURE, SALARY RATES AND ADVANCEMENT POINTS To advance through soft barriers staff must meet specific requirements set out in the Remuneration Policy. CLASSIFICATION CURRENT EA SALARY RANGE SALARY STEPS SALARY INCREASE FROM COMMENCEMENT (3%) SALARY INCREASE 1 JULY 2012 (3%) SALARY INCREASE 1 JULY 2013 (3%) ASIC 1 (APS 1) ASIC 2 LOWER (APS 2) ASIC 2 UPPER (APS 3) ASIC 3 LOWER (APS 4) ASIC 3 UPPER (APS 5) ASIC 4 (APS 6) ASIC 4 (PREVIOUSLY AWA) $38,811 Step 1 $39,975 $41,174 $42,409 $40,117 Step 2 $41,321 $42,561 $43,838 $41,203 Step 3 $42,439 $43,712 $45,023 $42,895 Step 4 $44,182 $45,507 $46,872 $45,135 Step 1 $46,489 $47,884 $49,321 $46,319 Step 2 $47,709 $49,140 $50,614 $47,523 Step 3 $48,949 $50,417 $51,930 $48,709 Step 4 $50,170 $51,675 $53,225 $50,030 Step 5 $51,531 $53,077 $54,669 $51,330 Step 6 $52,870 $54,456 $56,090 $52,635 Step 7 $54,214 $55,840 $57,515 $53,999 Step 8 $55,619 $57,288 $59,007 $57,532 Step 1 $59,258 $61,036 $62,867 $59,031 Step 2 $60,802 $62,626 $64,505 $60,544 Step 3 $62,360 $64,231 $66,158 $62,193 Step 4 $64,059 $65,981 $67,960 $64,143 Step 5 $66,067 $68,049 $70,090 $65,948 Step 6 $67,926 $69,964 $72,063 $68,842 Step 1 $70,907 $73,034 $75,225 $70,730 Step 2 $72,852 $75,038 $77,289 $74,286 Step 3 $76,515 $78,810 $81,174 $77,163 Step 4 $79,478 $81,862 $84,318 N/A Step 1 N/A N/A N/A $71,438 Step 2 $73,581 $75,788 $78,062 $75,030 Step 3 $77,281 $79,599 $81,987 $77,934 Step 4 $80,272 $82,680 $85,160 KEY Dotted line indicates soft barrier between steps. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 46

Attachment B Executive Level salary rates Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 47

ATTACHMENT B EXECUTIVE LEVEL SALARY RATES CLASSIFICATION CURRENT EA SALARY RANGE SALARY STEPS SALARY INCREASE FROM COMMENCEMENT (3%) SALARY INCREASE 1 JULY 2012 (3%) SALARY INCREASE 1 JULY 2013 (3%) EXECUTIVE LEVEL 1 $90,217 Step 1 $92,924 $95,712 $98,583 $92,608 Step 2 $95,386 $98,248 $101,195 $96,269 Step 3 $99,157 $102,132 $105,196 $99,464 Step 4 $102,448 $105,521 $108,687 $104,355 Step 5 $107,486 $110,711 $114,032 EXECUTIVE LEVEL 2 $101,962 Step 1 $105,266* $108,424 $111,677 $104,355 Step 2 $107,486 $110,711 $114,032 $112,146 Step 3 $115,510 $118,975 $122,544 $115,894 Step 4 $119,371 $122,952 $126,641 $118,856 Step 5 $122,422 $126,095 $129,878 $120,596 Step 6 $124,214 $127,940 $131,778 $123,205 Step 7 $126,901 $130,708 $134,629 $128,133 Step 8 $131,977 $135,936 $140,014 $130,452 Step 9 $134,366 $138,397 $142,549 $135,671 Step 10 $139,741 $143,933 $148,251 $137,700 Step 11 $141,831 $146,086 $150,469 $143,209 Step 12 $147,505 $151,930 $156,488 KEY Dotted line indicates soft barrier between steps. * On commencement of the agreement, the salary at step 1 of the Executive Level 2 scale will be increased to $102,200 before the application of the first 3% salary increase in order to be consistent with the Salary Threshold advice relating to the APS Bargaining Framework and Supporting Guidelines 2011. This means that the figure highlighted by an asterisk * is based upon $102,200 plus 3%. Subsequent salary increases in 2012 are based on this new step figure. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 48

Signatories Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 49

SIGNATORIES Employer Signed by the Chairman, Australian Securities & Investments Commission Name: Greg Medcraft Date: Address: 100 Market Street, Sydney, NSW, 2000. The Chairman has authority to sign the Enterprise Agreement by virtue of the Australian Securities & Investments Commission Act 2001. Signed by Executive Director, Corporations and Markets Advisory Committee Name: John Kluver Date: Address: Level 16, 60 Margaret Street, Sydney, NSW 2000. The Executive Director has the authority to sign the Enterprise Agreement by virtue of the Australian Securities & Investments Commission Act 2001. Employer Bargaining Representative Signed by Deputy Secretary, Community and Public Sector Union Name: Rupert Evans Date: Address: 10/440 Collins Street, Melbourne, VIC 3000. The Deputy Secretary has the authority to sign by virtue of the rules of the Community and Public Sector Union. Australian Securities and Investments Commission Enterprise Agreement 2011 2014 PAGE 50