{"id":580,"date":"2020-12-02T10:21:33","date_gmt":"2020-12-02T10:21:33","guid":{"rendered":"http:\/\/nz.legalvision.com.au\/?p=580"},"modified":"2022-10-11T17:58:56","modified_gmt":"2022-10-11T04:58:56","slug":"company-director-remuneration","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/corporations\/company-director-remuneration\/","title":{"rendered":"How Do You Get Paid as a Director in New Zealand?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">Company directors in New Zealand may receive an income or payment for their services to the company in their capacity <\/span><a href=\"https:\/\/legalvision.co.nz\/corporations\/directors-duties\"><span style=\"font-weight: 400\">as director<\/span><\/a><span style=\"font-weight: 400\">. While director fees are generally a cash payment, payment can also be made in part or in whole by the issue of shares. The type of directorship you hold may determine the type of remuneration you receive. Whatever the form of remuneration, it must be transparent, fair and reasonable. In this article, we look at how, as a company director, you may be paid, whether by:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">directors\u2019 fees; or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">shares.<\/span><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Company Policy<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">The board of your company should have a clear policy for setting remuneration for both executive and non-executive directors. In setting director fees, the company should take into account factors such as:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">fees in similar organisations;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">market position; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">potential risk and liability.<\/span><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">The board must also be satisfied that any director remuneration is fair to the company<\/span>. Likewise, the amount should be <span style=\"font-weight: 400\">reasonable in a competitive market for the knowledge, skills and experience required. Further, the interests register of the company must record any such remuneration.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Executive Directors<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">If you are an executive director \u2013 that is, you are both a director and an employee of the company \u2013 you will likely receive a salary from the company in your capacity as a<\/span>n <span style=\"font-weight: 400\">employee. It is important that y<\/span>our employment agreement captures <span style=\"font-weight: 400\">the terms of this arrangement. Your remuneration as an employee is subject to tax under the PAYE rules.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">Like other employees, the company may pay your KiwiSaver contributions (if you have enrolled in KiwiSaver). KiwiSaver is a voluntary retirement savings program.<\/span><\/p>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">Typically, executive directors will not receive a director fee in addition to their salary.<\/span><\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n            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Your <\/span><a href=\"https:\/\/legalvision.co.nz\/business-structures\/what-is-a-company-constitution\/\"><span style=\"font-weight: 400\">company constitution<\/span><\/a><span style=\"font-weight: 400\"> should include provisions on directors remuneration and reimbursements<\/span>. F<span style=\"font-weight: 400\">or example, whether directors can be reimbursed for reasonable expenses such as:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">travel;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">office expenses; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">accommodation.<\/span><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">In most instances, including where no director fees are payable (which is common in early-stage companies), the company will reimburse you for accommodation and travelling expenses incurred in connection with carrying out your role as director.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">As a non-executive or independent director, if you receive director fees, you will be responsible for paying tax on amounts received. Directors\u2019 fees are subject to tax at a flat 33% rate <\/span><a href=\"https:\/\/legalvision.co.nz\/business-structures\/how-do-i-find-my-new-zealand-ird-number\"><span style=\"font-weight: 400\">by the IRD<\/span><\/a><span style=\"font-weight: 400\">. These fees are treated separately from salary or wage income. There are some exceptions to this, such as when the director is an employee as well and their directors\u2019 fees are a part of their overall remuneration package.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Payment in Shares<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">You may be paid for your services, in whole or in part, by way of issue of shares in the company for which you are a director. Any share-based remuneration is likely to be subject to approval from the company shareholders before it is implemented. This arrangement is commonly known as \u2018sweat equity\u2019 where services are exchanged for shares in the company.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Dividends<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">Dividends are \u2018leftover\u2019 profits that the company distributes to shareholders. If directors hold shares in the company, they will also receive dividends.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">Dividends are normally taxed by the IRD at a flat rate of 33%, as a \u201cresident withholding tax\u201d. In other words, it is treated separately from salary or wage income. It is important to declare this income to the IRD. <\/span>Failure to report will result in <span style=\"font-weight: 400\">a \u201cnon-disclosure\u201d rate of 45% <\/span>to <span style=\"font-weight: 400\">apply to that income. It is often a good idea to get dedicated advice from a tax advisor or accountant if you receive dividends.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/21140438\/NZ-Startup-Manual-251x360-2.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">NZ Startup Manual: A Legal Handbook For Founders<\/div>\n            <div class=\"body-text\">\n                <p>Essential reading for anyone building their startup. This free guide includes practical advice and seven real-life case studies.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/NZ-Startup-Manual.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">Whether you are an executive or non-executive director of a company, you should be aware of the different types of remuneration you may receive for your directorship services.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400\">For more information about payment for your services as a company director, our experienced <\/span><a href=\"https:\/\/legalvision.co.nz\/corporate-lawyers-lp\"><span style=\"font-weight: 400\">corporate lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. <\/span><span style=\"font-weight: 400\">For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <\/span><span style=\"font-weight: 400\"><a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a><\/span><span style=\"font-weight: 400\"> or visit our <\/span><a href=\"https:\/\/legalvision.co.nz\/membership\/\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1606880228344\"><h3 class=\"schema-faq-question\">How can company directors be paid?<\/h3> <p class=\"schema-faq-answer\">As a company director, you can receive payment either through a salary (if you are also an employee), directors fees, or the issue of new shares.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1606880271477\"><h3 class=\"schema-faq-question\">Where should the directors remuneration type be documented?<\/h3> <p class=\"schema-faq-answer\">The board of your company should have a clear policy for setting remuneration of both executive and non-executive directors. Any remuneration should also be clearly set out in the director&#8217;s letter of appointment, employment agreement or contractors agreement (each as applicable) to clearly document the agreed arrangement.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Company directors in New Zealand may receive an income or payment for their services to the company in their capacity as director. While director fees are generally a cash payment, payment can also be made in part or in whole by the issue of shares. The type of directorship you hold may determine the type<a href=\"https:\/\/legalvision.co.nz\/corporations\/company-director-remuneration\/\">Continue reading <span class=\"sr-only\">&#8220;How Do You Get Paid as a Director in New Zealand?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13343,"featured_media":63,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"1288,212499,1639,216819,202036,202188","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[14],"tags":[25,29,30,31,54],"class_list":["post-580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporations","tag-small-business","tag-director","tag-company","tag-remuneration","tag-medium-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Do You Get Paid as a Director in New Zealand? | LegalVision<\/title>\n<meta name=\"description\" content=\"Are you a company director? 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He graduated from the University of Auckland where he obtained his Bachelor of Laws.","sameAs":["https:\/\/x.com\/teresa.nurdi@legalvision.com.au"],"url":"https:\/\/legalvision.co.nz\/author\/dankim\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/corporations\/company-director-remuneration\/#faq-question-1606880228344","name":"How can company directors be paid?","acceptedAnswer":{"@type":"Answer","text":"As a company director, you can receive payment either through a salary (if you are also an employee), directors fees, or the issue of new shares.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/corporations\/company-director-remuneration\/#faq-question-1606880271477","name":"Where should the directors remuneration type be documented?","acceptedAnswer":{"@type":"Answer","text":"The board of your company should have a clear policy for setting remuneration of both executive and non-executive directors. Any remuneration should also be clearly set out in the director's letter of appointment, employment agreement or contractors agreement (each as applicable) to clearly document the agreed arrangement.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/users\/13343"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/comments?post=580"}],"version-history":[{"count":20,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/580\/revisions"}],"predecessor-version":[{"id":217970,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/580\/revisions\/217970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media\/63"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media?parent=580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/categories?post=580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/tags?post=580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}