8. Operating expenses

12 Sept 2014
to 31 Dec 2015
Costs reimbursable to the NTMA (See Note 8.1) 3,847 3,672
Board fees (See Note 9) 95 74
Amortisation (See Note 16) 88 71
Other expenses 789 599
4,819 4,416

Other expenses comprise all other expenses paid directly by the Company. These primarily comprise of marketing costs and legal and professional fees.

8.1 Costs reimbursable to NTMA

12 Sept 2014
to 31 Dec 2015
NTMA staff costs 1,917 1,847
Business services 1,500 1,163
Professional fees 290 356
Technology 107 254
Other operating costs 33 52
3,847 3,672
NTMA staff costs

The Company has no employees. All personnel are employed by the NTMA and the remuneration cost of staff who are engaged full time in the SBCI business are recharged to the Company by the NTMA. The average number of employees directly engaged in the Company during the financial year was 12 (2015: 8). At the reporting date there were 15 employees directly engaged in the Company (2015: 9). NTMA staff costs include the remuneration and other staff related costs, such as temporary staff costs, recruitment costs and staff training costs, of the NTMA staff directly engaged in the SBCI.

NTMA staff costs include the CEO’s salary which is as detailed below. The remuneration of the CEO is determined in accordance with sections 7(2) and 8 of the National Treasury Management Agency Act 1990.

Nicholas Ashmore (CEO) 2016 2015
Annual salary 250,000 250,000
Annual taxable benefits 24,548 23,154
274,548 273,154

No performance related payment was paid to the CEO during the financial year, nor in the prior period, and no such payment is payable at financial year end. The amounts paid to the CEO are included in the costs reimbursable to the NTMA.

The CEO’s pension entitlements do not extend beyond the standard terms of the model public sector superannuation scheme.

Business services

Business services costs comprise costs incurred during the financial year in relation to the premises occupied by the Company and the cost of support services provided by the NTMA.

< NOTE 7

NOTE 9 >