Submission to Treasury on Exposure draft on the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011

  • Date:27 Jan 2011
  • Type:Policy Submission

This submission to Federal Treasury sets out our views on the Exposure Draft of the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011 (“the Draft Bill”) and accompanying Explanatory Memorandum (PDF), released by the Federal Government on 20 December 2010.

We expressed concerns with various aspects of the Draft Bill including the “two strikes and re-election process”, “no board vacancy” and remuneration consultant requirements.

The proposed changes were considered to be far in excess of what is needed or desirable. The submission sets out alternatives to some of the prescriptive black letter law proposals, including use of “if not, why not” reporting requirements.

Submission to Treasury on Exposure draft on the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011
Cover letter on Submission to Treasury on Exposure draft on the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011
 
Media Release regarding this submission, 'Executive pay laws are fundamentally flawed' (28 January 2011)
 
Please also refer to our submission to CAMAC on executive remuneration (13 August 2010)