I refer to Circular No 95-23 issued on October 10 1995 regarding the annual determination of the Statutory and Other Offices Remuneration Tribunal (SOORT). SOORT in its annual review of executive remuneration determined a maximum three (3) per cent increase for executive office holders on and from 1 October 1995, subject to certified satisfactory performance.

In view of budgetary constraints and the Government's conservative approach to executive remuneration, it cannot be assumed that the Tribunal's determination in any way signals that there is to be an automatic across the board (3) three per cent increase.

Chief Executive Officers (CEOs) need to be confident that their executive office holders have contributed to improved organisational performance before according any part of the (3) three per cent increase.

In view of the current climate, CEOs are advised to exercise restraint. Any increase awarded to executive office holders may not exceed (3) three per cent in any circumstances.

Any enquiries concerning this matter should be directed to Nicholle Nobel on (02) 228 5491.

Yours Sincerely

KEN CRIPPS
Commissioner