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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the Corporations Act 2001 to: provide for a ‘two strikes and re-election’ process when a company’s remuneration report receives a 25 per cent or more ‘no’ vote in two consecutive years; require the company board or remuneration committee to approve any remuneration consultancy contract; require remuneration consultants to report to non-executive directors or the remuneration committee; require remuneration consultants and boards to declare a recommendation is made free from undue influence; require companies to disclose certain details relating to a remuneration consultant; prohibit directors and executives from voting their shares on remuneration resolutions; prohibit hedging of incentive remuneration; require shareholder approval for declarations of ‘no vacancy’ at annual general meetings; require that non-chair proxies vote as directed when they vote on a poll; and confine disclosures in the remuneration report to key management personnel.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 23/02/11  
Second reading moved 23/02/11  
Second reading debate 24/03/11  
Second reading debate 10/05/11  
Second reading debate 11/05/11  
Second reading debate 12/05/11  
Second reading agreed to 12/05/11  
Consideration in detail debate 12/05/11 Amendment details: 4 Government agreed to
Third reading agreed to 12/05/11  
     
Senate
Introduced and read a first time 14/06/11  
Second reading moved 14/06/11  
Second reading debate 20/06/11  
Second reading agreed to 20/06/11  
Committee of the Whole debate 20/06/11  
Third reading agreed to 20/06/11  
     
Text of bill as passed both Houses 20/06/11  
Assent 27/06/11 Act no.: 42 - Year: 2011
     

Text of bill

  • First reading

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  • Third reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Replacement explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet BV207]

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  • Non-Government
HOCKEY, Joe, MP

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Senate
  • Australian Greens [sheet 7082]
BROWN, Sen Bob

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  • Opposition [sheet 7087]
CORMANN, Sen Mathias

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Schedules of amendments

Bills Digest



Notes