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Thursday, 13 February 2003
Page: 11840

Mr COX (2:53 PM) —My question is to the Treasurer, and it follows his previous answer to the question from the member for Fraser. Is the Treasurer aware of the comments of the Minister for Employment and Workplace Relations today that `shareholders have been too passive in the face of high-handed executive actions' and that `these are matters which are appropriately in the hands of shareholders'? Can the Treasurer explain why on Tuesday he rejected Labor's proposed law to provide shareholders with a right to a vote on executive remuneration at annual general meetings? Treasurer, does your action to block Labor's amendments to strengthen the hands of shareholders against board and management greed show that your outrage at Mr Cuffe's payout is just empty words?

Mr COSTELLO (Treasurer) —No.