Pay laws excessive and fail to add value for shareholders

  • Date:23 Feb 2011
  • Type:Media Release

Abstract:

The Bill governing executive remuneration and board composition introduced to Federal Parliament on 24 February 2011 remains excessive and fundamentally flawed, particularly in relation to the “two-strikes” and “no-vacancy” rules.

The Australian Institute of Company Directors has expressed its disappointment with the Bill governing executive remuneration and board composition introduced to Federal Parliament today by Parliamentary Secretary to the Treasurer, the Hon David Bradbury MP.

John Colvin, Chief Executive Officer of the Australian Institute of Company Directors, said that while some improvements had been made in response to feedback received from Company Directors and others, the legislation remained excessive and fundamentally flawed, particularly in relation to the “two-strikes” and “no-vacancy” rules.

Download the media release, 'Pay laws excessive and fail to add value for shareholders' (PDF 123 KB).