Compensation

Renumeration and Benefits Schedule

The Remuneration and Benefits Schedule is produced annually by the [[Compensation Committee]] to provide a transparent record of all compensation, honoraria, and benefits approved for the fiscal year. Its purpose is to:

  • Ensure accountability by documenting the financial recognition granted to directors, officers, and committee members in accordance with cooperative bylaws and governance standards.
  • Promote transparency by making clear to members the basis, scope, and structure of remuneration and honoraria.
  • Support fiscal planning by aligning compensation commitments with the cooperative’s annual budget and long‑term sustainability goals.
  • Affirm equity and fairness by applying consistent principles across roles, ensuring that honoraria and benefits reflect responsibilities and contributions.

Provide a reference tool for auditors, regulators, and members, serving as the authoritative schedule for the fiscal year.

Compensation Committee

Purpose

The Compensation Committee is established to oversee and recommend policies related to the remuneration of the Collective’s leadership, governance participants, and key contributors. Its role is to ensure that compensation practices are:

  • Fair and transparent
  • Aligned with the co-op’s mission and financial sustainability
  • Compliant with Jamaican co-operative law and labor regulations
  • Supportive of member trust and long-term organizational health

Authority & Reporting

  • Operates under delegation from the Board of Directors.
  • Make recommendations to Board for presentation to and full approval from General Membership.
  • Reports quarterly to the Board and annually to the General Meeting.

Responsibilities

The Committee shall:

Review and recommend compensation policies for:

  • Board members (Honoraria)
  • Executive management (rate bands)
  • Employees (rate bands)
  • Non-director subcommittee members (honoraria)
  • Contractors and consultants (rate bands)

Set and review compensation bands and caps, including:

  • Annual stipends
  • Meeting fees
  • Performance-linked bonuses
  • Equity-for-discount conversion rates (if applicable)

Ensure compliance with:

  • The Co-operative Societies Act and Regulations
  • Jamaican labor laws and tax obligations
  • Internal governance policies and budget limits

Monitor performance metrics tied to compensation:

  • Attendance and participation
  • Strategic deliverables
  • Financial health and impact outcomes

Review and recommend adjustments to compensation annually, or mid-year if justified by performance or market conditions.

Oversee disclosure and transparency, including:

  • Annual reporting of total compensation by category
  • Member-facing summaries in AGM materials

Composition

  • 3–5 members, appointed by the Board.
  • Membership requirements will be per established Subcommittee rules
  • Chair appointed by the Board; responsible for convening meetings and reporting.

Honararia