Submission to Treasury on Exposure Draft Corporations Amendment Improving Accountability on

On 29 May 2009 AICD lodged a submission with Federal Treasury in response to the Exposure Draft "Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009" (issued on 5 May 2009). The submission outlines AICD's concerns with the draft Bill including its impact on the international competitiveness of our major listed companies in the global market for executive talent, the lack of prior consultation, the impracticality of the shareholder approval requirements outlined in the draft Bill (both as to the low threshold for approval and the delayed timing required for approval), the likely distortive effect of the requirements on other aspects of remuneration packages, and the application of the proposed changes to unlisted companies.